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!
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.