Benefits of Virtual Offices and How to Choose One for your Business

Office automation has led to the development and emergence of the virtual office concept. A virtual office works just like a physical office but lacks physical space. A virtual office is part of the flexible workspace industry that provides assistance to the demands of evolution in the way we work today. 

Virtual offices can provide various benefits to companies based on their businesses, here are 13 key benefits of having a virtual office.

1. When Address Matters:

Virtual offices provide professional mailing addresses.  By signing up for a Virtual Office, you create a physical office without being tied down by lease obligation. Virtual offices give out the appearance of working at a physical office location, even if not in reality, along with a physical address for correspondence.

2. Phone and Mailing Services:

Having a reputable business address with a virtual office gives your brand a professional, and legitimate business image. In a virtual office, it is easy to pursue a professional virtual environment by having a telephone number, fax service, voicemail boxes, and also a virtual voice to handle incoming calls without the need to hire a receptionist. 

Businesses can derive additional benefits from virtual offices like reduction of human intervention and minimized cost. The use of a physical business address and an official phone number on your business cards, website, and email increases trust among prospects and clients, as opposed to seeing a mobile number and home address. Your business is made more approachable as it increases your professionalism and credibility by the very look of it.

3. Privilege of Work Flexibility:

Flexibility at work makes employees more active and interested in working. The freedom given to employees to log in at their convenience and even work during mobility or with their mobile phones is seen as a special privilege endowed by the company. Thus, there is a positive shift that is noticed in the attitudes of the employees and this is seen as an advantage of virtual offices.

4. Cost-Effectiveness:

No more thinking about office lease, hardware, and all the other costs that are associated with renting a physical office space. Cost-effectiveness is one of the biggest plus points of choosing a Virtual Office in Chennai. Real-time offices cost huge amounts in many aspects. 

The need to rent or lease the commercial spaces, pay for utilities, buy necessary furniture, equipment, and tech. Opting for virtual offices gives you the advantage of cutting down on these costs which can be used to invest in future business expansion.

5. No Contract, More Flexible Terms:

Unlike traditional office spaces, most providers of Coworking Space in Chennai offer the option of a virtual office to their members on a monthly basis. That gives you the flexibility to opt-out whenever needed as there is no need for a contract for virtual offices. 

Being bound by contracts will become a disadvantage when your company is required to grow or cut down on costs. You will be required to pay the rent or lease amount until the conclusion of the contract or pay the penalty as per the initial agreement.

6. No Hassle in Setting up Office:

Coworking space providers usually offer a variety of sets and combinations of services to choose from. With this wide variety of membership plans to select from, you’re ensuring that you save costs by only paying for what is needed for your company at that given moment. 

Virtual offices can be easy to set up and similarly easy to shut down when required. There is no additional cost to this choice. Virtual offices in Chennai are usually great for start-ups and freelancers, it gives them freedom and flexibility alongside an address for business correspondence.

Read also: https://www.theexecutivezone.in/effective-remote-team/

7. Excellent Business Support:

Virtual offices come with a number of extra features to support your business, giving you the ability and leeway to concentrate solely on your business. No more time-consuming tasks like handling calls and posts, as most virtual office providers take care of this part for you. Add-on facilities such as co-work spaces and meeting rooms are available and can be used whenever needed to ensure your business succeeds.

8. Well Maintained Work-Life Balance:

Work-life balance validates your choice of picking a virtual office over a conventional office. As your business grows, it becomes more important that you and your employees maintain a healthy work-life balance. The benefits of going in for a virtual office are that it allows everyone to work efficiently from their safe space, which in turn reduces stress levels and sets aside time to spend with family and friends.

9. Easy Expansion and Relocation:

The virtual office concept allows you to expand your business without the need to move rent or lease out a larger office. It is known to be a lower cost and stress-free alternative to traditional expansion which requires relocating and greater expenses to set up. 

