Important Considerations When Choosing an Office

tips on choosing office

For most businesses, there are few more important decisions than deciding on where to locate your office. You might be growing fast now and you do not want your growth to be hamstrung by your physical office location, do you? This article will help you look at some of the factors may impact your choice of offices.

Is There Space for my Company to Grow?

When you’re choosing your new office space, you need to consider not only your most immediate needs, but also how you plan to grow in the near and far future. You do not want to keep moving every few years as that can be very disruptive to your operations and stressful for your staff.

If you can’t afford the extra space that you need, then you may have no choice but to get a shorter lease. However, shorter leases can be more expensive as well.

Is it Conveniently Located for our Most Important Staff?

If you’re the business owner, we know that there is definitely a temptation to just get an office that is located most conveniently for you. However, you should also keep in mind where your most important employees live and whether the new office space is a good choice for them as well.

You should also seek their opinions not just make a decision unilaterally. The last thing you want happen is having your key employees leave when you have just moved into your spanking new office.

Is it Convenient for my Clients?

Another consideration is whether your new office will be convenient for your clients to visit. This is important especially if you run a business where you need to have meetings at your offices.

We know that there are many teleconferencing options these days such as Skype or Google Meet, but face-to-face meetings are still important, at least once in a while.

Choose a Professional Office Moving Company

Once you have actually decided to move, you need to pick a professional office moving company. Do not try to get your staff to relocate your business on their own.

Moving your office is a stressful endeavour on its own. Your staff will need help. Do not think of saving a few bucks when the morale and health of yoru employees are at risk. If you need help choosing an office moving company, you can check out this article, 10+ Moving Tips from Office Movers for Moving Your Business.

Research Hidden Costs

A lot of business owners get blindsided by the hidden costs of moving offices. It is important that you take the time to carefully calculate the full cost of renting the space. This will include items such as rent, utilities, construction, costs of engaging moving and storage services and other less obvious costs that are not readily apparent.

Other than working with a professional mover, you may also want to work with a professional real estate agent or broker to help guide you through the financial and legal aspects of moving offices.

Marketing Metrics Every Executive Needs to Know

Marketing metrics can be considered key performance indicators (KPIs) that marketing teams measure and track to determine how well their marketing strategies are doing.

You may have overall important marketing metrics that you need to report to your CEO as well as those specific to certain marketing channels such as email marketing, social media or organic search.

Let’s take the example of  a small digital marketing agency with clients both locally and nationally and see what kinds of marketing metric might be important to them.

Average Revenue per User (ARPU)

This is a fairly straightforward metric and it just measures how much each average user tends to spend with your company. Just divide your total revenue by the total number of customers. By calculating and monitoring this number, you can decide if you want to find more customers while maintaining your current ARPU or should you focus your energy on increasing spend among your existing customers.

Lead -to-Sales Conversion Rate

Getting leads is great – that’s what your marketing team is for. At the same time, you need to ensure that your leads turn to actual revenue. That’s where the money is. You first need to first establish a baseline number to understand how well you are doing at converting your leads. Then, put in strategies to increase this number over time. For some companies, small improvements in the lead-to-sales conversion rate can mean as much as two to three times their current revenue.

Percentage of business by referral

marketing kpis

How much of your business is generated by referrals from past customers? This is a good gauge to understanding how well your customers perceive your brand. Are they referring your friends and family or do they not care enough?

Customer Acquisition Costs

Your business needs more new customers all the time. This is a given. However, most companies do not even know how much each new customer is costing them. This is important because you want to ensure that your customer acquisition costs stay below your customer lifetime value. If your CAC is higher, then you are losing money for each new customer you are bringing in.

Net Promoter Score

Net Promoter Score or NPS is a very common metric being used in a variety of industries to measure overall customer satisfaction. It’s not surprising to find big service-based businesses such as banks valuing NPS over other metrics.

Calculating NPS is relatively simple – you send out a survey to your customers and ask them, from a scale of 1 to 10, how likely they are to recommend your company to their friends or family. A high score means that you’re doing well while a low score means that you have much room for improvement.

Research has suggested that companies with high NPS tend to succeed over the long run while those with low NPS will start to suffer not long afterward.

Other Marketing Metrics

These are some of the more common marketing metrics and KPIs that companies use to measure their marketing effectiveness. Do you have any more that you would like to share with us? Put them in the comments section below!