Six tips for managing your office relocation budget

Monday, 19th October 2015

Six tips for managing your office relocation budget

Moving offices is an exciting time and represents an important step in the growth of your business, but it’s also one of the biggest expenses your business is likely to have. To make sure your office relocation is a smooth and streamlined process, it’s important to stay on top of your budget.

We suggest that you start planning your office relocation at least 9 to 12 months before the big move. A well-planned budget will make every other aspect of the move easier and help you avoid unexpected costs down the track. Of course, it’s often easier said than done, so we’ve put together some tips to help you prepare a detailed budget for your office relocation and stick to it.

CREATE A STRATEGY

Conduct a workplace strategy before searching for a property. It will help you define what kind of space you need, maximise the available area and align your work processes to the physical environment. This will help you prepare the budget in a number of areas, from leasing and moving expenses to furniture and technology.

It’s also important to consider an exit strategy from your current property, as you may need to cover the costs of breaking a lease, repairing damage or disposing of any items you no longer need or want.           

GET QUOTES

One of the first steps in the process is to get quotes from all suppliers involved in the project, from office removalists to stationery designers. If you can, try to get three quotes from each provider for comparison and document all costs in a spreadsheet. Suppliers will provide quotes free of charge, so you can plan your budget and understand the financial impact of your move.

You’ll also need to consider any cleaning or repairs for your current property, as well as the design and refurbishment of your new office. We recommend budgeting an additional 20% above your planned costs, in case the unexpected occurs.

TALK TO A PROFESSIONAL

Make sure you get professional advice from your accountant in the planning stage, so you can make the most of any tax breaks or incentives both during and after the move. You may like to consider equipment finance for things like computers, furniture or moving trucks if it makes financial sense for your business.

ENGAGE A PROPERTY CONSULTANT

A tenant representative broker will provide independent advice to help you choose the right property, while a solicitor will make sure your business is protected by reviewing your current and new lease. Getting the right advice now can save you thousands down the track, but you’ll need to make sure their fees are accounted for in your budget.

LOOK TO THE FUTURE

Try to update your budget every week to account for any new quotes you receive or changes to the project costs. You should also consider whether any aspects of the project are likely to go over budget, or how delays to the project will impact your costs. Don’t forget to account for the potential loss of sales, as well as additional staff costs as a result of the move.                                        

MAXIMISE OPPORTUNITY

Moving offices can feel like a fresh start and may give your employees a sense of renewed focus in their role. It’s a great time to take advantage of the change and tidy up your business.

Get rid of anything you don’t need, to free up space and reduce your moving costs. You may want to scan hard-copy documents and dispose of them securely, archive documents in storage or upgrade your equipment. Review your regular suppliers to make sure they’re still meeting your needs and give the office a good clean in preparation for the move. Moving offices is also a good opportunity to reconnect with clients and give your brand a boost. Make sure you include marketing costs in your budget, including stationery, packaging, websites, email signatures and other items with your address on it.

At Axiom Projects, we’ll design a workplace strategy and office design that fits within your allocated budget. This will save you money in the long run and help you avoid costly mistakes, so you can enjoy creating the office space you imagined.

Ask our talented team about our workplace strategy, office design and management services for your next relocation. Contact us for a free consultation.