10 Steps to Follow When Moving Your Business

Updated:
July 12, 2018

On occasion, businesses must move their operations following things like the end of a lease or an organizational expansion. While moving a business can sometimes be an exciting milestone, it often takes months of meticulous planning and an eye for the finer details.

What's more, during a move, businesses may experience challenges that can adversely impact their bottom lines if the proper planning isn't considered. As such, it's important to keep in mind the following to ensure a successful move:

  1. ‍Set a moving budget, account for all moving and transitioning services, potential updated to the new location, lost revenue due to downtime, and any insurance needs.
  2. Create an internal moving committee and hold meetings to discuss action items. This group will also help you keep track of receipts, invoices, contracts, and other important documentation.
  3. Communicate moving plans to your employees well in advance.
  4. Hire a qualified move and order packing materials.
  5. Take inventory on connectivity requirements, scheduling the removal of technology from the current facility and installation at the new facility. Make several backup copies of all company date.
  6. Identify a point person who will handle any questions during the move.
  7. Create move packets for employees, complete with parking instructions, building information, seating charts, packing materials, expectations and the finalized move schedule.
  8. Collect old security keys and ID cards, and distribute new ones.
  9. Remind employees to unpack, and provide instructions on where to stack boxes and moving materials, if applicable.
  10. Confirm that all change-of-address corrections have been made.

In addition to the above, consider revising your insurance policies and discussing any additional insurance needs in preparation for the move with your broker.

FAQs

What is financial advising?

Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.

Why is financial planning important?

Financial planning is crucial for several reasons:

Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.

Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.

Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.

Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.

Can financial advisors help with debt?

Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.

What exactly does a financial advisor do?

The specific responsibilities of a financial advisor can vary, but generally, they:

  1. Conduct a thorough analysis of a client's financial situation, including income, expenses, assets, and liabilities.
  2. Develop personalized financial plans based on the client's goals, risk tolerance, and time horizon.
  3. Provide investment advice and portfolio management services.
  4. Offer guidance on retirement planning, estate planning, tax planning, and insurance.
  5. Monitor and adjust financial plans as needed based on changes in the client's life or market conditions.
  6. Educate clients on financial matters and empower them to make informed decisions.
What is the average fee for a financial advisor?

The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.

Common fee structures include:

Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.
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It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.