Securing office space has traditionally required a large outlay of capital. While permanent space, and the expenses associated with it, have been the norm for a long time, innovations in the way business is done have made it so that you don’t necessarily have to build and own your own office space, especially if you don’t use it all the time. Virtual workspaces, as well as areas and meeting spaces you can rent only as you need them, can work to reduce your overhead without affecting productivity. Here are some compelling reasons to look into how workspace on demand could benefit your business:
The amount of money you need to allocate for your business’ physical presence can make or break you. Rental rates at the heart of local business areas can be expensive, and for many companies, like those that are just starting out, long-term leases can tie up a significant amount of your operating budget. You need to explore flexible usage options.
Workspace on demand allows you to rent a physical location only for the duration that you need it. By limiting your rental costs to only the actual time that you’ll be using the location, you not only save money, but reduce the need to dedicate resources for spaces that might only end up being idle or underutilized.
Ease of access
On-demand workspaces allow you to organize your work and meetings in places more easily accessible to your team members. This eliminates the need for long commutes as everyone heads to the same location. If you only need to check in with coworkers in a particular area, using an on-demand workspace in that area makes it easier and less of a hassle to get everyone together. For those with teams whose members are physically located in different areas, it makes it easier to provide them with a conveniently-located business space, as you can easily rent spaces closer and more accessible to them while still keeping connected through online and collaborative technologies.
All the hardware you need
As part of making your job easier, workspaces on demand generally have equipment utilizing the most current technology, allowing you to keep connected and work efficiently without having to go through lengthy the hassle of setting up your own network. You can move in and get right to work with a minimum of fuss and delays. Since the infrastructure hardware comes with the rental, there’s also a reduced need for acquiring this type of equipment.
With on-demand workspaces, the lack of a need for a more permanent setup means that everything can be tailored to your specific needs. Because there’s no need for the area to serve you in any sort of a general, multi-purpose manner, you just need to plan for your specific business needs, population size, and so on. Then, as your business expands, it becomes easier to add additional workspaces to accommodate your growing workforce as well.
Spend only on what you need
As touched on earlier, because of the ability to customize your workspace to an unprecedented degree, you gain the advantage of only having to pay for what you actually need right now, or for the foreseeable future. There’s no need to lease a larger area than you need, in anticipation of growth – you just rent out more space as necessary. By only renting out space that you’re sure to be utilizing, you reduce waste and unnecessary costs.
Workspace on demand not only limits the amount of setup time you need, but also reduce, or eliminate entirely, the need to transport business hardware to set up your new office. Documentation is easily shared online, such as through the use of cloud networking services, so the need to transport business documentation can also be avoided. By paring down incidentals that can only diminish your bottom line, using on-demand workspaces make it easier to work in general, and saves you money, too, while you’re at it.
Boosting your image
A part of the reason why business space rental can be expensive is the sheer amount of competition for the best spaces. "Location, location, location!" is, for many, the mantra that determines whether or not a business will be successful. The ability to rent a space in a more prestigious area, but only while you actually need it – for meetings, new clients, company events and such – can give your company a much-needed boost without the increase in resource allocation.
The bottom line
While we wouldn’t be here today without traditional business practices, innovative use of technology and new business techniques is what will, ultimately, separate the new and up-and-coming from the old and those unable to keep up with the times. For businesses, it’s always a case of sink or swim. Keep your company’s head above water by adapting to the new, changing business environment.
Kelly Bedsole, Metro Offices’ VP for Sales & Marketing, lives in Reston, VA with her family. When not working on the company’s overall occupancy, Kelly loves reading as well as spending her free time writing articles on business and business news.