If you specify an ICON, and also a LABEL, then you will find that the label is often hard to read. LABELOFFSET allows you to move the position of the LABEL, so that it's not directly over the centre of the node anymore.

You can specify a compass-point (e.g. LABELOFFSET S). The compass-point method takes the size of the ICON, and uses that as the offset distance in the direction you specify. This way, you can change your icon for something of a different size, and not need to change all your offsets. You can use the main 8 points of the compass: N, E, S, W, NE, SE, NW, SW.

The compass points, relative to the node's bounding-box..

For more control, you can specify an integer offset for the x and y positions of the label (e.g. LABELOFFSET -10 -20) instead.