Working spaces

Why choice of premises could be crucial to your new business? success

Fred Heritage | 25 August 2016 | 8 years ago

premises
Attractive premises can be the difference between your new business succeeding or failing

The vast majority of consumers judge a new company based on the quality and location of its premises, according to a recent study.

Emphasising the value of opting for the right working space for new businesses, a study by HR support firm ava uncovered the finding that 78 per cent of consumers would be put off to some degree by businesses trading out of unattractive spots.

As many as one in three people told researchers that a firm’s premises were either very important? or crucially important? for them from a reputational perspective, while just 22 per cent claimed not to take a business’s location into account when deciding whether or not to shop there.

The findings suggest that budget-conscious small company owners should consider carefully the implications of cost-cutting when it comes to renting or buying business premises.

finding the right place to base your business can be tricky if you have a limited budget, said ava sales manager Lucie Greenwood.

consumers still put a lot of store in an organisation’s location. Money saved on rent could well be offset by the reputational damage suffered because you’ve chosen one town over another. Businesses in unfashionable locations could also find it harder attracting the best talent.

The research supports the findings of another recent study by the World Green Building Council, which revealed the extent to which an employee’s working environment can have an impact on their productivity and overall performance.

Some 53 per cent of respondent workers to that study said they felt their current working space failed to get the best out of them, proving that the quality of business premises? matters to staff as well as customers. Younger staff were found to be more discerning about their working environment than their older counterparts, with those under 44 years-old demonstrating the most discontent.

Greenwood went on to say: What works for one company might not be appropriate for others, and every business has different needs depending on size, the industry it’s in and who its customers are.

there are certain pieces of advice that are universal, she added. Having thorough financial forecasts is a real advantage, as youll be able to choose a building that will still be fit for purpose in five years? time, and its worth keeping an eye out for up-and-coming business areas that are cheap now but are likely to grow in value.

A recent ranking of UK towns and cities revealed that Cambridge and Milton Keynes provided the best, most productive working environments for employees. With above-average job satisfaction ratings of 3.5 out of five, the poll by Glassdoor considered factors like property prices, work-life balance and the number of available job openings.

Read Business Advice’s top ten moving office tips for startups.

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