Is Your Business Growing Rapidly? Here’s How To Manage with flexible coworking spaces!

Date: Mon Sep 26 Author: Chelliah Nakeeran

Whilst the economic future looks uncertain, some UK businesses have the opportunity to capitalise on a market downturn. Every recession presents business opportunities.

As Del Boy would say, ‘he who dares, Rodney, he who dares.’

The increasing shift to digitalisation and mobile payment gateways, in particular, indicates the coming years will be lucrative in the fintech space and insurance companies.

But decisions need to be made to navigate the rocky ground. Growing a business in fast-paced markets requires foresight. One consideration that shouldn’t be overlooked is how your company will scale.

The obvious option is to lease office space that enables you quickly increase your workforce. But in the meantime, you’re paying for space that you’re not using. And if resources need to be carefully managed, you could be spending that money more effectively in other areas of your business.

The alternative to a fixed-term office lease is to rent coworking space. Shared offices give you the flexibility your workforce demands whilst enabling you to manage your overheads.

Low Start-Up Costs

Whether you’ve been up and running for several years or looking to establish your brand as a key player in the fintech space, being visible to clients is critical.

Whilst finch companies can work remotely, adopting office space for your headquarters projects a professional image and helps to build trust with consumers.

Yet the cost of leasing office space in London is through the roof. Quotes range from £40 per sq. metre to £85 per sq.m. The Financial Times reports that London’s office leasing market is 8.2 per cent higher than in December 2021.

On top of that, growing companies require continuous investment in office furniture, computers, air-conditioning, photocopiers and a raft of other amenities that are typically associated with a fully-functioning office.

Moving into a coworking space enables you to lower your running costs and free up cash flow significantly. Moreover, you can set a monthly budget to one side so that always know what your outgoings are for office space and meeting rooms.

Avoid Long-Term Financial Commitments

Whilst most coworking spaces will enable you to save money, it should be noted that every company has a different model where terms and conditions apply.

You will find that most coworking spaces tie you to fixed long-term contracts – usually 12 months. This is not an arrangement that will work for a growing business that needs to scale quickly to accommodate more staff.

The alternative option is to go with a coworking space provider that enables you to rent office space out by the hour. Not only does this avoid being pulled into a long-term commitment that stifles growth, but it also enables you to cut down on your monthly expenses so that you can grow even quicker.

Facilitates Flexible Hours

The modern workforce wants flexible working arrangements. A study published by Gallup indicates the preferred choice of business model is to switch to hybrid working.

The hybrid model means most offices will only have a skeleton staff. Leasing office space or tying yourself into fixed, long-term contracts waste money you don’t need to spend.

Renting coworking space by the hour facilitates flexible working. And because BluDesks gives you access to offices all over London, finding the ideal location is even easier.

5 Benefits of Satellite Coworking Spaces

Date: Mon Sep 12 Author: Chelliah Nakeeran

Now that more companies are pivoting to a hybrid model, employers and employees are turning to coworking spaces that provide amenities and facilities you would expect from a fully-functional office.

Another trend we’re seeing is that companies are taking advantage of the benefits of Satellite coworking spaces. This makes a lot of sense for a lot of employees.

Rather than simply relocating your office from a traditional rented space and moving into a coworking office in a central location, utilising coworking spaces as satellite offices gives your staff more convenience and flexibility.

Avoiding Long Commutes

A Flexjobs survey revealed that 65% of UK employees sent home to work remotely during the pandemic do not want to return to the office. Avoiding the commute was cited as the leading reason.

Satellite offices mean your employees have a shorter commute. That means they save time and money, but not only that, sitting in traffic jams can be frustrating for some people, especially when they’re busy or just want to get home.

Avoiding long commutes improves the mental health of your employees – both in the workplace and at home with their families. When people are less stressed and frustrated, they have more energy and a better frame of mind to focus on their job.

Lower Carbon Footprint of Your Business

Shorter commutes also mean your employees – and thus your business as a whole – uses less fuel. This lowers your carbon footprint which translates into a higher ESG rating (Environment, Sustainability and Governance).

Access Multiple Meeting Rooms

Some days, finding a meeting room can be a real pain. What’s more, if you’re on a fixed-term contract in a coworking space that includes meeting rooms, you’re paying for office space that you’re not always using. That’s money you could be putting to good use.

BluDesks solve two problems. We provide coworking space that you rent by the hour. You simply block out the time and pay for the appropriate hourly rate. So that saves you money.

In addition, we provide access to multiple coworking spaces, you have multiple options to find an appropriate meeting room that fulfils your needs – even for impromptu, last-minute meetings.

Help To Improve Employee Wellbeing

Another key insight to come out of the draconian lockdowns was how employees felt isolated and lonely. The fact of the matter is that some people (extroverts) need to be around their colleagues for company. It’s not a coincidence that anxiety and depression cases went up during the pandemic.