We find that many Coworking Space in Chennai offer virtual offices, as space is not a limiting factor. Growing one’s business can use an address to establish a presence in a new location, while also having multiple offices around the country while testing out the market there without the additional cost of relocating to that area.

10. No More Stressful Commute: 

Are you aware that 25% of knowledge workers find their commute to be one of the most stressful parts of their job? Recent trend shows that most employees prefer to work from home even if it is at a lower salary, as it reduces their commute time, reduces the cost of conveyance, and, most importantly, it provides them comfort. 

Hence, the benefits of virtual offices are known to favour both employees and employers in a positive manner. By working remotely, it is seen to increase productivity at work, use the extra time to tap into your hobbies or even get some sleep.

11. Access to Limitless Global Talent:

When working from anywhere there is no restriction on hiring talent within the limits of your office. Virtual offices allow you to hire excellent talent regardless of their location. From a hiring perspective, you can hire more talent without needing to relocate and expand to bigger premises. This exposes you to a larger talent pool to help with hiring the best talent and help your business grow. 

It is known that 74% of knowledge workers would be willing to quit a job to work remotely, so by offering the option to work from home with the help of virtual offices, you’re improving the attractiveness of your company and the job with the candidates.

Read also: https://www.theexecutivezone.in/keep-up-with-the-changes-in-the-world-today-opt-for-a-virtual-office/

12. Guaranteed Productivity and Satisfaction: 

Virtual office solutions are excellent at enhancing satisfaction among employees. This is because they are given the chance to work from home, save money and time on the commute, and ultimately result in them having more freedom and a better work-life balance. 

Virtual offices also depict an increase in productivity as employees are allowed to work in a much-relaxed environment where they are committed to working as there are fewer distractions. Working from the comfort of one’s home increases productivity and efficiency, as happier employees work better.

It improves concentration at work, and so, even if the employee works for a limited number of hours, their focus and productivity show improvement, resulting in both the company and the employee benefiting in monetary terms.

13. Good Health and Overall Wellness:

As earlier mentioned, the benefit of saving more time and cash by eliminating your commute to work is offered by virtual offices. You can save and direct some of that extra time into increasing your health by fitting in a time for a workout within your daily schedule, meditating, preparing a nice home-cooked meal, or even all three!

The Executive Zone is a provider of Coworking space in Chennai and has enormous benefits to offer entrepreneurs, freelancers, and businesses looking to expand or relocate. It offers splendid services and a professional office address fit for any business looking to grow.

How to Collaborate Effectively with Your Remote Team?

Remote Collaboration is collaborating virtually towards a common goal. Working remotely from home, a cafe or coworking space is becoming very popular and inevitable these days, but managing teams scattered in different locations hasn’t gotten easier.

For a perfect collaborative environment with your remote team, you have to manage employees remotely which can be difficult in passing on proper instruction, lack of motivation and face to face communication.

Thanks to continuous development of tools, resources and programs by the tech companies, communication with remote teams have become easier and efficient.

And with remote jobs on rise, more people are finding themselves able to work with the constraint of a 9-5 desk job.

Remote working or work from home can have its downfall such as loneliness and for this we have a best solution i.e. coworking space. If you have a remote job and you are free to work from anywhere, consider coworking space or remote coworking.

Remote coworking offers freelancers, entrepreneurs and remote teams a place to work. People have a chance to meet, network and work alongside different people from different companies.

Read also : https://www.theexecutivezone.in/coworking-space-for-startups/

Create an Onboarding Process

Onboarding plays an important role for a remote team, since they don’t have as many opportunities to organically integrate into company culture and processes. 

The onboarding process is essential for new hires to get to know their team and learn about the company. 

But when an employee is working remotely, it may seem like a process for them to get used to the new environment and if done well, can make teams feel excited and motivated.

