Month: May 2014

Problems With Job Descriptions

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3 Reasons Your Job Descriptions Aren’t Getting Results

Problems with job post descriptionsJob descriptions are the backbone of your recruiting efforts and the structure of your organization. Not only do they fully explain what’s expected of employees, they serve as a marketing tool to attract the best possible candidates for the job.

So why do so many companies treat job descriptions as an afterthought, failing to take the time to create descriptions that are engaging and compelling and focused on the actual needs of the company? When job descriptions aren’t up to par, you run the risk of not only missing out on qualified employees who would bring value to the organization, you also potentially limit the chances of ever reaching the company goals and desired outcomes.

While there are a number of reasons that job descriptions fall flat, three major factors contribute to a lack of appropriate or stellar candidates.

You’re Focused on Minimum Requirements

Legendary recruiter and author Barry Deutsch notes that the number one reason companies aren’t successful in their hiring is that their job descriptions are worthless when it comes to attracting top performers and gauging the potential for success throughout the hiring process. This is because, as he points out, most job descriptions focus more on the minimum requirements to qualify for the position than on what success looks like.

Consider the average job description: It probably lists the minimum education requirements, minimum years of experience, the basic type of experience that a candidate should have and a generic listing of job duties and requirements. Yet by focusing on just the basic qualifications, you aren’t setting up any expectations beyond the mediocre. In other words, do you want an employee who just fills in the all of the blanks adequately, or do you want an employee who exceeds expectations and is far above average?

The best way to escape the mediocre and move beyond the minimum is to spend some time defining success in the position before you write the job description. Develop a vision of success that outlines both defined expectations in terms of outcomes (a measurable increase in sales, for example) and how the position fits in with the overall company objectives, specifically how the position moves the organization toward meeting those objectives. It takes time to develop a definition of success, but the payoff will be a richer applicant pool that brings more to the table than just a generic list of qualifications.

Creating a job post descriptionYou Use Vague, Trite Language

“Seeking an excellent communicator with a positive attitude.” “Only motivated individuals need apply.” “Must be hard-working.” We’ve all seen job descriptions and postings filled with language like this — but what does it really mean?

When job descriptions contain such vague language, it harms the hiring process in two ways. First, such cliched terms are all but practically impossible for people to accurately self-asses. After all, who is going to label himself or herself as a lazy, unmotivated poor communicator? While soft-skills are important, you can more objectively measure them via the interview and reference-gathering process than by listing them in the job description. Anyone applying for a job should expect that the employer wants someone motivated and hard-working.

Second, using vague language doesn’t contribute to a success-based description. Using terms like excellent, large or experienced leaves the requirements open to interpretation. If you want someone who knows how to manage a team of 50 employees, say so. Don’t ask for someone with experience leading “large teams,” since an applicant could interpret large to be a team of 12 people. Specificity attracts qualified, quality candidates.

Your Descriptions Are Out of Touch

When did you last update your company’s job descriptions? Are the descriptions based on the current state of your organization and on the actual tasks performed by your staff? Or are you recycling the same tired copy every time you need to fill the position?

If you do write new descriptions or make changes — who is responsible for making the changes? Have you ever asked current employees to evaluate their job descriptions for accuracy or invited feedback from those who would be working closest with a new hire?

Job descriptions shouldn’t be drafted once and filed away to be used for eternity. Not only do the requirements of the position and definitions of success change over time, but changes in employment laws, demographics and the work environment often necessitate adjustments in job descriptions. Today’s jobseekers, especially millennials, are savvy and have defined visions of what they want from a job and a career. A stale, boring and outdated job description written by a senior executive who has no clue what it’s like to actually work “in the trenches” is not going to attract the best candidates.

Make it a matter of policy to review job descriptions on an annual basis and make changes if necessary. If you can’t craft a compelling job description in-house, consider hiring outside help to ensure that it’s both accurate and compliant.

Take some time to review your company’s job descriptions and determine whether you’re making any of these mistakes. By making some adjustments, you could see a marked increase in the quality of applicants and employees – and make significant strides toward your company’s goals.

See Also: How to Foster Employee Ownership

How to Foster Employee Ownership

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The employee ownership culturefirst thing that comes to mind upon reading about employee ownership for many is an Employee Stock Ownership Plan (ESOP), but actually, what is more crucial is the sentiment that is engendered by ESOPs and their ilk — the sense of personal investment that employees can have in their companies. Building this feeling is potentially the greatest weapon in the arsenal of small to medium business owners who often don’t have the resources available to competitively compensate their key employees. Losing an employee costs a company, on average, 20 percent of that employee’s salary, if they’re a low-level employee. Executives can cost up to 230 percent of their salary. If for no other reason than the bottom line, business leaders should think long and hard on the financial benefit of fostering a sense of employee ownership in their company.

