Thinking of Moving Your Company? Think Fly-Over States.
Relocating your business is a decision no executive should take lightly. The impact on your customers, management and (especially) employees makes it a decision many executives are reluctant to make.
However, there are reasons you might consider moving. The reality is that some locations may offer better proximity to suppliers or customers, favorable tax treatment or other financial incentives, a lower cost of living, a higher quality of life, or access to a talented, educated workforce. Hopefully the community in which your company is headquartered offers most or all of those benefits.
If not, here are three communities you should consider:
Provo is located on the northern end of the Wasatch Front, which includes Ogden and Salt Lake City. Together these cities make up a region increasingly known as the Silicon Slopes. A low cost of living, highly educated workforce, and proximity to some of the world’s best ski resorts and outdoor recreation activities have made the region a mecca for tech talent looking to escape the high cost of living in Silicon Valley.
Related: 6 Regions Where Tech Jobs Boom the Housing Is Scary Expensive
That concentration of talent makes Provo (and the entire region) a desirable destination for any company looking to employ skilled technology workers.
Provo has also been consistently ranked as a city with a high quality of life and is home to Brigham Young University (BYU), which itself is home to top-ranked business and law schools. Incidentally, I grew up here -- and both Simplus and Osmond Marketing are headquartered here.
Hamilton County, Indiana.
Hamilton County is located in the northeastern suburbs of Indianapolis and includes the communities of Fishers, Carmel and Noblesville. A low cost of living and strong public schools make these suburban communities a desirable destination for employees, while the proximity to major freeways and a strong manufacturing sector help make Hamilton County one of the fastest growing and most business-friendly counties in the country.
The cities of Hamilton County also consistently rank high in various quality-of-life surveys. This year both Fishers and Carmel were ranked in the top 50 on the 2017 version of Money magazine’s 100 Best Places to Live list.
St. Charles County, Missouri.
Located in the western portion of the St. Louis region, St. Charles County is also one of the country’s fastest-growing tech communities. The county also has a low cost of living, and like Hamilton County, Indiana, the communities of St. Charles County are consistently described as among the best places to live.
Related: 8 Reasons to Launch Your Startup Outside of Silicon Valley
Both O’Fallon and St. Peters ranked in the top 50 on the 2017 version of Money magazine’s 100 Best Places to Live list. The community’s location along Interstate 70 and near Interstate 55 makes it an important logistical hub and a great location for a manufacturing business.
The city of St. Charles also has one the country’s most storied historic Main Streets, along with OPO Startups, a unique coworking facility housed in a renovated, historic post office. The facility even received a special mention in a November speech by President Trump.
An important decision.
Relocating your business is an expensive decision. It will disrupt your business and your employees. But sometimes disruption is exactly what you need.
In certain instances, a relocation -- if done strategically -- can breathe new life into your company. It can attract new, diverse, and talented employees, and improve your bottom line via a lowered tax burden and a reduced cost of doing business.
Related: The Top 4 Tax Strategies To Save Your Business Money
If you’re thinking of a relocation in 2018, take that decision seriously. And you can start doing that by considering communities that will make your company stronger and better positioned to compete in your market.