How Coworking and Flexible Workspaces Can Help Your Organization Save Money
With so many rapid fluctuations in the market over the past few years, regardless of the industry your organization belongs to, budgeting for even months ahead has without question become a bigger challenge. Now that we’ve seemed to enter one of the naturally slowing economic cycles, many companies are evaluating expenses to reduce unnecessary spending to ensure a healthy transition through this phase. This however then calls into question, what is truly necessary?
As workspace providers, we are constantly illustrating the value an effective workspace can have for your team and how necessary of a role it plays in the day-to-day operations and big picture goals of your organization. However, in this article, we want to explore why flexible workspaces or what we’ve traditionally referred to as “shared” or “coworking” spaces are also a strategic way your company can not only have a productive, efficient and flexible workspace but a cost-effective one as well.
Therefore, although there are many, here are the top 3 ways a coworking or flexible workspace can save your company money without cutting the indispensable value they bring to your team that you can’t afford to lose.
Flexibility: One of the main benefits of using a coworking space is its flexibility, which is why the term for these workspaces has evolved to just that. Flexibility extends to many areas of this workspace design and format but it’s application to cost savings is one of the most significant. Companies can choose to rent spaces not only on terms as short as a monthly basis, but also by the hour, day or week. This gives companies the flexibility to only pay for the space they need and not have to worry about the overhead costs associated with a traditional office, which often involves paying for square footage when it may not always be needed or in use.
Sharing Expenses: “Shared” is another popular term you may have already heard associated recently when speaking of what has typically been known as coworking. Sharing certain spaces and amenities is a significant cost-saving benefit of a coworking space in that it allows companies to also share expenses. For example, companies can share the cost of something that would be otherwise unaffordable or expensive at the very least if they were to have to purchase it outright on their own. Our spacious and premium furnished lounges and kitchen spaces, cappuccino machines and interactive displays are some to name a few. This can result in significant cost savings, especially for small companies or startups. You can ensure your team has premium services and amenities that often only top employers can provide to their teams and clients. With flexible coworking spaces you can stay competitive in the client and labour market without the giant price-tag.
Time: You don’t need us to tell you that time is money and that’s why the time a coworking or flexible workspace can save your team is one of the most valuable ways it can help your organization cut expenses. Never waste your time or one of your team member’s salaried/paid time on taking care of your workspace needs. For some companies, there’s an entire employee or team who is paid just to take care of ordering supplies, making coffee, ensuring things are cleaned, complying with building and operational issues, greeting clients at a front desk, ext. When you utilize a coworking space, these things are taken care of for you so that all of your time and the time you pay for from your team is spent taking care of what your business is really about.
Therefore, whether it’s to maintain your competitive edge in the labour market and having access to the proper resources, the flexibility, or shared expenses, a coworking space is a great solution for companies looking to save money while still providing a professional work environment. It will also ensure that you can protect your brand’s image and bottom line during times of rapid change with the ability to adapt your workplace expenses just as quickly.