Being Literal

Although immensely complicated and multifaceted, literal employee financial investment in the company can be a great way to build a sense of common purpose. In fact, for many employees, this can be a powerful motivator for success. The modern zeitgeist has more recently come to include the belief that this method of employee inclusion is a little old hat — but simultaneously many startups in the tech industry rely heavily on employee ownership to attract competitive talent at rock bottom prices.

Doing Good Works

One of the greatest lessons from TOMS Shoes is not that you can do well by appearing to do good (although they did succeed at this) but rather that desire to do good works exists within employees as well as customers.

You don’t have to tell your customers about any charitable actions that the company takes, but you should tell your employees. By giving your employees a sense that the company isn’t just a greenback-focused organism, you’re easing the weight of the great American guilt complex. Your employees will be grateful to you for that, even if they don’t realize it.

Allowing Company Review

Alongside the peer review should stand the company review. Although it’s pedantically stated that employees can voice their concerns and opinions on the direction of the company in any setting, more often employees feel shy or threatened while speaking up, or employers or managers believe that they know best and ignore suggestions. This self-assuredness is part of what leads many to start or operate companies but can also be their hubris.

Not only will allowing the employee a venue to discuss their opinions help them to feel a greater sense of belonging and ownership, but it will actually help the company to foresee potential setbacks and disasters. No one wants to run a company that lurches from crisis to crisis. Ultimately, even if you don’t hear the employee’s review, others will.

Providing Career Advancement Programsemployee training program

There little that is more frustrating than sitting at a 9-to-5 with aspirations of more, watching the clock and calendar march eternally onwards. Employees who are most invested in their companies do so because that company has given them the opportunity to advance their career.  Employee training programs and hiring from within are inexpensive and cost-effective methods of deepening employee ties to the organization.

By promoting from within, you’re creating an employee that knows multiple different rungs of the ladder. This means they can hit the ground running because of their familiarity with other staff, company policy and goals and ideas that they’ve developed over the course of working for your organization. They’ll be able to enact these ideas faster and will have the longevity to see them through due to their deepened company loyalty.

Cultivating a Strong Work-Life Balance

Probably the most effective way to feel balanced in work and life is centered around employees’ families. By giving employees extra time for things like paternity leave you’ll engender not only a sense of gratitude but loyalty; people want to take care of those who take care of them. By even partially covering daycare costs, employees will be able to return to work faster and will be more motivated to continue working with your organization.

Family care, including maternity and paternity leave as well as daycare compensation, is often seen as massive costs, but it pays distinct dividends. As well as avoiding the 20 percent salary loss from employee flight, there is evidence that by increasing work life balance, and thereby employee engagement, companies can increase their financial performance significantly.

Being Polite

This is one that’s often overlooked and very subtle. Being polite and respecting the time and efforts of employees shows that you value their efforts and contributions. It will have pour-over effects into the attitude of the entire workforce, making everyone more polite and thoughtful toward each other. After all, we are invariably a reflection of those, we spend our time around.

With these efforts of treating employees better, business owners stand only to benefit. Even if you are a scrooge, surely most business owners can see the cents in fostering employee investment.

The 4 Easiest (and Easiest Forgotten) Leadership Strategies in the Workplace

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leadership strategies in businessIt’s easy to desire a few steps up the corporate ladder or the foundation of your own company for the pay, responsibility and prestige these positions of authority bring, but the most commonly forgotten aspect about being in these positions is that they entail a certain amount of leadership, inherently. It sounds ridiculous, but when daydreaming about how to conquer the world, it’s easy to forget that being put in charge of a department means being put in charge of its constituent employees as well as the workload. In fact the greatest failing of small-business owners and aspiring professionals is often within this specific category. Whether you’re unsure as to how many days an employee can really be sick or you simply and genuinely want to motivate the team to hit that next deadline with flying colors, here’s a list of a few tips and tricks to improve your, and your employees’, performance before the next review.

Empathize

What is probably one of the most commonly forgotten aspects of a power divergent relationship, on both sides, is the realization that both parties are human. Being the leader often means taking the first step, and it can mean doing so here, too, in establishing empathy in and for every employee.