Remote Onboarding Checklist:

  1. Recruiting Remote Employees: Your website, job descriptions, and interview should give an interviewee a clear picture of what the company expects from employees working remotely.
  2. Offering Remote Jobs: Include all details concerning remote working in the offer letter for employees. This gives them a clear understanding of their jobs, work-space expectations, leave policies, onsite requirements, etc.
  3. Help Remote employees set up their workplace : Organising this process perfectly will save both you and your remote team from a lot of frustration. Onboarding process of a remote employee should be flexible and constantly evolving.
  4. Welcoming Employee : It is very important to make the remote employee feel like part of the team. Send them a welcome kit, arrange a virtual video call to give new employees a virtual tour of workspaces and to introduce them to co-workers.

Give Technology Support

While many organisations did not have all the requirements in place when the present crisis struck, most are quickly working on how to make remote working smooth and ensure employee’s system access is reliable and secure.

Many organisation faced greater technological problems like:

  1. Implementing a video conferencing solution
  2. Dealing with sensitive data that cannot leave internal servers
  3. The Higher demand of securing data
  4. Ensuring full tech support to employees in remote locations

Remote technology support gives the employee the ability to deliver the same level of service even when they are at some remote location.

Using technology support effectively can help employees embrace and thrive in a remote position and here are few resources that help businesses:

  1. Using marketing and sales tools like HubSpot
  2. Using technology with better communication features like virtual reality
  3. Using artificial intelligence assistance
  4. Setting up a remote technical support team

Remote employees can become helpless if their email or computers aren’t running.

An IT support team that is available 24/7 can get employees back to work. Another solution to this is if employees work in coworking space which provides in-house IT and Tech support.

Use Team Communication Tools

Effective communication is the key to enhance remote team collaboration.

It is important to communicate with remote team members actively which can be done by using the right communication tools.

 As per stats on Buffer, common problems in remote work are communication, collaboration and loneliness.

As remote working evolves, new and advanced communication tools are being developed. These tools are fresh, innovative and support simple but meaningful communication and some of these are:

  1. Zoom
  2. Nextiva
  3. Appear.in
  4. Microsoft Teams
  5. Slack
  6. Google Meets
  7. GoToMeeting
  8. Basecamp
  9. Google Hangout

Use Virtual Meeting Tools

Remote work is becoming inevitable these days, and most managers are still confused on how to best conduct meetings with their remote employees. With advances in technology, conducting virtual meetings is getting easier these days.

First, pick the right online meeting tool: The basic thing we are looking for is a tool that provides audio and video capabilities and a plus on features like screen sharing.

Other than that, the size of the remote team affects your software selection and how user friendly is the tool.

Read also : https://www.theexecutivezone.in/virtual-office-benefits/

Use Project/Task Management Tools

A remote project team is a group of professionals working from different locations on a project. Project management is a big task if a team is distributed in different locations as the company faces many challenges of communication and collaboration.

In order to lead a successful remote project team, managers need to understand how remote project management is done and by identifying the right project management tool can help businesses with all the challenges.

Luckily, these days all manner of tools are launched for working from home or a coworking space. These tools can help the company with the process, project scoping, task prioritization and to sync and track progress.

Few Project Management tools are:

  1. Productboard
  2. Timely
  3. Airtable
  4. Basecamp
  5. Zoom
  6. Slack
  7. Freeter

Set Appropriate Individual KPI

To measure the productivity or performance of remote employees, managers can set individual KPI. 

Key performance indicators (KPI) evaluate performance by quantifying individual and organisational goals. It is a metric that tells how well an organisation is achieving its stated goal.

“What gets measured gets done” is a management saying. If you set a goal around the desired objective, the chances that you achieve the objective are much higher.

By setting up appropriate individual KPI for the remote team, it can help you measure the performance of the employee and even of your organisation.

Create Stress-Free Environment

According to coworking insights, a majority of remote workers claim they experience less work-related stress while working from home or from a coworking space.

