It's commonly believed in local SEO circles that URLs are given more weight than page titles by search engines, according to TechMaish.
However, before you delve into creating that perfect URL for your website, there are certain risks to keep in mind. Primarily, the fact that a new URL takes time for Google to process, meaning a site's rankings may suffer or the site itself may receive some errors during the transition period, SEOMoz notes.
If the new URL isn't significantly more effective at inviting new traffic during local search or producing a higher page rankings than the old one was, it may be better to sit tight.
However, if you decide to move forward, there are some rules to remember.
You should remove all unnecessary words from the URL. As SEOMoz explains, a shortened web address will rank better in Google and avoid the issues of a dynamic URL, which usually don't contain relevant keywords, are more prone to creating duplicate content and tend to be less user-friendly.
Other tricks of the trade noted by TechMaish include placing important keywords earlier in the address without over-stuffing, and ensuring proper redirection by using a 301 redirect to reduce traffic loss.