You shouldn’t be a doormat, but a little empathy never hurt anyone. In fact there are studies to show that better connections with the people in your life improves not only job performance and satisfaction but has long-term effects on longevity and overall happiness.

Listenleadership engagement strategies

As with anything, becoming a great leader often starts simply and underwhelmingly. Listening to someone’s seemingly meaningless stories about their children or their cats will very quickly tell you what they value and in many ways how you can motivate them. Let’s take an example:

Bob is your traditional outdoorsman when he’s outside of the office, and his favorite hobby — and topic of conversation — is fishing. Even if you aren’t interested in the subject matter, you can learn much about Bob by how he talks about fishing. Does he go out every time in search of the record-breaker that he’ll just barely, with a whole lot of luck and a little bit of skill, land in the boat? Or does he talk about the serenity and the beauty of the escape from the hustle and bustle of modernity? The first version of Bob would work better in a team, while the second would work better alone. The first is more likely to be motivated by bonuses, while the latter is probably going to prefer a 401(k) matching plan or better health benefits.

You can see how listening closely to even the most inane conversation will make you a better leader.

Intuit

The best leaders know that there is no single correct style of leadership for every member of the team. Each individual has their own needs that must be met. Everyone has a unique time to be pushed and a time to get slack.

Ultimately the best policy for being able to analytically and intuitively discern the needs of each employee is best accomplished by understanding your employees as people. Though you’re unlikely to know your employees’ exact reaction to every piece of news, if you have listened to them effectively, you can more accurately select the best procedure.

Humanize

There’s a great article by the Harvard Business Review regarding the best course of action to take in the event that an employee begins to cry at work. As a leader, you are guaranteed to experience this at least once in your tenure, if not more. The post advises you be yourself and let them dictate what happens next. If one of your friends or family members began crying, what would you do? I bet you wouldn’t act like “the boss.” Instead you might try to soothe them, get a tissue or take them to a quiet place where they could let the tears flow.

Maintaining authority doesn’t mean always putting forth austerity and stoicism. Let your employees be emotional around you, and be emotional back.

The Ultimate Goal

Take a leaf from John Wooden, the storied UCLA basketball coach, who explains a good leader will ideally be able to identify each individual’s leadership requirements. Since each person has different needs, it comes down to the leader to identify whether those needs include a shoulder to cry on or an iron fist. He explains that it’s not about favoritism but rather identification of the needs of individuals.

Even when dealing with a problem employee, it ultimately comes down to knowing them so the best course of action is apparent. The company will often have a series of disciplinary actions that serve as a roadmap for getting them on the right track. Most leaders can choose to rely heavily on the rigid framework or tweak it as necessary. You must remember that you’re the boss and they’re the employees, but at no point do either of you stop being human.

The Benefits of Good Benefits

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employee benefits consultantThough rarely stated in such blunt terms, one of the big questions for a small business is, “how well should we treat our employees?” This is particularly true in an age where many of the non-industrial big boys are starting a new trend of increased benefits. The tech industry is famous for benefits packages in the way that airlines and auto-manufacturing used to have. Unfortunately, it seems many of the companies most famous for fair treatment are precisely those that can afford to treat employees well. The benefits to providing quality benefits include employee retention, the as-yet-unquantified benefits of better employee performance and even potentially customer loyalty. In many ways the question appears to more realistically lie along the lines of, “how are we going to afford treating our employees badly?”

Employee Retention

There is evidence to suggest that employee turnover costs a company a net 20 percent of that employee’s salary. These costs will come from everything including loss of productivity, rehire costs, retraining and even client loss. Executives, on the other hand, can cost more than their annual salary. In 2003, of the 100 companies on Forbes’ “America’s Best Companies to Work For” over 40 percent were also on the Fortune 500.

After seeing these numbers, it’s easy to say that employee retention is a large expense, but compare that with employee operating costs that, excluding salary and benefits, includes: space for the employee to do their required work; equipment, like infrastructure and technology; hiring costs in the technological era; and of course, employment taxes. One estimate has the employee sum cost in their metrics at 2.7 times base salary.

The Psychology of Pay and Benefits

Employees who are satisfied with their work environment simply work better. Whether this is due to being motivated to work harder and smarter for a company they’re emotionally invested in or because the more productive employees simply tend to draw more satisfaction from their jobs is eternally up for debate. However, according to the Corporate Leadership Council, high levels of employee productivity can be directly addressed and maintained through a variety of strategies. These strategies do so indirectly by addressing “employee satisfaction, health and morale.” Several of the study’s cited sources are corporations that have seen direct profit increases derived from improved employee satisfaction which drives customer satisfaction, according to the respective corporations’ analytics.

