Unless it's a charity organization , the main purpose of a business is to make profit and when that is the goal the fastest way to that is customer satisfaction. This is one of the reasons why the location of a business is important. In simple terms , the location of a business is the site of operations. With evolution comes changes in life and activities and ultimately time which most customers are not ready to waste that's why the importance of a good business location cannot be overemphasized.
A good business location is like a hut on a hill, there's no way anyone would pass by and not notice the hut, putting the business in the spot light. A lot of times people site their businesses without taking note of their customers and other factors which play a major role in attracting more people to the business.
That is why the major importance of a good business location is customer attraction. Then the need to identify who the key customers of the business are and bringing the business to them for easy access and patronizing. Especially traditional stores, not siting it far from residential or social areas. Its is hard for a customer to think of going miles to a particular store when there are other stores closer to them that they can patronize.
These days people don't have time or aren't even ready to stress themselves in anyway due to the kind of jobs they do or their schedules. A business far from its customers would off course be running at loss and may be forced to close down. A typical example is an automated teller machine, off course people will go withdraw at ATM's closer to them than go miles for another unless the first one isn't working. Nobody in this generation likes stress anymore and that's why online stores and home deliveries are taking over. The closeness will cut the competition of other stores because the business is closer to them and easily accessible.
The accessibility in terms of good roads, no traffic is also important to take note of. The business can't pave the roads to its location but to cut that , choosing a location with good road networks and accessibility is important in attracting customers to a business. Customers don't want to be stressed and would rather go to another store or mall closer with less traffic and so the business will be running a loss.
Good business location also improves the brand visibility, just like a house on a hill. Siting a business in a location more exposed to a large audience will make the business more visible to a large audience. It is part of marketing for the business most especially places with malls, recreational centers or even large eateries. People visiting these places will always see the business and it will always be stuck in their minds where the business is located.
The importance of location in business is not just from profit and the customers point of view but also the cost of running the business. The closeness to the vendors and suppliers to meet demands and even for staff retention. It is not good for a business integrity if it constantly changes staff because it will affect the quality of services and product it offers and may possibly ruin the businesses reputation with customers or clients.
This is why a good business location is very important and should not be taken for granted at all.