What Does Flexible Office Space Look Like?
Flexibility is a big deal in today’s world of business. There are so many obstacles that can come up; political changes, new legislations, minimum wage increases, currency conversions and international trade agreement changes to name but a few. As a business owner it’s crucial to stay abreast of these challenges and make any changes necessary to preserve the longevity of your company.
What provisions can you take to try and safeguard your business?
Whilst there are many factors that you can’t control, there are several that you can. One of those is the business premises that you decide to secure. If you are just starting out or are in a sector that has many peaks and troughs, it's definitely worth considering Flexible Office Space.
What does this mean and how can it benefit you in the best ways possible?
Flexible office space, is just what it says, “Flexible”. You can secure an office for a month and have a rolling contract that ends as and when you decide, or your business dictates.
Floor plans are movable. Desk configurations can change and partition walls can be installed or removed to adhere to the growing or downsizing demands of your company.
These particular agreements can be a God send in times of hardship. If there is a dip in the market and you need to lay off some of the team, the flexible lease agreement you have in place may allow you to terminate the contract or utilise a smaller space to tighten the purse strings until the market picks up.
Other flexible solutions include hot desks and co-working office space. These are the epitome of flexible office space and their popularity has grown massively in recent years across the globe.
Some of these offer a plug and play arrangement where you can literally utilize a desk space and pay an hourly rate, much like you would for a car parking bay.
This type of setup has proved extremely popular with freelancers, entrepreneurs and new start-up businesses.
On the opposite end of the scale, a typical conventional lease can in some circumstances last for 10- 15 years.
This may seem like a good idea to secure a great discount, but no one can predict the markets that far in advance. Businesses have gone under in this circumstance, where profits had dropped so low that rent couldn't be covered and even after the business ceases to trade, they are still left with a hefty rental agreement to pay out which can lead to bankruptcy.
It’s definitely worth doing your homework on this. You can talk to different office brokerages and property agents and work out exactly what it is that you want to accomplish with your business. By finding an office space that can be tailored to your needs and future plans, you can set things up correctly and with peace of mind. In the end, it’s the fore planning that allows your business to thrive and you and your employees to move forward and be the best most successful entity that you can be.
