Location. Location. Location.
A company's location can be one of the biggest assets and contributing factors to its success. In the right location, companies can have access to a vibrant talent pool, target customers/audiences, key transportation systems, critical materials/supplies, and a thriving business environment. Therefore, developing a comprehensive and future-looking Site Selection Process is critical and needs to be aligned with the company's overarching strategy.
Some of the key factors BLS reviews and develops during the site selection process include the following:
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Feasibility Analysis: This analysis determines whether a company should pursue business relocation as a course of action. Assessment includes analyzing different operating costs and other factors associated with different locations and determining what the major impacts associated with each alternative are.
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Infrastructure and Logistics Due Diligence/Analysis: This analysis reviews the sites’ and buildings’ space, and compare it against short term or long term needs. This analysis also reviews utility infrastructure (availability, cost, reliability) and transportation infrastructure (the evaluation of the transportation options and costs.)
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Labor Market/Supply/Demand Analysis: This analysis reviews the prospective locations' ability to meet a company's short and long-term labor needs. We will assess the labor pool, in education/skill level, review unemployment and underemployment levels and evaluate labor market stress, among other factors.
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Preliminary Incentive Assessment and negotiation: Because economic development incentives are increasingly important to companies looking to offset some of the costs involved with large-scale deployments, we will integrate the incentives process early on in the overall site selection process.
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Cost of living: For a company considering a site selection strategy, it is important to understand the implications of not only the initial move, but the long term costs associated with maintaining a location within the community, for the company and its employees.
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Higher education presence: This review will illustrate potential talent pipeline for the company's future labor needs. In addition, higher education presence may have impact on certain industries including technology, research and development.
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Industry clusters: This analysis will examine a community's industry strengths, weaknesses and key clusters in the region. It will provide a company another measure, deciding to be closer to its competitors, customer base or both.