But on the other hand, remote work causes a higher rate of depression. For a stress-free environment for remote employees here are some tips:

  1. Create a virtual meditation/yoga class
  2. Play virtual online games
  3. Suggest working from a coworking space to remove the feeling of loneliness
  4. Keep dedicated helpline numbers
  5. Encourage employees by praising their good work
  6. Engage in 1:1 meeting
  7. Have team encouragement session
  8. Motivate with perks

Be a Team Leader

Remote work has become more popular due to the current situation. And leading a remote team can be great for business as remote teams can be more productive and you can handle clients more effectively.

For this to happen, you as a team leader should set :

  1. Some ground rules for communication
  2. Use communication tools
  3. Have frequent 1:1 meeting with your team
  4. Track time and employee activity to boost productivity
  5. Listen to and support your employees
  6. Empathize with your remote team

Enhance Strong Work-life Balance

Work-life balance is a concept that emphasizes the need for time in both work and personal life. In the present situation when people are working from home or from a coworking space, a work-life balance is very important to help reduce stress.

Here are few ideas for strong work-life balance:

  1. Create a dedicated workspace: For a healthy work-life balance it requires discipline and it can be achieved by creating a dedicated workspace at your home or work from a coworking office.
  2. Set your routine: setting up a routine at home and sticking to the work is essential, it helps you work more efficiently.
  3. Communicate with your family and team: Communication is key for enhancing work-life balance. Tell your family and team about your working hours and stick to that.
  4. Don’t work in your pajamas: Work from home can be a bit lazy so wearing formal clothes or working from a coworking office space will keep you motivated.

Encourage Autonomy, Upskilling, and Job Crafting

  • Encourage your team and empower them to think about their skills. 
  • Support them to upskill in the areas they are lacking. 
  • Encourage your team to think about their future goal, their career plans, where they see themselves in the future in your company. 
  • Give autonomy to remote teams to support other departments where possible.
  • Provide regular feedback to each member of your team.

Conclusion

Collaborating with your remote team perfectly is a bit of a task if you don’t have the expertise or experience to handle it. 

However, it’d be great if you get the right help. Working remotely has its benefits and one of them is you get the freedom to manage your time. 

Remote employees have a better work-life balance and therefore are perceived as happier employees. Remote work is not for every industry but in this current scenario remote work or working from a coworking space is blooming and is the need of the hour.

How Coworking Space Helps Entrepreneurs and Startups?

A coworking office space is an open space that is designed to encourage a sense of community. Coworking spaces are the innovative revolution which has transformed the face of commercial real estate.

Coworking space differs undoubtedly from standard office space, but they even share some of the same features along with a pack of additional ones that might be appealing to your startup and entrepreneurs.

What do Startup Entrepreneurs expect from a work environment?

  1. An environment that supports instant and rapid business growth.
  2. Space that transmits positivity and keeps the team motivated.
  3. An office space that provides privacy and personal space.
  4. An office space that provides opportunities to collaborate.
  5. A shared workspace that enhances networking opportunity.

Flexibility:

As work from home has become more dominant now, companies are finding mid-way between traditional offices to switching to complete work from home. And the best solution that stands is coworking spaces. Flexible office space is the best solution for startups and entrepreneurs.

Coworking office spaces provide a productive and collaborative environment to their dynamic inhabitants. It is a shared office environment offering flexible memberships by giving an option to start a subscription lease at any time and cancel anytime. Furthermore, It helps organisations to dynamically vary their space for business growth.

Flexible office spaces are now an easy and effective solution for organizations to be agile with their workplace needs. Coworking space provides you with the advantage to choose flexible work hours and places to work

Less Capital Investment:

Business overhead costs can pile up quickly, especially if you are an entrepreneur or a startup company. If you have your own traditional office space, there are many expenses which you have to look into such as taxes, cleaning, maintenance, furnishing and many other office perks. 

A coworking space is more cost effective than traditional offices as you don’t have to worry about buying or renting a space, companies get to save on operational costs such as technical infrastructure, housekeeping and broadband connectivity. 

Shared office spaces are ready to use workstations equipped with desks, chairs and cabinets. It saves an immense amount of money. Coworking space is of great benefit for startups, entrepreneurs and freelancers.

