There is a remedy for the lack of collaboration and isolation that comes as a standard when working for small and growing businesses who don’t have a dedicated workplace.
And, its side effects can include: An increase in productivity, profitability, and professionalism. Which means SMEs can expect to go “pro” in all senses of the word. These are some of the many perks SMEs can expect when opting for an office co-tenancy space, such as what we at CoTEN provide.
However, before anything else, you should answer this crucial question: What should businesses or entrepreneurs look for in a good office co-working or co-tenancy space? We answer that in this blog so, read on!
1. Space Flexibility and Variety
For a small business anticipating major growth, the idea of locking in to a three-year lease will mean that you will either outgrow the space quickly and have to break your lease at great cost, or you will over commit to the floor plate, meaning you are paying excessive rent for your needs whilst you grow into your space.
Finding one office location, with a variety of sized workspaces that will allow you to move between as you grow significantly saves on costs, stress, and time, as sourcing the correct office space is a long labour of love!
Additionally, co-tenancy spaces that consider a variety of different areas including lounges with couches, community desks, meeting rooms, quiet spaces, and solo offices help to create a far more productive and creative open environment. This also results in an overall look that’s not dull and boring, which can lead to visual stimulation to increase positive activity.
According to OfficeVibe, 70% of those who work in co-working spaces reported feeling healthier than they did working in a traditional office setting.
It’s no surprise that those in co-working or co-tenancy spaces benefit from major cost savings, especially when compared to businesses trying to work in a traditional office setting.
The cost saving in co-working spaces come down to shared resources. Because several businesses are sharing communal spaces and technology, the cost can be distributed among a larger group. And, with other maintenance of facilities such as the office internet already taken cared of, you’ll also be able to reduce your overhead costs.
Along with this, some co-working spaces also offer fixed pricing models that already provide a certain number of benefits to businesses and reduce the pressure on their budget. As such, when choosing a co-working or co-tenancy space, study the offered pricing packages. Go for those which offer more at lower price points or fixed pricing models that eliminate the charge-by-the-use system to make the most out of your budget.
3. The Chance to Form Professional Relationships
Ever borrowed a cup of sugar from your neighbour when you were all out?
According to Unispace, since the early 2000s, co-working or co-tenancy spaces have certainly evolved and has become an avenue for SMEs to invite more clients and collaborate with more businesses. This allows SMEs to strengthen their networks, resulting in beneficial partnerships or even new clients—all without having to leave the workplace.
This brings us to an important point: looking for a co-working or co-tenancy space that already houses a few businesses that you may want to work with in the future, or at least has the capacity to do so.
4. A Professional Look and Great Location
Your workplace also reflects your business. If it looks professional and not generally run-down or dirty, then your company will also be viewed in a more positive light. Therefore, looking for a co-working space that’s not only affordable but also looks great and has that professional appeal is important. This becomes even more crucial for growing businesses who are still trying to establish a good reputation.
Along with the internal and external appearance, you should also consider the general location of the co-working space. This is important because, while the facilities may be great, if it’s in an area that does not have easy access to public transportation services or the central business district, then you’ll have to deal with tired, disgruntled, and less productive employees who have a hard time commuting. A less than favourable location can also be a huge negative when it comes to attracting clients or partners—they may be discouraged by the distance and opt for other, nearer companies instead.
In a nutshell, go with a co-working space that looks good and professional inside and out and is also located within the CBD, or at least has easy access to public transportation systems.
5. Leisure and Learning Activities
“All work and no play makes Jack a dull boy”—this proverb has stood the test of time and is still true in today’s professional landscape. It simply means that too much work can lead to boredom and unhappy workers. And, when your employees are not satisfied, chances are they’re not very productive or, worse, thinking of leaving your business.
This is why, when searching for a co-working or co-tenancy space, choose one that offers learning and leisure activities as well. These will break the monotony of the everyday work cycle and encourage your employees to have fun, which, as studies have shown, can increase their productivity. Having learning activities also promotes employee interaction and engagement while potentially boosting their skills and capabilities. For example, here at CoTEN, we have regular Lunch and Learn activities which provide business insights for guests as well as a sports team called the CoTEN Comets which encourages employees to play basketball.
Happy and satisfied employees also tend to stay longer, relieving the pressure on your HR department and building company loyalty.
These are what you should look for when choosing a co-working or co-tenancy company, and these are also the very same things CoTEN offers. With your growing business in mind, we offer quality office spaces within a prestigious CBD location along with quality amenities—all of that with a fixed pricing model that makes things easier for your budget. In need of an office space you can be proud of? Contact us today; we’re more than happy to help you out!