Even in good times, it's important to evaluate your operating expenses periodically
to be sure you're fiscally managing your business as well as possible; in lean times,
when good fiscal management can mean the difference between showing a profit or going
into the red, it's crucial.
While there are many operating expenses, such as the cost of business
licenses, that you can't do anything about, the costs of operating your business
in your current location are within your control. With the U.S. economy slowing
down, Canada's economy is sure to turn sluggish, so this may be a good time to
consider relocating your business to ensure a better bottom line. By relocating your business, you may be able to enjoy considerable
monthly savings on your lease rate.
Do your business premises need to be where they are now? Do you
really need to be located in that mall or downtown office building,
for instance? You may be able to cut down your monthly expenses
considerably simply by moving from a downtown office to a suburb, or
from a highly desirable building to a less popular locale. In some
cases, if you choose carefully, your business will benefit from the
rejuvenation of a particular "new" area, as its popularity
rises.
Another relocation option is
to move to a smaller space in the same retail or office complex where your
business is currently located. If such a space is available, you may be able to
realize considerable savings on aspects of your lease such as your share of the
utilities. And the shorter distance you move, the less the cost of moving.
Can
your business profit from a move to a new location? A great deal depends on what
kind of business you operate and where you move to. When you're thinking about
relocating, the lease rate is not the only consideration.