Read Also: https://www.theexecutivezone.in/benefits-of-co-working-space-over-traditional-office/

Zero Operational Headaches:

Coworking space comes with everything you might need. These spaces usually feature a modern and upbeat design that appeals to a youthful workforce. It helps startups and entrepreneurs to focus on the core area of the business rather than getting into operational headaches. 

The entire up-keeping of the office is taken care off by the space providers, including the technical aspects and community members are provided with 24*7 operational and technical support. 

Customized Office Spaces:

Office design is evolving and continually striving to find new ways how to effectively boost a worker’s productivity. Companies would like that their workspace represents their vision. This is where coworking office spaces come into play that fit the various demands of a business. 

Higher Demand for a more private, progressive workspace has pushed companies towards coworking office space. 

Coworking office space provides personalised space options that can be designed in a way that it speaks about the company’s ideology. From wallpapers to customized layouts, private areas are designed in a way that can accommodate the company’s requirements.

Comfortable and Secure:

Coworking space usually provides a high level of security for the premises. Coworking space can be accessed only via personal identification which makes it most secure. Most coworking spaces are located in a secure commercial area which allow companies to be more productive. 

Coworking spaces offer various workshops which can help in boosting your productivity. It is a hassle-free office space which makes it a worthy investment for entrepreneurs and startups. 

The fact that everything is provided to the company by the shared space provider makes it more comfortable.

Vibrant Community:

The working environment in a shared workspace allows for more interaction with people with different skills, mindset and knowledge. 

The shared workspace is a place where you find yourself surrounded by entrepreneurs, freelancers, digital nomads and like-minded people which offers more creativity and more insight into emerging trends. 

Coworking space encourages communication which leads to motivation and more productivity. Coworking space often hosts a variety of interesting events and lectures that all of the employees can attend which brings a sense of collectivism that will make your workplace much more enjoyable

Workspaces these days also consider utility-driven corners such as breakout zone, phonebooth, private discussion corners, etc. 

Professional Ambience and Facilities:

Coworking spaces are well equipped with a wide range of office facilities like telecommunication services, amphitheatre, conference room, ample parking space, printing and scanning facilities which can be used by entrepreneurs and startups to increase production. 

Shared spaces are meant to create a vibrant and energetic ambience for its community. Coworking spaces are designed keeping in mind the need to motivate and support an innovative environment and keep the spirits high. 

Pool of Talented Individuals & Networking Opportunities:

Coworking space is a platform where people from different industries work together. It is like a large talent pool which can help you set up and advertise your business quicker than you ever thought possible! 

Simply put, startups that choose coworking spaces are not simply saving money on operational and overhead costs They are capitalizing on easy access to cheaper talent and in turn saving money.

Working in a shared space means that you get ample networking opportunities. Workspaces like this conduct regular events and activities that help their community members to connect.

Affordable Meeting Rooms and Event Spaces

When renting your office, you need to invest in its equipment and design. The office layout should consist of proper work stations, meeting/board rooms, break zones, etc.

On the other hand Coworking meeting room is an affordable option as you will choose a small portion of a large shared space and it comes with everything you might need, including communication technologies, reception services, mailbox, etc. 

One big advantage of renting a meeting room or event space at a coworking space is that you get to choose the number of seats you wish to book and the type of amenities you want accordingly and you pay for what you choose which in return lowers the overhead costs. 

Coworking offices and their meeting room reflect the culture, mindset and ideology of the company with their layouts and furniture.

Additional Perks:

Coworking spaces are flexible, social and motivational workspaces other than that it helps in reducing anxiety and loneliness for remote workers who are working from home or working alone. It is great if you want your employee to develop their well-being and persona. 

A shared workspace gives stability and routine to digital nomads. Some coworking spaces offer multi-city memberships and even 24*7 access. 

