Thanks in part to today’s digitally driven business landscape, the possibility of relocating an operational arm or corporate headquarters to a different region is a much greater possibility. For some companies, it makes economical sense to move talent to other parts of the country or globe. Yet, although these moves often have the intention of boosting bottom-line revenue, relocation costs can add up quickly.
Keeping that in mind, here are three tips a relocating business can use to help save on its moving budget:
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Moving talent from point A to point B requires planning and research. Get estimates from multiple providers: Assuming that a business has already chosen a new market and a new office space, the logistical aspects of moving now come into play. Moving offices and employees is a massive undertaking, and it’s important that a business gets the most value in the relocation. That said, businesses should get multiple estimates from reputable firms so it can choose which option best fits its budget. Company leaders should also try and negotiate rates on the long-distance moves. Additionally, relocation management companies are experts in group move coordination and can leverage their volume for better rates with van lines.
- See what tax breaks are available: The U.S. tax code is an ambiguous piece of legislation, but there are a lot of breaks for business expenses that some firms may not know about. It could be worth the time to hire a third party to research federal mandates or appoint internal resources to do due diligence in identifying potential tax breaks for moving. Reuters reported that businesses can write off moving jobs overseas as a business expense and can claim deductions on those capital outlays. Since moving is a large business expense, claiming it on tax returns could be financially beneficial down the road, especially if jobs are going overseas.
- Understand your rights: The U.S. Department of Transportation’s Federal Motor Carrier Safety Administration outlines a number of rights and responsibilities that businesses are entitled to before, during and after the relocation. For instance, by law, a van line must move a client’s belongings in a timely manner, according to its website. The moving company must provide a written record called a reasonable dispatch service, and if there’s a delay, the company must then prepare a written record of its amended date for delivery. Since business relocation is an expensive undertaking, it’s important that organizations make sure the entire logistical process runs smoothly.
Brought to you by Global Mobility Solutions, a trusted partner in global talent management.
