My View: Follow these tips when considering corporate relocation
With companies across America rethinking their business models amid the pandemic and envisioning a post-Covid world, some executives are considering or already have relocated to a different state.
It’s an exciting endeavor, especially to a city like Phoenix, where several compelling factors exist including a pro-business climate, tax considerations, industry opportunities, and aligned values.
But it’s also one with unforeseen perils and uncertainty. A relocation consumes time, resources, and exposes your organization to new risks that can severely impact operations.
Here are some factors to contemplate if you’re eyeing a move or have just completed one.
One key measure to gauge success for a corporate relocation is by the continuity it preserves. Corporate moves are complex and demanding, presenting unexpected hurdles that threaten success and stability.
Some considerations to keep in mind:
- Turnover when employees don’t move with you
- Increased workloads from either attrition or balancing the move with sustaining operations
- New auditors who are unfamiliar with your operations, increasing time & cost
- Delayed and inaccurate reporting, prolonged & costly audits can lead to damaged morale and talent loss.
It’s essential to streamline the process to avoid disruptions and inefficiencies. Working with an outside advisory firm can often help companies and their teams settle into new environments without skipping a beat, and assess potentially exposed vulnerabilities.
A relocation should be viewed as a fresh start for your organization yielding opportunities for transition and don’t have to result in a disruptive or crippling process.
Some key approaches to evaluate:
- The design and implementation of new processes and controls
- Developing new efficiencies through %nancial transformation
- Systems migration
Embrace the change to evolve into a more nimble and better-structured business that could accompany a relocation. Embark can guide companies to accelerate technology adoption through financial transformations and capitalize on the culture of change.
When scouting for a new city to call home, a key measure is its growth. With an explosive trajectory because of its innovation, business climate and talent pool, Phoenix has become a magnet for businesses across the country, especially from states like California.
The ability to develop local business relationships is a crucial to facilitate success upon a relocation. Embark recognizes the importance of this multiplier effect and has developed connections across the Valley to help companies establish those relationships in industries from banking to auditing to technology...
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