In today’s global business and corporate environment, more than ever, business owners and individuals may find themselves moving themselves, and their businesses from country to country. More than ever before, office relocation and the factors to consider should you find yourself facing a move, are something to be prepared for. These factors include a variety of challenges to family, financial goals and objectives.
Related Article: 6 Ways to Make Relocating Your Startup Super Simple
When relocating, it’s hard to predict all of the changes that will occur and different factors that might affect your business and family but it’s not like it hasn’t been done before. Some factors include:
- Re-assess your personal situation and goals. When you move you might find that you need some time to get your family set up, kids in schools, and how this time and effort will affect your other needs and goals such as getting your business on solid footing in the new location. Assess how you can use your resources to allow yourself and your family to have the space and time to get each new system, or routine in your lives up to speed without neglecting any of them or adding unnecessary stresses.
- Depending on your business you’ll want to research the market in your new location. Talk to the people and research the businesses that will support or perhaps compete with yours to well position yourself with the appropriate knowledge to optimize each step as you move office.
- Consider continuing to service clients in your previous location. Again depending on the nature of your business you may want to consider keeping clients in your previous locations. If your business can largely be done over the internet and you can easily talk to distant clients perhaps your move expands your client market rather than just moves it.
- Consult a financial advisor about the many factors that can affect your business. For example, business owners moving to Hong Kong can get expert advice from financial advisors based in Hong Kong on every aspect, from education provision for kids to retirement plans, health and risk insurance, mortgages and taxes in the new location.
Expert financial advisors can help build flexibility into your financial plans so that should such changes occur, you’re business & family will be ready for the move. You will be able to prosper successfully in your new location while knowing that every aspect of the move will be taken care of.
Author: Nick Smith is a Managing Partner in Taylor Brunswick Group, a Hong Kong-based wealth-management firm that offers expert wealth management advice that will increase the potential to maximize growth for any individual or businesses.