As companies all over the world continuously look for effective ways that can save them money, many, they often overlook the obvious. The office space.
When running a company, however big or small, cutting down on unnecessary expenses always keeps the stakeholders happy.
While there are other strategic ways that can save your company a considerable amount of money over time, the right office space can also help you make huge savings right from the time you acquire it.
How to Save Money on Office Space
You can then decide to channel the extra cash into more important functions that would, in turn, help grow your business.
If you blindly acquire and manage an office, you might end up spending more than you actually should. And if you are not careful enough, you might end up experiencing financial challenges that would have been averted if you made the right decision.
After all, the real estate or rent expenditure ranks at the top position in most companies’ budget.
So, in order to make the most out of your office space, let’s look at some handy tips that will ensure that you spend only what is necessary.
Do Not Get an Office if You Don’t Really Need One
First things first: if your business does not need an office, then save yourself the extra cost and don’t get one. Most solopreneurs make the mistake of thinking that no one will take them seriously if they don’t have an office space.
If all you need to run your business is your laptop and a desk, then try doing it from your house or your favourite coffee shop. The days when people judged you based on how fancy your office is are gone.
Wait to go shopping for real estate until your business takes off and you have more employees. Until then, invest the money you’d otherwise spend on office space in growing your startup.
Take Time Looking for an Office
When looking for an office, do not settle for the very first one you see. Always look at a minimum of three office spaces.
Shop around, ask questions. Tell the real estate agents accompanying you that you have seen/will be seeing more spaces as a means to get negotiations going.
Telecommute to Cut Down on Unnecessary Costs
Creating a schedule for some employees to work from the office while others work from home can save a lot of money – for both the company and the employees. Telecommuting can help reduce lighting cost since only a few employees are in the office at any one given time.
It also helps save on stationery expenses. And yes, even on the small things like coffee and water. Every bit counts!
Better yet, agile working isn’t just great for saving money. Employees love the flexibility working from anywhere gives them. And we all know that happy employees are more productive, right?
Invest in Automation
Technology advancements have led to the introduction of different office automation software that can perform various tasks. It is therefore highly recommended that if there are particular functions that can be automated then you are better off adopting such an automation system.
What this means is that you can cut down on personnel and with that, you also reduce your office space and workstations and thus cut down on rent.
For instance, you can use software applications that can help transform your office into an agile working environment. Mobile-friendly applications such as iOtSpace make it super easy for employees to see which desks are free, occupied, or booked at any given time, even as they commute. This ultimately increases staff productivity, efficiency, and wellbeing in the workplace.
Get the Right Office Furniture
Forget the posh leather chairs. Channel your money where it counts.
Getting extravagant furniture is one of the ways that most office owners end up spending lots of money and not getting a ROI. There is no need to spend a fortune on office furniture just to impress people. Use it wisely by getting furniture that suits your needs depending on your way of working.
You can save on office space by simply getting office furniture that is tailor-made for your space. This way, you will not spend money on unnecessary fittings or end up crowding your space with furniture that doesn’t fit well.
Co-Share Your Office
If you recently switched to agile working or if you simply rented an office that is too big for your needs, some of the space might end up unutilised. Co-sharing can be a profitable way out of such a situation. All you need to do is find another business who might be looking for space to work.
Even more, sharing an office may give your business a new energy. You could easily benchmark and learn a few things from your new ‘roommate’.
Besides, several offices can save a lot by sharing kitchens, washrooms, office equipment such as photocopiers and services such as internet, meeting rooms, and reception desks.
Agile Working Is the Way to Go
While many employers think that agile working only benefits the employees, it is actually a win-win for everyone.
Creating an environment that allows your employees to work flexibly, from where they want, how they want, and when they want goes a long way in saving your company a lot of money on office space and a lot of resources.
Rent out Your Office Space When You’re not Using it
If you do not use your office on weekends, why not rent it out? You can also rent out an unused section of your office or even the yard. The money obtained by renting out the office could be used in clearing up the office bills.
You could rent out your meeting room(s) to freelancers who only need the room to meet their clients.
Opt for a Flexible Contract
You obviously want your business to grow. If your contract with your landlord is flexible, you can move out of your business premise to a bigger one once your business expands. And, even if you don’t want to think about it, you may need a smaller space if your business scales down.
Also, your business may stay just the way it is for a while, but you may be able to find a cheaper space. Why not make sure your bases are covered?
Non-flexible contracts make it difficult for you to move to a cheaper or a larger space. Before you sign on the dotted line, try and include a cancellation clause in the lease agreement. With such a clause in place, you can get out of your initial contract if you need to move into another space.
And while at it you should also try negotiating a flat or fixed rate for bills such as electricity, internet, telephony, and others.
Wrapping Things Up
Choosing the right office furniture, transitioning to agile working and being extra careful when signing the lease agreement are things that any business looking to save on office space can benefit from.
Even if the other tips above don’t fit your current situation, you can still draw some inspiration from them. Just keep in mind the following mantra: “get only what you need”. Don’t go overboard with office space or with office furniture and decorations.