Commercial & Industrial Site Selection Services
Site selection for a non-Retail establishment can be a tricky proposition. While many of these new property decisions come down to finding a site that meets as many of the owner’s criteria as possible, the intangibles are often the most important part of the equation.
And all too frequently, no one is considering the impact on the community of your business and how good a fit are you into their social and economic structure.
A good site selection decision is about more than just demographics. While they can represent the presence of the basic building blocks that you need, it’s by no means the end of the discussion.
Managing business expansion is also more than just looking for a new or additional location. Clear identification of goals and objectives to manage business expansion is an essential part of the decision process. Jumping into a new building is rarely the answer.
We can help you identify goals, systematically analyze options, and present the best alternatives for your situation.
Trying to manage this process while your business marches on can also be difficult. Having a dedicated project manager whose job is to concentrate on your expansion project only, enables the process to move smoothly over a shorter time frame that the stop and start flow that typically results when the manager also has ‘a job to do’.
And all decisions don’t involve a new site. Many times, profitability and efficiencies can be increased when you stop doing something. Replacing an underperforming line can be a difficult a decision as adding a new line.
By having an experienced advocate working with you to manage the process and provide systematic analysis, you can focus on the long-term decisions that will mean success for your business.
Blue Point Strategies will work with you to ensure that your goals are clear, the options analyzed and the alternatives properly considered to maximize your success and give your business a solid foundation for long-term financial stability.
Our Process
Instead of tying up your staff and losing confidentiality, let us manage the process keeping you project on time and in budget.
Step 1
Develop Project Goals & Parameters. Define the team* and project parameters, including project timelines and mandates. With management team, define how project success will be measured.
Step 2
Define Search Criteria. Set geographic boundaries based on distance or markets, establish what demographic, workforce and quality of life criteria are important for the new site. Assign measurement criteria and importance to build ranking mechanism. Also discuss if current site will be considered for expansion.
Step 3
Community Screening. Contact local and state economic development officials and understand site availability. Discuss site, workforce and utility information requirements and characteristics. Gather information on incentive policy. Depending on initial geography, 1st round sites could number dozens to hundreds. Screen sites that don't meet requirements.
Step 4
Site Visits. Meet local economic development, business and school officials and politicians. View sites and tour communities, gather local data and meet with community leaders and local citizens.
Step 5
Recommendations. Present preliminary recommendations to company officials, culling any management strikes. Inform final communities of status and complete final incentive negotiations. Complete final site ranking based on initial measurement criteria.
Step 6
Selection & Announcement. Present final ranking for management decision. Secure site options prior to company public announcement of selection.
Step 7
Implement Decision. Complete project follow-up and introduce company management to local officials. Complete other project work per company requirements.
*This process assumes client company confidentiality, especially when company has regional or national name recognition.
Retail site selection is a complicated and time consuming process. A new
business owner can quickly become overwhelmed by the many decisions that have to be made when opening a business.
From dealing with banks, builders, Realtors, city planning and permitting agencies and landlords, how these decisions are made will have an impact on the financial stability and ultimate success of a business enterprise.
To complicate matters, most owners are really good at something other than negotiating leases with landlords, creating pro forma financial statements for banks or answering questions before a city planning and zoning board. These activities can be daunting and a new business owner can quickly become intimidated and make poor choices.
By having an experienced advocate working on the infrastructure and logistical functions of opening a business, you can focus on the long-term business and marketing decisions that will mean success for your business.
Blue Point Strategies will work with you to ensure that the business plan is complete, the lease issues are settled and the proper site has been selected to maximize your success and give your business a solid foundation for long-term financial stability.
Downloads
Download our free white paper, site ranking matrix example and checklist.
Retail Site Selection for Small Business
Checklist for Retail Site Selection
Our Process
Instead of attempting to navigate the process by yourself, let a trusted advisor guide you through the process to help insure a positive experience and long-term financial stability.
Step 1
Create a target customer profile. The first and most important step is to clearly identify in demographic terms, who the target customer really is for this new business.
Step 2
Create a target site profile.
Identify the ideal characteristics of your site, the absolute needs and the ‘cliff’ criteria. Owners should be honest about their needs and wants focusing on the business and not their individual egos.
Step 3
Locate target customers and market keys.
Once you know who your target customer is, find them in your trade area. Also locate primary retail centers, competition, feeder businesses and traffic counts of the main traffic arteries. Also, work with local Planing and Zoning officials to understand where the planned city growth will take place.
Step 4
Identify potential sites within the primary trade area.
Utilize the MLS or the services of a Realtor®
to locate available properties that meet your criteria. With the help of the Realtor® or landlord, gather the financial data about those sites.
Step 5
Rank the potential sites.
Evaluate each site against your ideal characteristics list. Utilize a site ranking matrix or other method to rank the potential sites. Select the top two to five sites for a pro forma financial analysis.
Step 6
Analyze the financial data.
Complete a pro forma financial analysis for your business using the costs and market potentials of the different sites. If any of the site have significant build-out costs, develop appropriate discount rates and calculate the net present value of the cash flows over a three to five year period.
Step 7
Select the best site.
By combining all factors in a standard business model, the owner can see how the differences in cost and market potential impacts the financial performance of the business.
Let us manage the selection process in a systematic and measured way. Company officials and workforce can continue to manage day-to-day operations and make midpoint and final selections based on the criteria that they help create.
Phone: (256) 425-8787 Fax: (205) 449-0026