What Does This Mean?

Although this doesn’t prove once and for all that the improved treatment of employees directly yields better earnings reports, it does decidedly link the two. So, small businesses in particular should be rewarding their employees for their labor as a means of keeping up with the big guys. Here’s why.

Customer satisfaction reports show direct links to employee satisfaction reports. Also, small businesses are often seen as being more human than their multinational corporate competitors with significant incomes. By putting a smiling, satisfied, human face in front of the customer, or at worst on the other end of a telephone or email, you are building on a predisposed desire to like you. It’s the David and Goliath syndrome — everyone roots for David, even if they secretly want to be Goliath.

Happy Customers Means Happy Investors

How many reports and articles are in existence concerning the vast benefits of word of mouth? Quite a bit more than a fewbecause word of mouth is the oldest and remains the most powerful tool for gaining or losing customers. You know the old mantra, “it’s better to retain one customer than to have ten one-timers.” employee benefits consultantHappy customers build reliable and continuous revenue. Since happy customers are created and maintained by happy employees, it’s crucial to maintain a happy employee base.

This makes the differential between baseline employee costs that would yield unsatisfied employees and costs of fair treatment — in essence, a marketing strategy. By putting more money into your staff you’re paying to have that moment where the customer tells someone else about your organization. So, the question is, how much is that worth to you?

Think of it as an investment into your company. Many large corporations report their dividend reinvestments. You could, in theory, treat this differential as a potential dividend reinvestment to be reported to whatever shareholders may exist. In the end it’s not about which comes first — better employee treatment or higher stock prices. Rather, it’s about the link of causality of the two. If you’re a growing business that has money to reinvest to chase growth potential, you’re inevitably faced with the decision of potentially rewarding employees who’ve been a direct cause of that success. You can either be the company that these hard-workers got in on the ground floor of, or you can be the company that tries to cut costs at the expense of loyal, happy employees — and loses out on revenue because of it.

Save Money, Cut Costs: A Guide to Success

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Money Saving TipsEvery business owner knows the game they’re playing with their business. It’s called, “keep the books in the black.” During this most recent recession, it was often modified to something along the lines of “keep the books as little in the red as possible.” The game requires a massively complex equation that includes balancing things like employee productivity and corresponding wages, market share expansion at the cost of resources and whether or not to update equipment or locations. While the great god of increased revenue is often supreme in the pantheon of economics deities, here’s why you should be kneeling instead at the altar of low bottom lines.

Bank on Unpredictability in Your Hiring

Chasing higher incomes is to maintaining a low cost company what gambling is to farming. Sure, the yields can strike like an awesome thunderclap and pay out as long as the clients exist, but as soon as they disappear, so too will the companies that chase them. Should a new, huge contract come through, you can hire temps and add space as necessary. By keeping them on contract through the early phases of the relationship with the client, you will be able to determine the validity of the temps’ continued employment based on both their own performance and the potential for a continued relationship with the client.

Prepare for Tough Times

In tough economic times, as those we’ve recently seen, companies will always seek to cut away the dead wood. This is an inevitable evil that will damage employee morale, increase workloads and thereby reduce productivity whether it happens from wage cuts, freezes or terminations. It’s much better to be in a position of needing to add staff to a pre-existing core than needing to trim the fat. Powerful bear markets will cause havoc for anyone who isn’t in the foreclosure or seizure businesses, but the losses can be significantly mitigated by more mindful and careful expansion.

Make It Easier to Reach Higher Margins

The company with the lowest bottom line will always have the edge because they will be able to earn more at comparable rates or undercut to expand market share based on whim alone. This means that having a lower cost structure can directly lead to a higher profit margin than competitors’ with the opposite strategy. In essence, the best method to making more money is being able to spend less money. This can sound pretty underwhelming as it is familiar advice handed down from dust bowl times. But it’s the survivors of those tough times that have been able to craft these phrases that are so ubiquitous we find them blasé — and notably, most companies still fail to heed the sage warnings.

Run the Marathon, Don’t Sprint

This policy isn’t about doing something once or for a short while as an emergency strategy. It’s about instituting a policy that will last the duration of the build process. Your strategy must be maintained through every single decision, whether it’s hiring, benefits, expansion, international opportunities or even something as obvious as supply chain.Cost Cutting Tips

There are a number of guides that can assist in getting started in the right direction. Let’s face it: Much of inducing company savings is about setting a good example and encouraging others to follow suit. Maybe instead of taking the client out to a nice lunch, invite them to a company potluck or even brown bag it. Explain all the while that these are precisely the efficient, cost-effective business practices you intend to maintain. Instead of having a birthday party every single day of the week, have them monthly or quarterly. Make these cost-cutting changes in all areas of your business.

