SME: Office search considerations
If you own a small business, we can bet that somewhere near the top of your long-term work ‘to-do list’ is how you can better serve your client base, whilst further cultivating your own enterprise. A primary thought will likely be the office space you inhabit – how is it working out for you?
There are a number of changes that could be made with regard to your office space that could have a very detrimental effect on the projection of your business:
- Consider the size of your space. If you’re outgrowing your space, it may be time to look into expansion. Acceptable employee density varies from business to business, but a good rule of thumb is at least 39 square foot per full-time general office employee. Individual requirements may cause you to need significantly more space (one Indian company offers employees a truly palatial 840 square foot per employee). As a business grows, a focus on project space and collaboration becomes more important, and so scaling up is a viable, and undoubtedly beneficial, solution.
- Similarly, trimming down your space may be what’s best for business. If you’ve realised a large portion of space is going unused, and you’re not actively looking to hire in the next six months or so, consider downsizing. This is the real benefit of serviced offices in the current climate of economic instability and technological innovation – upscaling and downsizing at short notice is a fantastic way to adapt whilst ensuring you’re staying within your financial means.
- Move closer to your market. Areas become hotbeds for collaboration and networking across an industry because the potential for market proximity is exploited. Space in industry-exclusive districts can give your business the boost it needs – in terms of market affluence, morale, and public image.
- How’s the economy doing? Pay attention to fluctuations, where they’re taking place, how your industry is faring. A number of fantastic resources in the form of quarterly/annual reports can help you keep tabs on what to expect, and whether it’s the perfect time to change your office situation.
- When applicable, find out more about your staff’s commute situation. If employees are finding getting to and from the office takes its toll, see if there’s a location they’d be more comfortable travelling to. Transport fees are rising year upon year. With ongoing projects like London’s Crossrail opening within the next few years, it’s definitely worth considering how they could enhance your business.
- Working with staff to shorten their individual commutes will increase productivity, reduce stress, and improve relationships. Plus, it’s a bonus for the environment.
If you’re not sure where to start with your office search, wants and needs, it’s best to speak to an expert. A serviced office consultancy will provide insider knowledge, a tailored ‘one-stop’ experience and take on the task on your behalf, saving you valuable time which you can spend on your business.