Satellite offices help to nurture the physical, mental, and emotional well-being of employees. Simply being around other people and interacting with colleagues helps to improve mood and establish a bond.

Supports Culture, Collaboration and Cohesion of Teams

Satellite offices make it easier for colleagues that live in the same part of the city to congregate in an office that is conveniently situated closer to their home. By adopting dedicated coworking spaces as satellite offices, you can maintain your company culture and facilitate collaboration and cohesion.

Hybrid Work & Co-Working Spaces: The New Normal?

Date: Wed Aug 17 Author: Chelliah Nakeeran

As unprecedented as the Covid-19 pandemic was, so were the business trends in the fallout. Once lockdown restrictions were lifted, 85% of British workers didn’t want to return to the office.

The hybrid working model provides benefits to both employers and employees. Given the flexibility to work part-time from home and the rest of the time in the office, employees have the work-life balance they crave together with the autonomy to choose where and when they work and save money.

Businesses also have an opportunity to save money by downsizing offices. By transitioning to a hybrid model, there is less requirement to rent office space to house an entire workforce.

There are two ways to downsize; rent a smaller office from a commercial landlord, or rent flexible coworking space which gives you the flexibility to rent the space when you need it.

Given the increase in office rental prices and utilities, co-working spaces are becoming the most cost-effective and preferred option for numerous businesses.

However, office managers should be wary about the nature of the contract you are entering into with coworking spaces. It can be the case, that you pay for services or office space you don’t need.

BluDesks has designed a business model most other co-working spaces do not offer. Firstly, we provide you with a portal to multiple co-working environments in the city where you live.

Secondly, our facilities are based on a pay-as-you-go basis which means you only pay for the space you use. Ordinarily, you are paying for space you are not using. The BluDesks model enables you to manage your office costs accurately – and save even more money.

What to expect from coworking spaces with BluDesks?

BluDesks offer affordable and flexible coworking spaces in London and across the UK. That means no matter where your employees need to work, they have easy access to a co-working space with all the amenities you can expect from a fully-functioning office. Because of the choices available, your team can book whichever workspace suits their needs. For example, you will be able to find a conveniently located meeting room for a 1-2-1 and a small room for 3 or 4 people to brainstorm or a large meeting room to provide training or a presentation.

If your business relies on team collaboration, it may be more convenient and cost-effective for a colleague to meet in a location that is more convenient for them to reach than your main base.

As we discussed in a recent article, reducing the need for all your employees to commute helps to improve your ESG score. Co-working spaces also serve as a convenient option for employees who prefer to work in an office environment rather than working from home.

Whilst the number of UK businesses that have adopted a hybrid working model is still relatively low at 37%, the number will increase as more office rental contracts expire. With hybrid working environments set to become the new normal, business planners need to look ahead to determine how they can save costs.

Paying For Office Space You’re Not Using? Save Money On Coworking Space

Date: Mon Aug 15 Author: Chelliah Nakeeran

The advancement of telecom technologies has made it possible to enable working from home and empower employees. In the post-pandemic era, the majority of employees don’t want to return to the office.

However, a large percentage of executives feel working in an office environment is invaluable. A raft of CEOs heading high-profile brands has publicly aired their opinions about the downside of remote working.

Andrew Bailey, the Bank of England chief, for example, called for more staff to return to the office to train new employees. Goldman Sachs boss David Solomon has labelled remote working an “aberration” and law firms are threatening to shave salaries by 20% to deter employees from working from home.

As a result, some companies are persisting with expensive office rentals in central locations. In the current climate, an increase in expenses will quickly erode company budgets and the purchasing power of your employees.

For firms operating out of central London, continuing to run your business from a Grade A office rental could stunt your growth. Rental prices in the West End average a jaw-dropping £117.50 per square metre – up from around £90 per square metre in Q3 of 2021.

Furthermore, if your offices are based on a commuter belt, the cost of fuel feels like a waste when you’re sitting in traffic. Frustration builds up stress which, in turn, impairs cognitive health and performance.

Hiring coworking spaces resolves all of these problems. Your teams can work together on projects without you bursting your budget, and with office space all over the UK at your fingertips, you have instant access to a whole host of conveniently located coworking spaces with a single login.

Cost-Effective Office Solutions

Switching from rented offices to coworking spaces enables companies to significantly reduce overhead. Rental costs are lower and you probably won’t pay as much on utilities because the bills are shared.

Moving forward there are minimal overheads. Coworking spaces are well-equipped with all the furniture and amenities including photocopiers, scanners, projectors and TV/audio equipment.

If you want to create a hub-and-spoke model, you can use coworking spaces to establish satellite offices – but without the cost of renting an entire office. With BluDesks, you book and pay by the hour – so there is no risk of paying for space you’re not using.

Coworking Satellite Offices

Signing up for a BluDesks membership takes coworking to another level by giving you more options to rent office space and meeting rooms wherever you prefer, whenever you want.

BluDesks hosts coworking spaces in multiple locations in the city you live. This gives employees more opportunities to work together in locations that are conveniently situated close to their homes.

