For most business owners, the office space they provide is likely to be one of the main contributors to their overhead. The expense of providing a brick and mortar environment in which to work productively has traditionally been viewed as a near-inevitable fact of life, but the rising popularity of serviced office spaces is helping businesses establish and expand their presence in an increasingly cost-effective manner.
Speaking to property entrepreneur and CEO of Office Freedom Richard Smith, we have looked at some of the ways in which serviced office spaces can help businesses save precious resources.
Let’s jump right in with our first point.
- Flexibility Equals Control
If the evolution of modern office space has taught us anything, it’s that flexibility can significantly improve businesses’ ability to react effectively to market changes. The commercial world is full of challenges and uncertainties, and having increased control over your office space can go a long way in achieving your business goals.
In comparison to traditional offices, serviced office spaces typically offer more flexible terms. For businesses themselves, this means that they can more easily expand or downsize without being subject to costly, long-term contracts. In turn, this offers greater control of business expenses, saving money in the process.
- Pay for What You Need
The opportunity to ‘pay-as-you go’ is another convincing reason why businesses continue to flock towards flexible office space, and desirable serviced offices in particular provide ample opportunity to pay strictly for what you use. Gone are the days where the maintenance bill for communal and underused facilities would automatically land on your doorstep.
By offering the space you’re looking for without any excess frills (unless you want them), it’s considerably easier to keep a watchful eye on any unnecessary expenses.
- Pre-Prepared Inventory
Providing a suitable work environment for your employees doesn’t end with finding the right space. The cost of desks, chairs, cabinets and a range of other office essentials can significantly drive up the expense of setting up shop in your new office.
Luckily, serviced office spaces will often come with a pre-prepared inventory that helps keep expenditure to a minimum. Depending on your specific needs, chances are you can begin working from your serviced office space from the moment you move in.
- Connections, Connections, Connections
Are business connections always likely to save you money? Not necessarily, but they do provide immense opportunity to bring it in instead.
With the growth in popularity for serviced offices reaching new heights, so too have serviced coworking spaces become a staple of the contemporary business world. Offices of this kind will often see multiple companies operate under one roof, offering significant potential for networking and cross-company collaboration. Conceived in this way, shared office spaces can provide valuable financial opportunities – albeit by more indirect means.
- Limited Maintenance
Low maintenance is another reason why serviced office space can be an attractive option for businesses in need of a cost-effective office.
One of the key benefits of serviced offices is that any costs or issues relating to the building’s maintenance are taken care of by an external provider. That way, businesses are spared the hassle and expense of maintaining the property in question, helping them to focus on more pressing challenges instead.
- Stable or Fixed Rates
Keeping fluctuating costs to a minimum can play an important role in safeguarding your hard-earned profits. Serviced office spaces are ideally suited to that very same philosophy, with many of them offering increased security in the form of fixed or stable business rates.
Whether it concerns utilities, rent, support or anything else, serviced office spaces can provide all of these things at an all-inclusive price. That means no costly surprises at the end of the month, helping businesses to stay on top of their budget at all times.
- Non-Committal Additional Facilities
Modern offices require more than the bare bones to function well. From state-of-the-art video conferencing technology to high-speed internet, business owners are expected to provide an array of additional facilities in order to remain competitive.
Serviced office spaces’ focus on flexibility often also applies to the services above. In practice, this means that businesses needn’t enter into long-term contracts just to get their preferred broadband or telephone package. Instead, they can choose to purchase only the facilities they want for as long as they want them, waving a not-so-fond farewell to any financial commitments that hinder business growth.
- Improved Employee Wellbeing
Employee wellbeing is key to the success of any business, and the working environment you provide can be a determining factor in shaping the wellbeing of your employees. Furthermore, the benefits of contented staff aren’t just limited to employees themselves. Providing a welcoming and productive work environment can go a long way in increasing profitability and reducing absenteeism.
Through providing a diverse range of amenities tailored to an organisation’s specific needs and culture, serviced office spaces can help strengthen staff wellbeing. Adding to that, the range of services included in the rental package means there is no need to worry about many tasks relating to office maintenance and housekeeping. In turn, this helps to offer greater flexibility and alleviate pressure, minimising potential obstacles to both physical and mental health.
- Attractive Perks for New Recruits
Recruiting and retaining dedicated staff has long been one of the most important challenges facing employers. Human resources are the backbone of any successful commercial venture, and ensuring you have the right talent in-house may well seem like a full-time job in and of itself.
As traditional office space has continued to change, so too have employees’ expectations of the environment in which they work. More and more businesses are opting to establish themselves in a flexible or serviced office space, and the working environment provided by potential employers is becoming increasingly important as a result.
As such, flexible and serviced office spaces can go a long way in helping to attract and retain the professionals you’re looking for, all the while reducing the cost of recruitment and HR.
- Guaranteed Security
As one of your most valuable investments, it goes without saying that your office space should be kept secure at all times. Depending on your requirements, the cost of office security can nonetheless be substantial – especially if it involves services provided by a third party.
Serviced office spaces can help you enjoy first-rate security while simultaneously providing significant cost savings. This is largely due to the fact that serviced office spaces often come with a range of services pre-included in the price.
Whether it be 24-hour surveillance in the form of CCTV or security staff, door access systems or reception teams, serviced office spaces are uniquely positioned to meet your every security need.