By Jane Sartin, The Flexible Space Association
As we head into a period of economic uncertainty, many businesses will be looking to cut costs and look for alternatives to long term office leases. This is particularly true for start-ups and SMEs and for this reason now is the perfect time for those businesses to experiment with flexible workspace options.
Flexible workspace comes with a huge range of benefits, including cutting overhead costs. According to an article by headspace group, research suggests flexible workspace could save the average business more than £4,000 a year in running costs by reducing typical spending in areas such as contracted building rental costs, business rates, electricity bills, water rates, insurance, the terms of the lease etc.
In an early-stage business, flexibility is key. So, what other benefits can start-ups and SMEs take advantage of when it comes to taking out flexible workspaces?
Flexible terms
Flexible workspaces give options to utilise a range of workspace from just a few days, giving SMEs and start-ups an opportunity to see what works best for them. No more seemingly never-ending leases – short term leases mean ample opportunity to experiment and adjust accordingly.
Pay-as-you-go
Many SMEs and Start-up employees and business owners are craving a workspace outside of their own homes following the lockdowns of 2020. For small businesses and Start-ups, sometimes the cost and commitment of a co-working space membership can act as a barrier. For this reason, many flexible workspaces, such as Flexible Space Association members Clockwise, now offer options for occupiers to obtain passes on an hourly or daily basis for coworking space, private offices or meeting rooms, meaning businesses only need to pay for what they use.
Hybrid working arrangements and flexible options now mean that people can have the flexibility to work where best suits what they’re doing on any given day, as well as enables people to use high- end workspace in the city without long-term commitment.
All shapes and sizes
Flexible workspace allows businesses to adjust the size of their workspace dependent on their business needs. For example, if you’re starting up a business and just need coworking space at the beginning you will be able to grow space with your business, rather than be in a fixed space in a leased office. Space adjustment can also go the other way depending on what your business has signed up to. A large percentage of flexible workspaces will make this possible – you could choose to start out in co-working space (if they offer it) and then take a private office.
Personalisation
One of the concerns that often comes up when it comes to flexible workspace is that start-ups and SMEs still want a space that feels like theirs. Luckily, there are more personalisation and branding options than many think! For example, you can choose to rent private offices within flexible workspaces. There are options available for every need and so have a look at what’s out there.
Looking at members of the Flexible Space Association can be a good place to start.
Ethical work space providers
Another reason to check out these types of associations are the ethical implications of membership. For example, Flexible Space Association members have to sign a code of conduct – this means businesses can be reassured they’re working with ethical providers as they test these flex spaces out.
Some examples of the FlexSA member code of conduct include:
Always strive to provide the highest standards of service to all clients
Promote and maintain ethical standards of conduct, dealing fairly and honestly with clients, suppliers and each other, and honour any contractual arrangements.
There are a number of other certifications and association memberships that may help you when it comes to choosing a workspace provider that aligns with your values. For example, BE Offices has announced it has committed to pursuing B Corporation Certification. Once again, there’s something out there for everyone and so it’s worth exploring your options.
