If you run a business and are trying to save money on your corporate operations, you could be motivated by economic factors or simply a desire to give yourself a financial edge.
Ultimately, though, whatever your reasons for seeking to cut corporate costs, you might not have realised how many of those savings can be made just with your choice of workplace for the company.
Here are five examples of how, by being selective with where your business is based, you can effectively trim its expenditure.
You can avoid using a larger workspace than you need
The job listings website Indeed advises: “Consider a survey to gather feedback on office and break areas.” You could find that certain amenities at your workplace aren’t used quite as often as you had assumed.
Therefore, you might be able to save money by scaling down underused amenities at your workplace.
Alternatively, if you originally started renting your current office on the basis of how many workers you had at the time, it is possible that your employee count has since shrunk and would consequently justify your business shifting to a smaller office with lower rental costs.
You can consolidate costs by moving to a serviced office
What exactly is a serviced office? The Startups. website explains that this kind of office is “a workspace which comes ready-furnished, with internet and phone lines pre-connected and devices already equipped.”
Since various amenities included with a serviced office can all be covered by just one monthly rental fee, simply switching to a serviced office could make it easier for your business to budget.
You can avoid making a long-term commitment to a specific office
One of the major advantages of going for a serviced office is that it could be available through an appreciably more flexible lease arrangement than is usually available with a conventional office.
While renting the latter could require you to make a year-long commitment to it, most serviced offices can be rented for as short a duration as a month, week or day.
There’s the option of a flexible workspace
What makes a workspace ‘flexible’? Basically, if it is capable of facilitating flexible working — but what is ‘flexible working’?
Citizens Advice succinctly reveals that this term is used for “any type of working pattern which is different from your existing one.” Good examples of flexible working practices include working part-time hours or from home.
If your business enforced flexible working during the pandemic, you could continue offering flexible working options — and possibly be able to reduce your overheads as a result.
Some workplaces represent better value than others
Certain offices might be dauntingly expensive to rent largely because they are sited in central, bustling places. However, if your particular business doesn’t hugely depend on in-person meetings, you might not need your office to be in such a location.
Your company might not suffer from relocating to a more secluded and less expensive office if, say, your corporate objectives are primarily focused on online commerce.