A business's location can make an important difference to its success. Choosing the right location means taking into account a number of factors.
The importance of location
Location is the place where a firm decides to site its operations. Location decisions can have a big impact on costs and revenues.
A business needs to decide on the best location taking into account factors such as:
- Customers - is the location convenient for customers?
- Staff - are there sufficient numbers of local staff with the right skills willing to work at the right wage?
- Support services - are there services offering specialist advice, training and support?
- Cost - how much will the premises cost? Those situated in prime locations (such as city centres) are far more expensive to rent than edge-of-town premises.