If your company is looking at moving to a new location, you will need to develop a 2021 business relocation budget. Many companies are in the process of relocating from one US state to another US state for various reasons. The reasons for moving may include several of the following:
- Company Growth
- Cost of Living Issues
- Housing Availability for Employees
- Closer to Clients
- Lower the Tax Burden
- Near Strategic Resources (Talent, Financial, Influential)
- Less Business Regulations
- Friendly Business Climate
As reported by the Greater Phoenix Economic Council, 25 companies currently located in California are looking to relocate to Phoenix, Arizona. Each of these companies, as well as the additional 64 companies relocating to Phoenix from other states or countries, should determine what it will cost in time, money, and effort to make the move.
What are the Top 3 2021 Business Relocation Budget Tips?
The top 3 2021 business relocation budget tips focus on research, cost competitiveness, and professional expertise. Focusing on these tips will also help guide the moving process in a positive direction. Identifying the full scope of what the company actually requires is critically important to developing a useful budget.
Tip #1: Work with a Relocation Management Company (RMC)
Working with a qualified RMC at the beginning of the 2021 business relocation budget process will help your company achieve the greatest success in the move. RMCs have knowledge and experience that is valuable to determine how best to proceed with the budgeting process. Having experience moving other companies lets RMCs bring important points to the forefront. As a result, your company’s budget will have a much higher degree of accuracy. Also, the process will ensure a smoother and more successful business relocation.
When choosing the RMC, be sure to look for one that offers ongoing employee support services, relocation benefits, superior relocation technology, thorough supplier management, and an industry-leading expense management program. Along with the company move, employees will also be moving to the new location. Employers should provide numerous resources for employees and their family members. This will help them gain confidence in accepting their new assignments. It will also help employees to feel excited and enthusiastic about the business relocation.
Tip #2: Get Estimates from Multiple Providers to Stay Within Your 2021 Business Relocation Budget
The 2021 business relocation budget will feature a number of logistical aspects relating to the actual move. Considering the relocation of a company’s offices and its employees is a significant undertaking. However, companies must also be sure to obtain the greatest value from the business relocation. A proven way to ensure this is through a dual-bid process.
Obtaining multiple estimates from reputable suppliers helps companies identify cost-effective solutions that meet the 2021 business relocation budget requirements. It is important to note that rates can often be negotiable. RMCs that have experts in group move coordination can easily leverage volume to obtain the best rates from van lines for the business relocation and for employees’ household goods moves.
Tip #3: Research and Understand Your Rights
The Federal Motor Carrier Safety Administration outlines a number of rights and responsibilities that businesses are entitled to before, during, and after their relocation. These rights are noted in Electronic Code of Federal Regulations, Subpart F—Transportation of Shipments §375.601, §375.603, §375.605, §375.607, §375.609. They include:
- A van line must move a client’s belongings in a timely manner
- The moving company must provide a written record called a reasonable dispatch service
- If there is a delay, the company must then prepare a written record of its amended date for delivery
Your company’s 2021 business relocation budget will require adherence to cost guidelines. Therefore, it is important to ensure the entire logistical process runs smoothly and efficiently.
GMS’ team of corporate relocation experts has helped thousands of our clients develop their relocation program budgets. Our team has also helped hundreds of clients create and administer their business relocation budgets for group moves. As a result, we can help your company develop a thorough and cost-effective 2021 business relocation budget to ensure a fully successful corporate relocation.
GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.
New SafeRelo™ COVID-19 Knowledge Portal
GMS recently launched its new SafeRelo™ COVID-19 Knowledge Portal featuring a number of helpful resources including:
- Curated selection of news and articles specific to managing relocation programs and issues relating to COVID-19
- Comprehensive guide to national, international, and local online sources for current data
- Program/Policy Evaluation (PPE) Tool for instant relocation policy reviews
Contact our experts online to discuss your company’s interest in developing a 2021 business relocation budget, or give us a call at 800.617.1904 or 480.922.0700 today.