BEST BUSINESS LOCATIONS
The best business location for a company will vary enormously depending on the nature of the company and its business. Each individual business will have its own set of priorities and these should shape the final investment decision. To make the best location decision requires a real understanding of which location factors are most important to the company. To apply that properly the company then has to have access to a huge amount of information and intelligence about individual locations.
The range of factors include – Infrastructure; access to road/motorway networks, railway, ports and most importantly for many foreign investors, international airports. Labour skills and availability is normally a crucial factor – there is no point in locating in an area where costs are low and incentives are high if its difficult to recruit the skills needed in the business.
Even when the choice of country has been made there is a huge variety of potential locations available. Without in depth knowledge of what candidate areas and cities can offer it would be easy to come to a less than ideal solution. Once an investment decision is made it is extremely difficult and costly to change. Making the right decision in the first place will maximise productivity and profitability. In looking for the best business location a company is well advised to really understand and investigate all the potential solutions available.
Bottom line is that the best business location for one company is going to be very different to that for another.
EXPANDING A BUSINESS OVERSEAS
For foreign companies considering setting up business in a new country there are two important initial “feel good” tests. These are made consciously or sub consciously about individual locations in the country.
The first is ” do they really want us here”. No company really wants to commit an investment to an area which is less than enthusiastic in their welcome. Much easier and more comfortable to go somewhere else.
The second is that foreign companies know they are going to need a great deal of local assistance to make their operation work properly. “Hand holding” in terms of advice on local business customs, introductions to suppliers and contractors etc depends on the willingness and ability of the local economic development agency. If a company feels the agency is anything other than totally committed and capable of helping then it may well locate elsewhere even if that decision is sub optimal.
In both these cases it is the Impression created by the economic development agency that is critical to the perception of the location by the company.
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By Reem Elfeitury
