A location independent business is one that is not tied to a physical location, eg an office, city or country.
The Covid-19 remote work experiment has helped millions of leadership teams get a firsthand experience of what this could look like, with everyone in a team working from home or from anywhere.
Why is having this capability smart? Well consider the pandemic experience. If your business was “location independent” before the pandemic (examples are companies like Automattic, GitLab, InVision etc.) the disruption to your day-to-day operations would have been minimal.
“Lockdowns” are going to be part of our future (See this piece on Carbon Emission Lockdowns)
Being able to run your business from anywhere is going to become an essential component as disruption becomes the norm.