Six Office Renting Pitfalls and How to Avoid Them
Having the right office can make a huge difference to the success of a business. When you are looking for space, it is important to note there are several common pitfalls and mistakes businesses often make when choosing their space.
Here are six of them, and what you can do to avoid them, as advised by Lloyd Wells (an independent property writer working with London office renting specialist Stuart Neils).
- Getting attached to your current office
Perhaps one of the biggest mistakes you can make for deciding on your new office is not choosing a new office at all and sticking to your current place that is too small or inadequate in some other way. Too many businesses stay in their current office for far beyond the time it has outlived its usefulness. Whether you have outgrown your office or you need to make a move for other business reasons, you shouldn’t stick with your current office out of convenience.
While it might seem like a real pain to go through the hassle of moving, you may ultimately reap the rewards with an office that is more suited to your business needs. Having an office that isn’t fit for your requirements will cost you money through inefficiency and other problems.
- Not researching the location thoroughly enough
One of the most common mistakes that businesses make when they come to choosing a new office is that they become blind to the details. One of the key places that this happens is when they find an office that has everything they need and at a great price. They then rent that office without doing proper diligence on whether everything about the workplace is ideal for them.
This often comes down to location. For example, if your business has a large number of staff who drive in to work, you need to ensure that the new office has enough car parking facilities. And if it doesn’t, then it surely needs to have public transport links so that staff can get there. You also need to remember that, if parking is a problem, it may lead to some people not being able to use public transport and having to leave the business. You need to carry out thorough research before you commit to your new office space.
- Thinking short term
Unfortunately, many businesses make similar mistakes when they come to changing offices. This is often caused by the fact that companies will normally look to change their office only when it becomes impossible for them to work in their current workspace. This usually means that the current office is barely big enough for their current needs.
So when they move to a new office, they’ll opt for one that feels much larger, but in actuality it’s only a comfortable size for the current makeup of the business. This leaves no room for expansion, so then when the business continues to grow, they’re left with the same problem.
- Forgetting about your budget
It can be the easiest thing in the world to find a beautiful office and then commit to it without truly considering the financial implications. If you overspend on your office, you can wipe out a large chunk of your profit. It’s vital you should set out a clear budget and stick to it no matter what. When you make that budget you need to take into account the financial benefits to moving to a better and larger office–so do your calculations carefully.
- Not checking the terms of your lease properly
Renting an office requires a lot of paperwork. Unfortunately, that means that some businesses are not careful enough when they sign documents. This can leave you in a position where you have signed a lease that commits you to a certain length of time in the office or places a ridiculous requirement on the amount of notice you need to give before you can leave. Make sure you inspect and understand the terms of the lease before you sign it.
- Choosing a new office at the last minute
As we mentioned before, not doing the proper research before you commit to renting a new office can be a very dangerous move. Too many companies realise late in the day they need new premises and then have to rush on the decision. Rushing leads to mistakes– it’s important that you give yourself time to do the planning beforehand.
Changing offices is a big decision you don’t want to have to do often. Minimise the problem by planning for the future–where do you see your business in two years’ time? Hopefully you can move to an office that will fulfill both your short term and long term needs.