What It's Worth
There are two ways to look at cost of living: from your viewpoint as a business owner or from the perspective of your employees. If you are relocating or expanding your operation, you need to take both into consideration.
For business owners, an area's cost of living can have an enormous impact on issues such as salary expenses, available work force, transportation costs and the general operating costs of doing business. But that doesn't mean that you should automatically look for the place that has the lowest cost of living when deciding where to move your business next.
"Focus on the appropriate context for considering the cost of living in relation to your overall business objective," advises Linda Tresslar, managing director of Grubb & Ellis Company's Strategic Consulting Group.
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