The corporate site location process begins with defining the project to learn about the industry, number of jobs, payroll and capital investment planned by a company, needs for the project site
and geographic markets that fit the company’s business plan leading to the creation of potential state and regional target list for the company’s location. Critical business planning is essential for companies considering an expansion or relocation project. Growth projections tied to new business development opportunities, supply chain demands, labor negotiations, regional market growth decisions all impact the scale and scope of a corporate site location project. Triggers such as the end of a real estate lease, growth needs are beyond their current facility, decay of their existing facility, consolidation of existing facilities, a growth opportunity tied to a customer, a merger of companies, or a company seeking to capitalize on an economic trend tell a company they should undertake a corporate site location project.
Corporate site location projects are defined by answers to six questions:
- What does the company need in a facility to succeed in the next five years?
- How many jobs would be retained and created over the next three years?
- What type of capital investment would be required should the company remain in their current facility or move to in a new facility?
- Will these new employees work remotely in the same state or with no restrictions or in a specific location for most of their time?
- What skill sets do the company’s employees need to have today and soon?
- What other regions does the company have clients or a supply chain necessary for their business to succeed?
Defining a corporate site location project up front saves time and money and builds the focus needed on regions likely for long term company success.
Contact Dave Robinson at email@example.com if you need assistance with a corporate site location project or other economic development matters.