LONDON--(BUSINESS WIRE)--Location can be a major determining factor affecting the success or failure of a company. A recent study from SpendEdge, a leading procurement market intelligence firm, explores the effects that location can have on business operations, productivity, and profits, and details how location-based challenges can be overcome for the financial services industry.
Why does location matter?
The location of a company and its branches or operating centres impacts its financial state, its profits, the laws and regulations it is subject to, and the strength of the labour market that the company has access to, amongst other things. It also determines the competition that the company will face, how capable it will be in sustaining itself in the market, and what consumer groups and different demographics that the company will be serving.
What benefits does location strategy provide?
Location strategy involves in-depth research and careful selection of potential business locations. It equips companies with the knowledge necessary to successfully choose locations that will give them maximum access to high-quality resources and materials, as well as transportation, a skilled workforce, and other factors that are needed for operational efficiency and success. Things like governmental regulations, political and environmental risk, labour availability, trade zones, and incentives (such as tax breaks) should be taken into account when choosing a location.
Companies in the financial services industry also need to take into account geographical variations in how people consume financial services and products, what services a specific area uses the most and what products people in that area consume, and how certain urban, suburban, and rural areas perform as shopping destinations, amongst other things. Additionally, there are a large number of factors involved with location strategy, and they differ according to each company’s own needs and requirements. Additionally, integrating location strategy into a company’s overall strategy can be a challenge. However, supply market intelligence can be used to overcome these obstacles and streamline the location selection process, conducting in-depth research and market analysis to identify prime operational locations.
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