Why Move Out When You Can Refurbish?
Running out of space can be a good problem to have if it means your business is growing. When the rubber hits the road, which method of growing your healthcare practice or medical clinic is really right for you?
It is appealing to just up stumps and start again. New is often equated to better, and the idea of leaving the past behind can sometimes seem too appealing to pass up.
But when it comes down to it, your business case needs to weigh in over your wants.
Here are 3 questions you should ask yourself before you leave your lease for good:
1. Why do I want to move?
Identifying our motivations can go a long way to alleviating the pressure they put on us. If you’re simply feeling restless or in need of a change, this can be achieved without all the hassle of bringing in the packing boxes. So many things from finishes to the more solid architectural detailing can actually be revised on site to meet that need for change without ditching a very decent property in the meantime.
2. What are the benefits of my current location?
In our eagerness to move on to the ‘next big thing’, we can forget what drew us to our current location in the first place. Be critical in your assessment. Rate the pros and cons of the exterior, location, interior fitout, leasing arrangement, growth potential and patient demography to remember what works for you where you are. It may be worth continuing to leverage the aspects that already work for you while refurbishing the tired or outdated elements of your healthcare practice.
3. What are the total costs?
There are lots of costs to consider and they aren’t all evident from the get-go. Checking your lease carefully to understand any break costs or make good expectations is vital. Remember also that any substantial move will result in downtime and interrupt your service delivery which will impact on revenue in the short term, and sometimes even into the future as your past demographic drop off. Then there are subcontractor costs to consider, utilities to re-establish, insurances to reassign and the list goes on.
Ultimately, although you might ‘just want to move’, successful businesses take stock of their balance sheet and make rational decisions on that basis.