Tag Archives: flexible office

Why Having Leisure Activities and Community Events is Good for Business

Why Having Leisure Activities and Community Events is Good for Business

 

Why Having Leisure Activities and Community Events is Good for Business

 

Productivity is one of the key ingredients of business success. Having high levels of productivity and efficiency is something all companies aim for regardless of industry, and you can’t achieve that without a degree of hard work.

That said, working hard shouldn’t be the only focus of a business and its employees. In fact, research has shown that too much work is not only bad for your health, it can also make leaders less effective, staff burnout increase  and, ultimately, be bad for business.

Here’s where having fun, leisure, and team- and community-based activities come in. Offering valuable respite from workplace monotony and, depending on the event, even valuable insights for future success to participants, these kinds of events have certain advantages businesses and employees will find beneficial, such as the ones below.

 

Building Better Workplace Relationships

 

Leisure sporting and community events, especially when jointly organised, help employees take a break and reconnect with each other. This allows them to develop synergy and harmony with each other which are useful elements for working together. Meanwhile, participating in team-building events helps promote empathy within a team, resulting in team members working better with each other and even discouraging ill feelings in the workplace. And we know what having better working relationships can lead to: better communication and increased productivity due to effective teamwork.

Here at CoTEN, for example, we have a basketball team called the CoTen Comets that regularly participates in games with teams from other companies. Our tenants are welcome to join the team and play in the games. While we don’t really have the skills to make it to the big leagues, we’re proud of the fact that our basketball team is able to foster camaraderie, let tenants know each other better and form strong relationships, and, not to mention, blow off steam and burn off a few calories the fun way!

 

Improved Workplace Wellness

 

The “all work and no play” thinking is not only detrimental to business, it can also be bad for your health. Being overworked can lead to a reduction in overall health and wellness and even affects creativity, employee mindset, and teamwork.

In a 12-year study of civil servants, researcher Marianna Virtaen found that working long hours each day more than doubled the risk of depression. These same individuals suffered a loss in cognitive function, had difficulty finding the right words, demonstrated significantly impaired thought processes and problem-solving abilities, and they were slower to react. Virtaen also found that executives who work three or more hours longer than a normal eight-hour day run a 60% higher risk of heart-related problems than those who did not.

Overworking is definitely a no-no, so why not spend some of those working hours on other, company-approved leisure activities instead? Taking advantage of leisure activities can actually lead to more success, especially for small businesses, and higher employee satisfaction. And, when employees are happy in the workplace, they also tend to avoid the effects of stress and anxiety better—two things that can increase the risk of having heart problems.

 

A Great Chance to Learn

 

Offering work community events can also mean having learning activities such as regular seminars and workshops. Aside from offering a break from the usual, everyday work agenda, these kinds of events also enable employees to mingle with each other and learn key insights or even great advice from industry experts they can follow to work better and smarter and be in-the-know when it comes to important and relevant trends.

Here at CoTen, we offer monthly Lunch and Learn events where we invite guest speakers to discuss and talk about a number of different interesting topics, from cyber-security to effective business strategies. This gives chance to our tenants to learn more things they can use to improve their work, be updated on important developments, and get to know other tenants as well.

By having these activities as part of the workplace culture, you’re sending the message that you value the professional development of employees which, in turn, makes them more satisfied in the workplace.

 

Building Trust and Productivity

 

Bringing together workers in one activity or event and letting them know each other better and work together builds trust. And, in business, trust is a key component for success. It improves communication and fosters collaboration, leading to a greater chance to achieving business goals. When you build trust, you enable people to work together better.

Leisure and recreational activities as well as learning and teamwork-based events at work also combat boredom and help keep people motivated. This allows them to focus more on their key tasks and even develop their problem-solving skills. Combine this with better communication and improved collaboration—two other advantages of having these kinds of events in the workplace—and you’ve got a great recipe for added productivity.

At CoTen, we not only offer great, quality workplaces you can be proud of, we also offer activities to keep your employees engaged and focused. From our monthly Lunch and Learn sessions to regular basketball games, we encourage and promote communication, collaboration, learning, and teamwork in our offices. All these lead to happier employees which, as we all know, is great for business. Liking what you just read? Contact us today to know what we can offer your business.

What to Look for in a Good Office Co-tenancy Space

What to Look for in a Good Office Co-tenancy Space

 

What to Look for in a Good Office Co-tenancy Space

 

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.

 

2. Affordability

 

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!

The Advantages of a Flexible Workspace over a Traditional Office Setup

The Advantages of a Flexible Workspace over a Traditional Office Setup

 

The Advantages of a Flexible Workspace over a Traditional Office Setup

 

For start-ups and SMEs, early stage growth is an exciting time fuelled with possibility and potential. Moving fast and upwards means that a young company needs to ensure it has a solid, dependable workspace arranged so that time and effort can be focused on managing growth rather than worrying about where to turn up each day.