You also have access to hundreds of meeting rooms, so if you need to book meeting rooms on an ad-hoc basis and need to find somewhere quickly, BluDesks reduced the time it takes to find a suitable location.

Alternatively, you can book in “de-facto” private offices by renting meeting rooms for 1 or 2 days per week at times that you dictate.

Working From Home vs Coworking Spaces – Know the New Normal!

Date: Mon Aug 8 Author: Chelliah Nakeeran

The flexibility offered by hybrid working is prompting more businesses to adopt a different way of working. Data coming from the Office of National Statistics show the number of businesses adopting the hybrid model increased from 13% to 24% between February and March this year.

Other reports suggest that 8 in 10 UK firms are planning to switch to hybrid working. Yet the workforce is torn between working from home and working in the office. There are, of course, pros and cons to both options.

Advantages of Working From Home

During the pandemic when companies were forced to send their employees home, it was noted that there was an uplift in productivity. This was due to a variety of reasons, but in general, working from home simply gives employees more time to focus on their work. Some remote workers also report they feel less stress.

The most notable benefit of working from home is they don’t have to commute. This saves employees invaluable time to spend with their family and friends and more money to engage in things they love to do.

Yet the home is not the best place for everyone to focus and be productive. Studies reveal that 61% of remote workers complain about feeling lonely and isolated. This impairs emotional well-being and impacts the ability to focus.

Another report indicates that 70 per cent of people working from home say combining work with the responsibilities of home life causes more stress. WFH employees with children and curious spouses cause them to lose their concentration whilst others are lured by the TV and the packet of biscuits in the cupboard.

Advantages of Coworking Space

Working in a professional environment can help to flick a switch in the minds of employees that are struggling to focus. Coworking spaces can help employees ‘start their motor’ in the morning.

There may also be a necessity to work in an office. Coworking spaces give you access to amenities most people don’t have at home together. There is also a built-in support system from teammates and other professionals that solves the problem of loneliness and isolation.

Balancing Costs

Some businesses find the cost of coworking spaces v working from home prohibitive. The general operating model of most shared office providers locks you into monthly contracts – and in most cases, you are paying for services you don’t use or need.

BluDesks resolve the issues of cost by offering pay-as-you-use coworking space and meeting rooms. With our business model, you have an easier time managing your business costs and organising your workforce. We also give you access to hundreds of coworking spaces all over the UK so your employees can choose an office that is most convenient for them.

With BluDesks, you book shared office space by the hour. So to manage your costs, all you need to do is set a budget and work within your limits. For more details, contact a member of our friendly team today, or simply sign up for a Corporate Membership.

Don’t Overpay For Coworking Spaces in London

Date: Tue Jul 19 Author: Chelliah Nakeeran

Coworking spaces in London can provide a lot of solutions to a lot of companies. However, before you rush into an agreement with a coworking space, survey your options.

Not all coworking space contracts in London will offer you the right solution!

Coworking spaces provide many benefits including convenience, dynamic environments in fully-functioning offices, access to private offices and meeting rooms plus much more.

But the biggest draw for most companies is that coworking spaces are cost-effective. Unlike traditional office contracts that are signed for an average of six years, coworking space agreements are typically short-term, 1 or 2 years at a time.

This means that renting coworking space has less financial risk than traditional office leases and enables you to be more flexible in your shop-term planning. You also pay fixed costs so there are no unexpected and unplanned costs such as fluctuating energy bills and maintenance costs.

Some coworking space agreements also mean you will avoid having to pay for the full term of a contract if you leave the premises before the contract expires.

However, not all coworking space agreements offer any flexibility on the condition of the contract. As a matter of fact, most coworking spaces in London tie you into fixed-term contracts – which can be pretty costly, and force you to pay for services you do not need.

Of course, the type of contract that best suits you depends on the nature of your business. Some business leaders prefer long-term leases that give you stability over agility.

Most businesses, especially fledging businesses and start-ups, will benefit more from flexible contracts.

Benefits of Flexible Coworking Space in London

With BluDesks, coworking space in London offers you all the flexibility you need – which makes managing office facilities cost-effective. You only pay for the office space you want – when you need it.

In the absence of a rolling contract, you are not tied to fixed terms. This means you are not paying for space that is not being used. Let’s say, for example, you rent a private office that is large enough for 20 employees. But you only have 15 employees.

With these types of coworking space agreements, you are paid for the space regardless of the number of people occurring in the office. That means you are overpaying for space you are not using.

With BluDesks, you can rent hot desks and private offices for each individual. That means you are only paying for the space you are using. And with coworking spaces for as little as £2 per hour, our pay-as-you-use service gives you more control over your outgoing costs.

Moreover, you have access to thousands of flexible workplaces and offices all over the world with a single-member pass and a one-time registration process. Finding coworking spaces and meeting rooms with BluDesks is simple, cost-effective and time-efficient.