Cut Where You Can, and Know Where You Can’t

A great way to keep incidental costs low in a modern company is in the structuring of employee pay and benefits. As always, when altering salary and benefits, make sure to contact your professionals in charge of the system. However, one simple way to structure pay efficiently is to use the bonus system heavily. Through hard times, bonuses can be reduced or eliminated without having to take away jobs or freeze COLAs. They will be a dependable means of maintaining promised salaries for employees while giving you the flexibility to slash costs in the event of another bear market. However, if you use this system, it’s best to communicate it to employees so they can plan around it in their own financial lives.

Personal sacrifices must be made. Ultimately, leaders can make significant changes, but they must inspire their employees to follow along. Real savings can be had at all levels of an organization; inspire your workers to cut costs and reap the rewards in the workplace as well as their home life, and you may start noticing a lean and mean profit-making machine.

Tips to Increase Efficiency For You And Your Business

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Every business owner could use time a little more efficiently. Whether you’re trying to understand why your meetings always run late or just trying to squeeze as much productivity out of a single day as possible, there is always a way to get a little bit better at doing everything. If you’re trying to help your employees to be more productive or you just need a little boost yourself, here are a few tips and tricks that can remind everyone of how to be a little bit more efficient.Business Efficiency Tips

Stop Multitasking

There are very few people who can actually competently multitask, and in spite of how badly everyone wants to be one of those people, we probably aren’t. Research has shown that those who believe they are the best at multitasking are actually the least capable. Constantly seeking to multitask is linked to lower attention spans and inability to focus or think creatively. If you want to be better and faster at your job, stop multitasking.

Structure Your Schedule

Everyone is familiar with the concept of a scheduler, but nowhere near enough people actually use daily schedules to organize their time. Instead, they work around other people’s schedules, being led as if on a leash from one activity to another. Before you start your day, take 10 minutes to sit quietly, without distraction and focus on planning out an order of events for the day. Only then should you start to accomplish it.

Prioritize

When scheduling your day, make a list of everything that’s on your plate. Organize your to-dos by importance and imminence. A meeting with investors in three days is important, but a potential client sales meeting takes precedence if it starts in two hours. By doing the most crucial tasks of the day at the very beginning, you’ll be able to snowball your productivity and get ahead of schedule. Although, depending on whether you’re ahead or behind now, it may take a while to catch up.

Plan Projects

It’s crucial to break up projects to bite-sized pieces, rather than try to tackle the whole thing at once. By planning a project in components and creating a map of instructions to be followed by you and the team, the work will go faster and there will be fewer crises along the way, even if you have to amend the plan as you go.

Take Baby Steps

Similar to the above, you need to do everything little by little. The only way to reach the top of a mountain is to take it one little step at a time. Often people don’t realize they take little steps in the process of completing an activity just like most marathon runners don’t think about every step in the run. What’s important is to be able to analyze the process when it’s successful and understand why it went well so the success can be repeated. By taking baby steps, you’ll be able to accomplish anything.

Time ActivitiesBusiness Efficiency Ideas

The most efficient time users know exactly how long any particular activity will take to accomplish. How did they get this way? They have a history of timing their activities. By knowing that it’ll take about thirty hours to put together a budget proposal, it’s easy to schedule the work according to your own preferences.

Designate a Mandatory End

One of the most common pitfalls of efficiency is believing that dedicating more time will yield greater results. In fact, the opposite is often true. By giving a mandatory end time to the amount of work put into any project, you can actually increase productivity. If necessity is the mother of invention, a hard, imminent deadline is the mother of results. For evidence of this, simply go to your local college and ask a few undergraduates if they’re more productive when they have a close, hard deadline for that term paper.

Allow for Down Time

The body needs rest. By refusing to give you or your employee’s time to recuperate, you’re physically reducing the brain’s capability to function. Studies have shown that stress, lack of sleep and anxiety are not only linked to one another but will each significantly decrease brain function and creativity. You’ll actually do a better job by regularly leaving work behind.

