Business growth is the number one priority for companies of all sizes and niches. A primary way businesses choose to grow is by expanding into new areas, with the new customers found in another locale providing an additional revenue stream.
Before you bite the bullet and launch your business in a brand new location however, testing the waters with a well-timed business trip is recommended. A business trip enables you to live the destination for a short time and discover whether it is indeed the right step forward for your business and its ambitions.
With a number of great business travel destinations to choose from, finding the right place for your business trip isn’t easy. Read on to discover our top tips for finding the right destination for your next business trip.
Is it the right move for you?
As the key driver of your business, making sure the location works for you on a personal and professional level is important. It is most likely going to be you that will be working on your business within that location over the coming months. If you are excited about the prospect of expanding into the area, then it could be just the right one for you.
Do enough of your customers live there?
Whether you are a fledgeling business or an established brand, you will have to know your customers inside out to make your company a success.
The vast majority of businesses have buyer personas figured out before they go to market with their products or services. Use your buyer personas to identify whether there is a big enough concentration of would-be customers in your shortlisted destinations.
Does the expansion work for your employees?
If you intend to relocate some of your team to pursue business in this new location, be mindful about their requirements when selecting the right place to progress your company. Your employees are more likely to agree to a relocation if the destination works for them professionally and personally.
Alternatively, a destination that is within commuting distance of their homes will make perfect sense for your business and its people.
You may be looking to build your brand from the grassroots up in this new location, and with this, you’ll need the right talent to support your company. Choosing a destination that is home to good colleges and universities could mean easy access to talent.
Are there opportunities to partner or gain investment?
Many businesses rely on strategic partnerships or investment to progress. Distance could mean that the partners you work within your current location may not be suitable, as many partners prefer to be local to each other.
Selecting a destination that has business hubs specialising in a particular discipline is a great idea. Take the Cambridge Cluster as an example. As the UK’s answer to Silicon Valley, it has founded and attracted countless technology businesses to put the city on the cutting edge of the industry.
The availability of business support within the area could also mean the difference between expansion success and failure.
Do the figures add up?
Some towns and cities are more expensive to expand into than others. Choosing a location that satisfies on all fronts, including financially, is vital.
From the cost of parking for your employees to higher rents that could drive your prices up, there’s a lot to consider when it comes to cost. The added prestige of a more affluent location, however, could reap rewards further down the line.
Why is Cambridge a great choice?
You should consider the city of Cambridge as your next business base and the destination for your upcoming business trip. Here Cambridge City Council explains why:
“Cambridge is a successful city with a world-class reputation for education, science and innovation, research and knowledge-based industries, and its historic environment. It is a major focus for employment. The high-value Cambridge Cluster is crucial to the UK’s economy and its international competitiveness.”
Here at Citystay, we greet business travellers from all over the globe to unlock the corporate opportunities they’ve been searching for.