Having a professional workspace your business can call its own is certainly a big shift towards legitimacy. And, for new and growing businesses, this goal is being offered by co-working and flexible workspaces that have significant advantages over the traditional office setup, such as the ones below.


A Different, Exciting World

 

Traditional offices worked well in a less connected environment, when floor plans designated a solid company hierarchy and work was done “in-house.” But finding the perfect office was tough, as it meant hard negotiations to clinch a space that may fulfil the needs of uncertain growth forecasts over a multi-year period. Planning for change was therefore challenging, not to mention unfairly imbalanced against the leaser.

However, the shift to a more meritocratic and modern work culture means results are what matter, and the flexibility afforded by co-working and flexible workspaces caters to the more “liquid” and agile nature of such enterprises. So, what is the best way to provide the most flexible solution for a company’s needs when starting up? What’s the sweet spot for a business which has, say, 4-20 people, as an example? Here, agility and flexibility are important in terms of what the workplace offers to match the changing needs of the growing business, something a traditional and rigid office setup may find hard to do, being able to “flex” your office space up as your company grows is extremely important, remember, your floor-plate needs to fit your business, not your business fit your floor-plate!


Reduced Overheads

 

A shared tenancy space offers start-ups and small businesses working environments that are turnkey, yet without the hassle of “charge by use” resources that rack up debilitating costs in the serviced office model. Shared working environments offer a huge range of benefits for growing companies: you can share front office facilities to reduce costs, engage in open collaboration areas, and lease according to short or longer-term needs, and most importantly, have access to impressive board rooms that you are not paying to have stand empty for 5-6 hours each day!

The savings brought about by reduced overheads costs can then be used to fuel the growth of the business in other areas. Reducing budgetary constraints while meeting workplace demands is something growing businesses aim for when it comes to sustaining their progress.


Ditching Restrictive Confines

 

A major issue with traditional offices is the “siloed” mentality. Working within a company that uses one whole floor or building meant you were seldom outside of it. A company’s ability to understand competitor products, business models, and viewpoints was hampered by an inward-looking focus. In an interconnected, increasingly global and more collaborative economy, it’s damaging to hermetically seal off your talent.

Inspiration comes from strange places, and research now firmly indicates that we are more creative workers when we allow regular unhindered moments of non-working throughout the regular working day. Flexible workspaces opens up the options for spontaneity and interaction, as well as pure fun. Indeed, CoTEN, The Co-Tenancy Company is the first organisation in Sydney to actively promote so-called “Lunch ‘N’ Learn” events that mixes learning, lunching, and interactions with different tenants, as well as having its own mixed basketball team that plays once a week.

Learning to let go of the traditional office setup’s more confined mentality and ambience can open up the pathways required to realise the talent you have on your team. Let your people work to their own strengths and see how a more free-flowing and dynamic workplace can benefit your business.


Added Collaboration and Networking

 

Serviced and traditional office setups provide defined spaces for people to work in, which means they lack the potential for networking and idea-sharing that flexible workspaces have. Getting beyond the start-up phase means the added importance of forging alliances with other companies and determining the level of collaboration you need to maintain a fresh, competitive perspective.

This is something co-tenancy and flexible workspaces offer. Since you’re working with other businesses within the same vicinity, collaboration is encouraged and enhanced. Through community events or through simply eating together during lunch breaks, employees from different companies can talk and share ideas with each other. This form of communication promotes not just casual talk but also professional collaboration and even networking that can lead to even more growth for the businesses involved.


The Increasing Appeal of Flexible Workspaces

 

Since the idea of co-working was introduced in 2005, the number of established spaces has grown globally to almost 15,000, and in Australia the trend has been reflected by a 300% increase in co-working locations over the last five years. Critically, around three quarters of those currently using co-working spaces intend to remain doing so this year, and since over half of larger companies now make use of shared office space models, developing beyond SME size means that co-working is a part of a practical and reasonable strategy for long-term structural growth.

In a nutshell, co-working and the advantages of flexible workspaces aren’t something that only SMEs or newer companies notice and enjoy. Established businesses are realising their advantages, too, especially those that are planning to expand and establish their presence in other regions quickly and more seamlessly.


Exercise Your Right to Choose Better

 

For those planning to enjoy the benefits of a flexible workspace (or simply tired of the confining nature of a traditional office setup), CoTEN, The Co-Tenancy Company is here to help you out. With offices in Sydney’s CBD, we offer businesses professional grade workspaces with top-notch facilities and amenities within high class buildings and prestigious locations you can be proud of. Flexibility is key for company growth, something that our workspaces offer. Putting your company on the map may be an easier move than you thought—contact us today to know how we can help you do just that.