Why businesses are looking towards flexible workspaces to mitigate risk
Flexible workspaces, such as coworking and serviced offices, are often recognised as the perfect solution for startups and small businesses looking to take that next step in their business. But following the impact of COVID-19, it’s not only startups that are considering shared workspaces. Established businesses are putting flexible workspace solutions at the top of their risk mitigation strategies. So will you follow suit?
We’ve seen a growing demand for flexible workspaces with a 30 per cent rise in the number of customers worldwide over the past couple of months. Private serviced offices, coworking spaces and shared spaces, virtual offices, as well as hot desks, have become an appealing and viable option for a larger section of the economy.
“The pandemic has shown a lot of businesses that they don’t need to lock themselves into a commercial lease”, says Misha Baxter, Global General Manager at Victory Offices.
In a 2019 survey of 19,000 business professionals across 96 countries, 73% of respondents said flexible working helped them to mitigate risk. This number is expected to grow significantly as businesses around the world further recognise the importance of the ability to pivot business operations as crises occur.
With so many industry-leaders focusing their efforts on business continuity, fortification, and revenue generation, many are asking themselves, how can my workspace adapt to the new ‘normal’ and how can it help manage new risks?
Following suit of these durable organisations can prove significantly beneficial for your business by considering the multiple avenues available to help ensure success, especially during these unpredictable times.
If you’re transitioning back to ‘normal’ business, or even just thinking about getting back to work, here are 5 reasons to keep in mind on why flexible workspaces are being considered across the globe as the best solution to mitigate business risks:
1. Reduce Financial Risk
Coworking spaces and serviced offices allow you more room-to-breathe financially as you can tailor packages to meet your exact needs and requirements, paying only for what you need and therefore minimising unnecessary expenses. With monthly invoicing covering all office, reception, furniture, cleaning, telecom, etc. expenses, the forecasting of your month-to-month cashflow and capex are significantly easier to not only manage, but optimise. This is incredibly advantageous as the hardest cost to minimise for SME’s are inherently the overhead costs required in traditional long-term leases.
2. Minimise Security Risks
It’s critical that businesses secure both their company data and that of their clients. A 2019 Australian Government report revealed one cybercrime is reported every ten minutes. As more professionals work from home, the risk of cyber security breaches is set to increase. Victory Offices’ flexible workspaces have an entire network of security measures put in place to prevent cyber attacks on your intellectual property.
3. Scalability
Coworking and serviced offices provide the freedom and flexibility to scale up and down at short notice. As businesses expand or reduce their workforce, flexible workspaces allow them to adjust accordingly with ease. Companies can have a full desk and IT setup essentially straight away, enabling them to get down to business immediately, as it’s simply ‘plug-in and play’. Whereas standard commercial leases are cumbersome, unadorned, lengthy, and can demand huge notice periods, making scaling to meet your business’ needs difficult, be it temporarily or permanently.
4. Focus on Core Business Operations
Business owners who utilise the advantageous services of flexible workspaces can ensure the seamless running of their business knowing that their administrative tasks are taken care of. Forget IT setup, daily cleaning, and reception duties, it’s all taken care of when you’re with a serviced office provider, so you have more time to focus on what really matters, your business.
5. Employee Acquisition and Retention
In this extremely connected and competitive occupational world, employee expectations and needs are everchanging. 84% of Australian workers would choose a job which offered flexible working over a job that didn’t. This includes working from home, working from a nearby location, working on the move, or just some breathing space to balance work-life commitments. If businesses want to succeed, they need to meet the ever-adjusting needs and expectations of employees and adopt flexible workspace strategies to help ensure they don’t risk losing out on top talent.
Generation Z will soon entail the majority of the workforce so it’s important to adapt your workplace and its benefits to this ‘digital generation’. By 2030, it is estimated that 30% of corporate real estate will be flexible. Get ahead of the game and consider a flexible workspace to obtain that winning edge over your competitors whilst also alleviating office expenses and operational restrictions.
It is crucial now and beyond, to seamlessly adapt processes and operations in order to negate business risks where possible. Thankfully, Victory Offices has remained open during the recent turbulent times, enabling members to continue working in a creative, risk-minimising, and safe space.
Victory Offices is currently offering a 2 weeks free trial so you can come in to any of our locations across Australia and experience the Victory difference for yourself and see how our exceptional facilities and amenities, award-winning services, and prime locations can help enhance your business.