You’ve heard the saying, “don’t just work in your business, work on your business.” When it comes to industrial space, you must integrate your company’s long-range strategy into the decision making process for purchases and leases spanning five years or more. For starters, bring together your company’s key staff and advisors to work through your space requirement summary. You should begin the process with an open brainstorming exercise facilitated by an appointed project leader. I recommend using some or all of the following questions as a guide to facilitating the discussion. Once you work through the strategic discussion, the project leader will be prepared to develop your company’s requirement summary and decision matrix. Be sure to check out more tools available at www.warehouseveteran.com.
- Core values: What are your brand values and how do they affect your facility requirements?
- Logistics: How will your location impact logistics and transportation costs?
- Industry change: What disruptive changes are happening, or might happen, in your industry that could affect facility requirements during the term of the lease or ownership period?
- Future growth plans: What is your business’s growth trajectory? Are you considering acquiring or merging with other firms?
- Technology: What new technology is or will become available during the term of your lease?
- Stakeholders: What effect will moving have on your customers, vendors, and staff?
- Labor pool: What are the long-term prospects for the quality and availability of employees?
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