Coworking spaces have many other additional perks:

  1. Printing: Coworking spaces have state-of-the-art office equipment such as high-quality printers, scanners and copiers with a proper IT team for the employees.
  2. Lockers: Coworking space offers extra storage space for employees.
  3. Signage: Coworking space enables members to show off their brands with physical or digital signage.
  4. Phone booth: Phone booth for making calls serve a dual purpose – they provide members with a place where they can make private calls without getting disturbed and as well as it helps other members working in open space from getting disturbed.
  5. Approachable Community Manager: Community Managers hold shared workspaces together. They answer queries, greet people, provide tours, plan events and help co-workers.
  6. Mail Services: Mail service is a most lucrative benefit of a shared office space. It provides entrepreneurs and startup companies with a professional mailing address. 
  7. Ergonomic Furniture: Coworking spaces provide a variety of seating options so that members can choose as per their preferences. They ensure that the chairs are adjustable, comfortable and ergonomically sound.
  8. Fast Wi-Fi: Coworking space invests in quality IT to ensure that members have a fast and reliable internet connection.

What is Coworking? How Coworking Spaces Works?

What is Coworking?

Coworking is an arrangement in which workers of different sectors/companies share an office space. It allows cost savings and convenience through the use of common infrastructure, such as receptionist and custodial services, equipment, utilities, parcel acceptance services and in some cases refreshments.

The days where coworking spaces were occupied only by freelancers and start-ups are far behind us, large enterprises and MNCs have started selecting coworking spaces over private offices in view of the agility and flexibility offered by shared workspace providers.

History of Coworking Culture

The term coworking seems to be a regular part of the life for a freelancer, someone who works remotely, or even start-ups today, but this has not always been the case.

The concept of coworking was first introduced as a workspace office culture in the year 2005 by Brad Neuberg, a Software Engineer from San Francisco. 

Similar ideas to that of Neuberg’s official coworking space had been percolating over the years. In 1995, C-Base in Berlin was the first hackerspaces around the world and in 1999, “42west24” in New York City was started with flexible desks for teams and individuals. Both C-Base and 42west24 are seen as precursors to coworking spaces, but without the aspect of “community” that coworking offers.

Coworking Stats

Flexible workspace are growing in popularity among freelancers, entrepreneurs, start-ups, SMEs and MNCs looking to expand their businesses. 

There were nearly 19,000 coworking spaces, around 30,000 flexible workspaces and more than 3 million co-workers recorded globally in the year 2019. 

Coworking spaces are estimated to reach 26,000 by 2025, flexible workspaces are likely to be around 49,500 by 2022 and the current total of 3.1 million co-workers are forecasted to nearly double by the year 2022.

Types of Coworking Spaces:

Coworking spaces can be categorized into private offices, community-based offices, shared spaces, and of various other types. Each type of coworking space comes with its own benefits and are usually picked based on the nature of the business and requirement.

Here is a brief explanation of the types of spaces found in the coworking concept for a better understanding:

1. Private Offices :

Usually designed for a team of 4 or more. Though they may cost more than the coworking space, they can provide similar flexibility along with the privacy of a traditional office.

2. Coworking Dedicated Desk :

A desk assigned to you in a shared space with other employees from various other backgrounds and companies is termed as a dedicated desk. It provides an employee with the opportunity to enhance their skills and grow more connections.

3. Meeting Space :

Coworking space providers offer hourly, daily, and even weekly use of their well-equipped meeting rooms for client meetings, team collaboration secessions, planning meetings and more.

4. Event Space :

Corporate meetings, team building events, seminars and any other events can be hosted in the dedicated event spaces.

5. Virtual Office Space :

virtual office is part of the flexible workspace industry that caters to the demands of evolution in the way we work today. It provides businesses with various services, a prestigious office address and the flexibility to work remotely.

Why is Coworking Space Important? And Do People prefer it?

In General terms, coworking is a community of people assembled at a neutral space to work independently or in groups on different projects, from various backgrounds.

Coworking spaces have become extremely popular in the last few years. Without a second thought, it is a great choice for start-ups and budding entrepreneurs to network and collaborate with like-minded professionals. Large companies adapt to coworking spaces to economize, network and fuel employees’ creativity.