Delegate

This activity is the greatest time saver and productivity booster of the list. Here’s how: by intelligently breaking down the work load and assessing the strengths and weaknesses of the team to assign based work appropriately, time is saved for those who would have done the work both slower and less proficiently. When the work is done poorly, it vacuums even more time that’s necessary to resolve errors.

Implementing these tips will benefit your office life, and if you carry them into your home life, you’re likely to see improvements there as well. Efficiency is a lifestyle, and just a few simple modifications in one’s activities can transform a wasteful person into an effective and competent one.

Business Relocation Analysis: 5 Real Reasons to Relocate

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Everyone has heard the old real estate mantra “location, location, location” a thousand times — and it is as true for business owners as property salesmen. Perhaps among the most important aspects of business management is deciding where to put down roots or realizing the inadequacy of your current situation. Reasons for industry growth or decay in any region can be either man-made or natural, and many industries are relocating to the Sun Belt due to a combination of these effects in their current cities. States south of the 36th parallel often have lower taxes and unionization rates while providing a more recently desirable environment for employees. However, workers in areas like New York City have a high density of high-skill, motivated workers. As you read, consider your company’s current needs to see if a relocation analysis is right for you.

Business Relocation AnalysisWorkforce

The primary reason to relocate, as of now, is workforce. Companies with a need for workers, particularly those with technical or highly skilled fields, are moving to areas where these types of workers are readily available. An example of this would be a trading firm that moves from St. Louis to New York to gain access to the greater pool of financial employees in the area.

When relocating to access high quality workers, it’s important to contemplate many of the other factors of an area. For example, will there be a continuous and steady flow of new youthful workers in the area for the company’s future or is this simply a single generation of talent? College towns are perfect for their ability to produce a constant stream of workers. One of the main drawbacks here can be a large investment in employees that may eventually leave for different climes.

Quality of life is one of the most important aspects to employees, so it should be one of the most important aspects of a moving company as well. To many people, the benefits package and income level are irrelevant if they’re going to be working and living in the slums. However, few people are willing to live below the poverty line just to get to say their address is in San Francisco proper. Business moves toward better areas can be rejuvenating and beneficial for employees and customers alike.Business Relocation Tips

Room to Grow

Another common reason for relocation is much less drastic. In the course of time, most companies hope to find that they’ve grown so vast as to be hindered by their current site, like a hermit crab that gets too big for its shell. To raise production and efficiency, and perhaps create room for new, updated equipment, companies must find a more appropriately sized shell. This can necessitate employee hires and other expenses, so should really only be undertaken by companies already assured of their need for space. However, be forewarned: Retail location movement can cause a disorienting change for customers and many will often not survive the transition.

Access to Business

Just as retail locations can lose business in a move, they can be significantly benefitted by a change of location that brings them closer to customers. Clustering together with other shops of a similar price point or target audience can increase traffic. However, this can be a gamble as the costs of moving are often high, due to physical goods transport and productivity loss. There will be a period for any business, particularly manufacturing businesses, of productivity loss that must be accounted for as equipment must be set up and routines re-established.

While routine interruption isn’t as prevalent with retail or food service, the costs of moving merchandise may still outweigh the benefits. A potential fire sale should be examined and weighed against outright moving costs. If the gamble pays off, this reason to move can be the best one on the list. A failing or struggling company can be revitalized and even begin to thrive based on this single maneuver alone.

Bottom Line Reduction

Opposite to increasing sales is the need to decrease costs. This can manifest through lower rent, utilities or even taxes if you’re crossing borders. As everyone knows, the next best thing to increasing revenue is decreasing cost as it will increase competitiveness and even open up the opportunity for price undercutting if you’re comfortable with keeping the per item revenue at comparable levels. If you can move to an area that lowers overhead costs, like rent and utilities, you might benefit your business significantly.

Add Services

Technology is constantly moving and physically moving with it may be necessary to keep up, as is the case with many companies and the new Google Fiber. Industrial firms should look at a new space that would better suit newly acquired machinery. Whether they can slim down the space to save as new machinery grows increasingly efficient or they need to bulk up to account for increased output, moving is often a better idea than overpaying or risking the hazard of cramming it all together.

Don’t Forget

When moving shop, aside from looking at costs analytics, quantitative and qualitative judgments on regional happiness, CPI and revenue stream potential it’s easy to forget about the little details of legality and regulation. Always consult the experts, like those at your friendly PEO, when moving, both in the departure point and the destination.

Ideally, you won’t be moving your company for any single reason but rather a combination of those above. Try to get the most bang for your buck on moving costs and give the business a better environment, the right tools and employees and enough room to grow.