While lockdowns and COVID-regulations are necessary – and have saved so many lives – they’ve also given way to another challenge: the recession. Unfortunately, this puts further pressure on already struggling businesses.
But all is not lost. If we make informed, strategic decisions, we can make it through this further challenge stronger and more robust than before. After all, if you can survive in this economic climate, what could possibly stop you taking over the business world?
We all know that in a recession it’s important to keep putting money into the economy… but, let’s face it – we’re all here guarding our purse strings. We have to choose what adds real value before we will commit to parting with our hard-earned cash. And rightly so.
This recession is a little different from those that have come before because the way we work has changed. Due to our increased online activity and newfound working flexibility, we have far more options when reducing our overheads. One such option which provides working flexibility – but also a productive office space – is coworking, which can take the place of full office rentals and other associated overheads.
We’ve spoken in previous blogs about the various overheads covered through coworking with Areaworks, but there are yet more key benefits we want to address, given the economic climate we find ourselves in.
Over the past several months, companies were told to send their employees to work from home, however, many of them lacked both a practical workspace and social stimulation. To reduce those barriers to productivity, some companies actually closed their offices and hired out desks in coworking spaces as a way to save money on office rent and its associated overheads, but also provide their employees with a productive space to work.
It’s a fact that office needs have changed – both from the view of the business owner and from their staff. People will always need a productive and dedicated space from which to work, and while the impractical setups and lack of human interaction make most home workspaces a short-term option, coworking offers the perfect blend. Combining modern technology with COVID-safe workspaces and the ability to socialise with others at an appropriate distance, coworking provides a far more natural and productive environment for us to be in, long-term.
Long-term office leases have been the norm for so long, it’s treated as a necessary expense. After all, traditional companies have an office, staff, bills and insurance to cover, whether COVID is happening or not. But as office rent is the second largest expense for companies after staffing, the opportunity to downsize and reduce office costs will be welcomed by many.
Office needs have been changing for a while, but never so remarkably as during COVID. In the age of interconnectivity, we were able to continue with our work from various locations, and this has provoked a noticeable change in the way we use offices. Whether working in the office, from home, from a coworking space or anywhere really, one thing is clear: working arrangements have become a whole lot more flexible than ever before. In a recession, this can only be a good thing, as it significantly reduces the pressure on company owners and their costs.
The ongoing space constraints of COVID can make it difficult to bring the whole office back to work simultaneously, but coworking has allowed companies to request the number of desk spaces they need and to use that flexibility to help both themselves and their staff in these uncertain times.
With multiple coworking locations available, staff can work nearer their home, reducing travel costs and commuting time. New areas and markets can be tapped into by placing your staff within these flexible offices, and networking is also made possible – with reasonable precautions of course – within the coworking office itself. All of these aspects should combine to give you the best chance of securing new business within the recession, while also allowing you to downsize offices while maintaining productivity and flexibility.
When you rent flexible office space – at least through Areaworks – you’ll get everything you need under one roof. With today’s changing working requirements, you could drop the hefty burden of renting and paying all those bills alone and relocate those extra funds where you really need them. This is so important now that we’re in a recession. Office rents and expenses begin to seem a somewhat frivolous expense when you consider the growth of coworking alongside the advances in modern technology and working styles.
The flexibility of coworking means you can rent desks or offices for as long as you need. It’s this kind of low-risk scenario that we believe will help businesses who are looking to reduce overheads, survive – and hopefully thrive – throughout the trying times of a recession.
Coworking spaces invest in the technology and environment needed for most businesses to run successfully, from the furniture to the equipment, internet and more; everything is covered. This saves company owners money on purchasing and maintaining these expensive outlays by themselves, as well as reducing their ‘office rent’ significantly when they switch over to coworking.
Coworking offices aren’t usually in one central location; if you look at Areaworks, our coworking spaces are spread across London. This allows your employees to cut their commutes by working from the space nearest them, and expands your business reach as you can now have an office – whether a hot desk or a private office – in several different areas.
It’s completely scalable because there are no setup costs involved – rent the space for as little or as long as you need. New business is the holy grail of the recession, so opportunities should be grabbed with both hands.
It’s happening, and it’s an issue – but recognising the problem is the first step towards its solution. Working from home is great – we all love pyjamas – but it’s not all that positive for our mental health. So we need to address that in order to have happy, healthy employees; remember employees are likely to be just as stressed as the companies they’re working for in a recession. We all need to help each other.
Coworking allows those in the zone to power through their work, but we all need a little break every now and then. We’re not machines; we’re social animals, and the vast majority will perform best with others around us. Having people around – particularly those they can build a bond with – is a positive for employees who have missed that connection lately.
Yes, COVID – we’re sorry for mentioning it again, but it’s so important. Coworking offices are managed, which means we look at the nitty-gritty, enforce the latest guidelines and scale up the cleaning for you; Areaworks has this covered. There will be no more COVID-admin for you.
The sheer amount of space available in many coworking offices allows for the necessary space between desks to be enacted far more easily than in a typical office. To find out how we have made Areaworks COVID-safe, you can read more here.
There’s no doubt humans are social animals, and most of us work best with others. The new office flexibility could change your office needs for the better by providing social, purpose-based spaces where our socially-driven employees can get back into a coworking space that keeps them productive. How lucky we are to live in such a technologically-advanced time, particularly in light of what we’re currently facing.
Coworking presents the unique opportunity of reducing overheads within this recession while enabling collaboration and networking between people that otherwise, may not come into contact with each other. This expands the potential for new business opportunities as well!
Book a tour of your favourite space, or get in touch to let us know what you need, to see how coworking could be the perfect solution for you and your business during these tough times. We’d love to hear from you!