There’s no doubt about the fact that one of the most important contributors to the success of a business is its location, particularly if the location has a direct impact on sales via its offering of the business’s access to the buying market. Something like a food truck for example is one whose ideal location we’d probably all agree would be in close proximity to the offices located in an economic hub over someplace like at the entrance to a fine-dining food court in a high street mall.
So location is indeed important, but it can get very easy to overlook the importance of the location of your business premises if you’re not directly servicing the consumer retail market. All you might need is an office building to house your white-collar employees in, or you might even be in the business of warehousing & distribution, or perhaps something like one-on-one consulting. In this case, you’d have to take a different approach to break down the elements which come together to make for the ideal location as the direct customer-base-access consideration is no longer the most important of them all. If you have a retail store inside a shopping mall, finding its location can get a little complex for new shoppers. This can be remedied by implementing digital wayfinding solutions that can make navigation easy for your customers.
Ultimately, everything inevitably comes back down to the total costs, but this is also comprised out of a number of different elements which dynamically affect it.
Picture a marker on a map, much like how you see hotels targeted to visitors appearing on one of those search aggregator sites for booking accommodation. They’re often represented with a price associated with them and often you notice a trend such as that of how the options get cheaper the further away you move from one particular point, or how they become more expensive the closer you move to the coast for example.
As would be the case with business premises, that one ideal spot which seems to be suggested by the pricing might have you identifying a selection of amenities in close enough proximity, in which case you’d then proceed to conduct a price-to-distance analysis based on something like how far away you’re willing to move from that ideal radius identified in order to get what would turn out to be the best price.
That should be the approach with choosing business premises as well. You have to consider things like how far your employees would have to commute to get to work and perhaps weigh that up against how close they’d be to all the infrastructure and amenities they may need during the working day, such as where they can go to grab a bite to eat for lunch, etc.
Your suppliers would perhaps be considered in a similar way as well, but you’d also consider the general working environments with regards to health and safety. It would otherwise make for a tall order, but fortunately leading commercial property letters such as Pall Mall Estates took all of this into consideration long before they actually started letting out their selection of business premises, so it comes down to a matter of choosing from just one letter in order to hit that business location sweet spot.