Business practices are constantly evolving to meet the needs of modern-day companies and sometimes, those changes include partaking in office space rentals rather than purchasing a permanent work location. More and more businesses are opting for a rental office space as a way of minimizing overhead costs and maximizing their efficiency, productivity, and overall gains. The benefits of renting an office space in lieu of owning one are plentiful. From cutting equipment costs to downsizing or rightsizing your business, finding an office space for rent is the practical solution to maintaining the financial stability of your business.
Tips to Save Money on Office Space
Reducing unnecessary business expenditures can not only help you save money on office space, but it also gives you the invaluable opportunity to redistribute those funds and use them on other, more important aspects of your business.
Flexible Leasing Contracts
With flexible leasing contracts, you’re not legally bound to stay in any particular location for a set minimum amount of time. You have complete free reign to lease out an entire office space or even just a single desk for as long as you need it. Whether you’re renting office space for a day, a week, a month, or even a year, you don’t have to sign a contract in advance. You can play it by ear and decide as you go. That way, you won’t end up paying for a longer-term contract than you actually need.
Negotiate and Renegotiate the Terms of Your Lease Agreement
When it comes to renting an office space, one of the smartest things you can do before you sign on the dotted line is to negotiate an easy out or cancellation clause into your lease agreement. That way, if the agreement is terminated or the deal doesn’t work out for whatever reason, you can easily remove yourself from the situation without any burgeoning or unforeseen legal repercussions. Also, this gives you the upper hand because you can assess the situation for a short duration and decide whether the office rental space is a good fit for your business endeavours, employees, and clientele.
Reassess Your Office Requirements and Luxuries
Downsizing or rightsizing your business gives you an excellent opportunity to reexamine what’s absolutely essential to helping you move your business forward and what’s needlessly eating up your weekly or monthly budget. Consider whether you really need access to an oversized office building with high utility costs and other expenses. Anything you determine to be an extra and unessential cost should be removed from your budget right away to make room for other things.
Recycle Your Furniture
If you’re planning on moving to a new office location, then you have two options: you can either move somewhere that’s already fully furnished or you can take your old office furniture with you and repurpose it. Some office rental facilities might charge you an additional rental fee or require a minimum deposit to account for potential damages, while others might not. That’s something you’d have to discuss prior to signing a lease agreement. Choosing an unfurnished office will inevitably cost less money, and you could always use the money you save to transfer your old office furniture to the new location or simply purchase new furnishings for a lower cost.
Take Advantage of Downsizing
If you’re considering downsizing your company to reduce costs, then it’s important to come up with a smart and easy-to-execute plan before making any final decisions. Ask yourself which departments are invaluable, whether they’d function better standing alone or if they can be combined with other aspects of your business. Most importantly, engage in a process of elimination by evaluating each department’s performance over an extended period of time. If you find that certain aspects of your business aren’t worth maintaining for one reason or another, then make the necessary cuts.
Rent an Office Space
In this day and age, renting an office space is one of the smartest business moves young entrepreneurs, freelance workers, and small-to-medium-business owners can make. It gives them the opportunity to hone their negotiation skills when reviewing and drawing up contracts, while also assessing what’s important for the success of their business and what they can do without. It also gives more businesses and their employees the freedom to come and go as they please without being hindered by a fixed rental agreement.
Shared office spaces are a great way for employees to interact with one another and collaborate on various projects on a personal level. Open-concept floor plans also set the stage for interacting with people from other professional fields and backgrounds since they are, after all, shared spaces. Some people might prefer to work in a more private setting, whereas others thrive when they’re surrounded by other people intently hammering away on their keyboards or being captivated by their computer screens. Every person has different preferences that propel and enhance their performance on the job.
Virtual office spaces are arguably the most versatile and money-conscious way of conducting business in the modern age of technology. Wireless communications have pretty much paved the way to allow more and more people to work from remote locations and cut down on commuting costs. It’s also an ideal option for businesses that require a great deal of travel while still maintaining regular contact with employees, coworkers, and clients. The main perk is that no matter where you are in the world, you can still make use of mailing services, a full receptionist staff, 24-hour IT services if needed, and so much more. Remote communications are the future of almost every industry, and it’s good to add this feature to your company’s repertoire so that your employees can make the most of their workday without having to spend a chunk of it commuting back and forth to the office.
If you’re struggling to make ends meet with your current business plan and are looking to effectively cut costs without jeopardizing the success of your business, then consider renting an office space with Innovative Professional Offices. We lease out office space throughout Ontario including in Toronto, Mississauga, Ottawa, and Brampton. For more information on our flexible and customizable office space rental packages, please contact us.