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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.

Why Co-tenancy is a Great Option for New Businesses

Why Co-tenancy is a Great Option for New Businesses

 

Why Co-tenancy is a Great Option for New Businesses

 

Where you work has a huge influence on how you work—having a quality office space can improve productivity and increase employee satisfaction while working in one that is rundown and offers sub-par facilities can lead to unhappy workers. For businesses looking for an office space they can both afford and be proud of, co-tenancy is being seen as a great solution.

According to Collier’s Flexible Workspace Outlook 2018 report, flexible workspace operators accounted for 40% of the Australian market in 2017. Demand is expected to grow even more over the next few years, as more and more businesses learn of the unique and distinct advantages associated with office co-tenancy environments.

Co-tenancy is a specific lease contract that allows multiple tenants to share a single working space. Working trends in Australia are moving away from large cellular offices towards integrated and customised spaces, with more small- and medium-sized enterprises (SMEs) choosing to share the same building or floor in quality CBD locations. CoTEN, The Co-tenancy Company, is at the forefront of this movement, offering quality workspaces to businesses, especially those comprised of 4-20 employees who need more than what a serviced office offers.

Co-tenancy offers a number of advantages over traditional leases and serviced offices, especially for smaller businesses who are experiencing growth and those just starting out, such as the ones below:


That Thing Called Convenience

 

Co-tenancy provides a level of convenience that is not easily available with traditional leases or serviced offices. Regardless of your industry, the location of your workplace is critical to your long-term success. Co-tenancy allows small businesses to work in convenient central locations and take advantage of existing services. From high-speed Internet and shared reception areas through to kitchens and gyms, convenience should never be underestimated when it comes to productivity and workplace satisfaction.


The Perks of a Nice Location

 

Co-tenancy allows even the smallest operations to access quality office locations. Why rent a cheaper office far away in the suburbs when you can choose to work in a prestigious and professional CBD location? Working in a quality location alongside other ambitious businesses will project a highly professional image to your clients and inspire your employees on a daily basis. The level of amenities workspace co-tenancy offers is generally much higher, with employees able to access top-notch common areas, gyms, and other facilities that enhance productivity.


Workspace Flexibility

 

Flexibility has become a huge buzzword over the last few years, especially in the context of workplace satisfaction. Flexible workspaces are not just hip, however, they are also an incredibly practical solution. Instead of setting up your entire operation at once, co-tenancy arrangements allow businesses to progressively set up and share services and spaces with other businesses. Flexible workspaces enable businesses to expand and contract with ease, something that is especially attractive to younger businesses and those involved with seasonal products and services. In CoTEN’s case, co-tenancy is also available on a fixed price model, which allows for better budget flexibility and more savings.


Stability is Key

 

When you’re setting up or pushing your new business to greater heights, stability should never be underestimated. Instead of moving around every six months due to unstable rental agreements or leases, clever businesses are choosing flexible shared workspaces that allow them to grow and evolve with security. Co-tenancy allows businesses the kind of stability and amenities that smaller businesses and those in shared offices normally wouldn’t have access to. This is an important point for productivity as well—working in an environment that doesn’t offer stability (e.g. you have to move again after a few months or the services/amenities available to you change regularly) can be distracting and disrupting, negatively affecting your employees’ performance.


Added Affordability

 

Co-tenancy is more affordable than traditional office leases in many ways. Since the workspace itself and the facilities within have been set up already, all your business has to do is just “plug and play,” allowing you to avoid doing expensive fitouts, renovations, and structural installations. This in turn helps you gain huge savings on items such as internet setups and other capital investments. And because you’ll be working with a fixed price model where everything you need is already included, you don’t have to pay extra for add-ons. With highly affordable rents and reduced office admin costs, co-tenancy allows you to focus on your business instead of being a slave to recurring maintenance costs and other building demands.


Workplace Collaboration

 

Last but certainly not the least, co-tenancy inspires workplace collaboration and community building. People work better when they’re working alongside other people, not just between employees in the same business but also between businesses in the same office location or floor. Co-tenancy ignites camaraderie between employees and firms and enhances networking opportunities between different commercial spheres. This friendly and collaborative working environment fostered by co-tenancy enhances employee satisfaction and inspires loyalty and can even lead to new opportunities through business partnerships and networking.

At CoTEN, we provide growing businesses with flexible working spaces that offer top-notch amenities situated within A or A+ grade office buildings in prime business locations. This means that you’ll have access to a professional work environment that not only has everything your business will need but also promotes business communication, collaboration, and even fun, recreational activities to increase employee satisfaction and encourage growth. All that at a cost-effective fixed price model for less budgeting hassles and more affordability.

If you’re looking for a workplace that has these characteristics, contact us today and be closer to joining the flexible workspace revolution.