Each week, FP Weekly members receive a practical and cutting-edge checklist of issues to consider, action steps to take, and goals to accomplish to ensure you remain on the top of your game when it comes to workplace relations and employment law compliance. This week we provide you a checklist of steps to consider when considering expanding your business operations into a new location.
Nuanced Process
Companies faced with increased competition often look to expanding markets and new regions as possible business opportunities to generate increased profits. For example, over the past 12 months, new electric battery and vehicle production operations alone have generated over $30 billion in new investment and created over 30,000 new jobs across the United States. The semiconductor manufacturing industry has also announced over $60 billion in proposed production facilities resulting in over 20,000 new high-tech jobs. Moreover, states in the South and Southeast are experiencing population booms as workers seek warmer climates and lower costs of living. Businesses often relocate to these areas to attract qualified workers and be closer to their customers.
Companies must quickly evaluate the business case for pursuing these prospects or potentially miss the opportunity. This often entails determining whether a company wants to relocate closer to a new market or customer. There are numerous factors a company needs to evaluate, and often state and local governments can provide incentives to make relocating to their area much more attractive. While each business opportunity is unique, you will need to address the following checklist items in most cases.
Labor and Employment Considerations
Operational Considerations
