minimizing-risk

It’s Going to be Weird: Minimizing Risk in a Post COVID-19 World

LIFT speaks Community, Coworking Leave a Comment

You are probably itching, possibly anxious, for business to resume.

If you are like most of us, you are looking for any sign life will return to normal – when the quarantine lifts and you can finally get back to running your business.

There is much speculation as to what future business looks like and many differing opinions, but all agree it will look very different in a post-COVID-19 world.

However, one common opinion emerges – people and businesses will operate with risk-aversion in mind.

During this pause, business leaders are considering:

  • How do I prepare for the “new normal”?
  • What are my options for minimizing fixed costs and maximizing cash flow?
  • Do I keep my remote workforce remote? If so, how do I keep us connected?
  • What opportunities do I have for creating stability in this new reality that benefits employees and clients?
  • How do I go about minimizing risk now?

Shared and flexible workspaces will emerge as one of the solutions in the aftermath of the pandemic and are already minimizing risk for businesses across the globe.  How will shared offices help with economic recovery?

Contract Flexibility as Business Evolves

Does a long-term office contract cause you to cringe?  Most coworking offices offer either short-term contracts or month-to-month options – no long-term contract required.

Another major benefit of a shared office is the flexibility and ease to scale up or down as needs change.

When the quarantine lifts, we will all be discovering our new business normal.

Whether your business needs to downsize while the economy recovers or you need to employ more staff, shared office space is flexible and can evolve as office needs change.

Walk-In Ready

We can all agree, when we get back to work that we need to focus on work, not the place where we work.

Coworking and shared office spaces are typically walk-in-ready. This type of office allows businesses to set up shop, focus on business and grow without having to deal with the issues and expenses of building maintenance, cleaning services, internet, printers, coffee, and other operational needs.

Cost-Effective

In a head-to-head comparison of shared office vs. traditional office, coworking has proven to be a cost-saving alternative for all company sizes from satellite branches to small teams to startups. Rent is only one factor when choosing an office location. Other real expenses include internet, office furniture, maintenance, utilities, janitorial services, and amenities. With all costs considered, a coworking office can be up to 30% more cost-effective. Companies are minimizing risk by tapping into the feature.

Meeting Space Access

Even if your team has adjusted well as a remote workforce, there are times you need to meet face-to-face as a team or with clients.  Shared offices provide meeting rooms that can be used by the hour or the day.  Some shared office and coworking spaces offer meeting-only memberships to be shared by the entire team.

Personnel Resource Allocation

Most Shared offices have community managers who oversee the space, greet guests, and ensure meeting rooms are clean and ready for use. Some managers also make sure the coffee is hot and host gatherings for members.

By choosing an office with onsite staff, the fixed cost of employee overhead can be reduced.  Your employees can focus on value-added tasks for your business.

Virtual Office Services

During the quarantine of the COVID-19 outbreak, many businesses discovered the value of a remote workforce and will choose to keep many employees remote.

Whether you are starting a new business or are a remote employee, virtual office services can add value.  Services include:

  • Professional mailing address
  • Mail service – both digital and regular mail
  • Receptionist services

At a shared office, virtual services can also include meeting room usage when you need to gather with clients or your remote team.

Escape Isolation and Distractions

Let’s face it, even most introverts need to escape the confines of their home office. Isolation and home distractions are two common issues when working from home.

Coworking spaces offer day pass bundles for individuals or a corporate team.  These packages are cost-effective and allow people to work either together or alone in a professional environment.

Add a Satellite/Regional Office

Maybe this pandemic has created increased business in a different region.  Shared offices allow you to expand your business to a new region, add a professional address, access office space, and grow a satellite or regional office – all without the burden of a long-term contract.  As they say, cash flow is king, and shared office space allows you to allocate resources responsibly.

 

The Bottom Line: No Debt Liability with the Multiple Benefits

In summary, there are many advantages of shared office space, and, especially considering a risk-averse mindset, there are key financial advantages.

For example, when an organization signs a long-term lease of 3, 5, or even 7 years, they now have a huge liability on their balance sheet. Businesses – whether headquarters, regional, satellite office, or a solopreneur – do not need to carry the financial liability of a long-term lease.

Most shared offices offer short-term lease options, sometimes as little as one month. This can preserve the financial margin for working capital and business expansion.

Shared office space is scalable to your business needs, you only pay for what you use, and you receive the full benefits of a big-office infrastructure, community, and energy.  As your business evolves, so does your workspace. They are minimizing risk for you and your business.

Shared office space helps businesses stay leaner, are adaptable and streamlined, and are, by design, flexible to meet the needs,  in post coronavirus business world.

About Us

If you are one of those itching to get things in order and return to work once the quarantine lifts, give us a call at the LIFT Office. LIFT Office is a shared office and is flexible to meet your evolving business needs.  Call us at 817-416-7170.  We are happy to take you on a virtual tour!

The LIFT Office is a coworking and flexible workspace in the center of DFW in Grapevine, Texas. We are a dynamic community of influencers, entrepreneurs, independent professionals, consultants, and freelancers. Learn more at www.theliftoffice.com

Leave a Reply