The Best Ways to Save Money on Your Office Space
When you are running a business, there can sometimes be unforeseen situations that can cause you to rethink your carefully constructed strategy. Part of this could be the need to downsize or to cut costs to prevent losing valuable members of staff. When these situations arise, you have to think of all available options including reevaluating your current technology or what to do about the expensive office space you are currently renting. Here are a few options available that are alternatives to your current office set-up.
Scout Around as Much as Possible
The first thing you need to do when finding a new office location is to do your homework. There is no substitute for scouring the newspapers or walking around and seeing what office space is available. As you are looking for the best deal you can get, you should not automatically turn down any opportunity. You should evaluate everything on its merits, on the amount of space you need, and of course, safety. In the end, you are still responsible for your safety and that of your employees. If you are a company that doesn’t rely on passing trade, then you may be able to find a cheaper rental alternative outside town or in a trading estate.
Can You Save Money in Other Ways?
Before you make the final decision, is there any way that you can save money without having to move? Look at your finances and evaluate Quickbooks or Xero to do this). For example, do you need to have as many photocopiers or can you afford to cut down? Is all your office space being used efficiently or can you have shift work so that your employees can hot desk? Are there any benefits that you are offering your workers that might need to end, such as a providing coffee and tea? All these things should be considered, and decisions made on whether these things can help you stay where you are.
Cut Down on Furniture and Accessories
Another way that you can save a little money on office space is to forgo the extras that are not needed. These could be the fancy desks, separate common area, and expensive carpets. All these things can add up to a lot of financial outgoings, so by cutting them out, you could be much better off financially. On the plus side, going down the minimalist route will give your office a fresh and modern look that could appeal to your workers.
Try Investing in Software
With modern technology doing so much for us, there could be ways that you can save money by automation or by having software do a bulk of the work. It could be the difference between adding more staff and moving to cheaper offices or staying where you are. There are many areas, such as sales and marketing, that you can leave to technology to do it for you instead of having a dedicated worker.
Have Workers Stay at Home
Many companies are now looking at alternative ways for their workers to work. Staff are now being given the option to work from home for the part, or all, of their working week. The benefits of this are high on both sides: employees can save money on childcare and commuting costs, while employers can save money on office space and office equipment. The only thing that you need to consider with remote working is that you will also need to invest in software that allows the worker to access your company’s data to do their job.
Share Office Space
If you have rented a larger office than you need, or you have switched to a more remote office, then you may have some office space that you are not using. To get some revenue coming into your company, and save money on the total rent, why not rent out the extra space to another company? It can not only help you stay where you are, but it can also help a small business get an office without having to pay high prices.
Relocate to a Cheaper Location
If there is no other way that you can remain where you are, then you will need to relocate to cheaper premises. If you are a retail store, then you might be able to move to a place just outside the central shopping area. It will still be in the town, but the rental should be lower. If you have an office, you have more scope to find somewhere because you do not need any customers to see you.
Find Other Types of Office Unit
If your budget is tight and regular office space is out of your range, then there are other alternatives you can try. One option is to buy used office trailers; these are trailers that have been used in construction and other industries They are an excellent alternative to traditional office space, and you can put them on land that you already own. Another option you can use is to rent a house or another cheaper building and convert it into an office. You will need to gain permission from the building owner, but it can be an excellent way to get your office space.
Don’t Have an Office at All
If you are a small company, you could eliminate the need for an office by running your business from home. You can then save on office space and the need for furniture and other equipment. If you need additional help, you can employ remote workers, or you can hire freelancers. With freelancing, you are also saving money because you will not need to provide pensions or other benefits, and you can use them as and when you need.
There are many options open to the business that needs a place to call home. Where you choose to go and why depends on the money you have and the needs of your customers.