It is not similar to a typical office workspace because the people in a coworking environment generally aren’t working for the same company. Coworking spaces usually offer the same amenities and in some cases even more than you would find in a traditional office. 

A major differentiator is flexibility, a long-term lease is not a requirement in a coworking space. Basic facilities like WiFi, printers, cafeteria, and other amenities are common in every co-work space. 

Coworking spaces are seeing a demand among entrepreneurs, SMEs and some large sale companies due to the below reasons:

  • Community – Even in diversity, it is amazing how a community can help one another grow.
  • Flexibility – Coworking space providers always have flexible terms that are more pleasing to an employer, NO LEASE, NO LONG TERM CONTRACTS, etc. are some of the reasons we see companies opting to co-work today.
  • Reduced stress – The current pandemic has got almost everyone working from home. While this can be a great way of working, it can easily fall apart as well. The key to have a stress free work life balance is to work outside one’s home but still in proximity to home.
  • Networking – Meeting new people in a coworking environment can be great networking that can eventually lead to new opportunities for business growth.
  • Motivation level – It is highly impossible to slack off when in a room full of driven people. Energy and productive levels rise high in co-work spaces.

Coworking for Startups and Freelancers:

Whether you are an aspiring entrepreneur or an experienced freelancer, the term coworking must be familiar and relevant to you. In the early stages of one’s business, working from home or a coffee shop may seem enticing and cost-effective. But as one’s business expands, the need to have a space of your own for a bigger team, hosting client meetings, and just having a better work environment also becomes a necessity.

When renting an office, your investment is calculated based on the location, equipment, and design you choose. On the other hand, Coworking spaces are a fully equipped office choice that comes with everything you might need. It includes communication technologies, reception services, mailboxes, amenities, etc.

Collaboration and networking are some of the additional benefits of Coworking Space. While it’s possible to work remotely or from the comfort of one’s home, your business might be missing out on crucial networking that might open new doors.

Read also: https://www.theexecutivezone.in/coworking-space-for-startups/

Coworking Spaces for Small & Medium Businesses:

For SMEs, time is the most important asset. That is why coworking spaces are almost always ready to move in for most Small and Medium businesses.

Coworking spaces are more focused on saving money for businesses. Essentially, coworking spaces are just office spaces that businesses rent on a monthly basis, free of any complicated lease agreements and hefty lease payments. Coworking space providers offer enterprises unmatched flexibility in their use and commitment to space without tying up much-needed capital to a lease obligation.
For an SME, it is important to build and maintain a network of potential clients, contacts, and investors. Most of this can be done inside the coworking environment itself, with the likelihood of finding all three within the small space.

Coworking Spaces for Corporates: 

Corporate organizations looking to grow their businesses into a new market often use coworking. They are opting to work from a professional space while avoiding the overheads due to the cost-effectiveness offered by coworking spaces rather than having a corporate office. 

Large firms now have headquarters in coworking spaces and focus on growth, leaving the minutiae of setting up an office to the coworking company.

We see many corporate offices utilizing coworking spaces to add a more social and collaborative aspect to the traditional office space. It becomes natural to interact with people from other companies and sectors, this gives the larger corporations access to new businesses with new talents.

Famous brands that use Coworking Spaces:

5 successful companies that were started in coworking office spaces:

  • Instagram.
  • Spotify.
  • Uber.
  • Ofo.
  • Indiegogo.

Here is a list of the top global companies that are now using coworking spaces:

  • Microsoft.
  • Facebook.
  • Apple.
  • Samsung.
  • Alibaba.

Future of Coworking Spaces:

As people are choosing a more flexible lifestyle, they prioritize on collaborations and community. No longer do people look to vertical expansion but they tend to slant toward a more horizontal expansion that encourages collaboration opportunities within the community, thus paving the way for cohabitation spaces where people can engage and connect closely while simultaneously experiencing their freedom and independence.

A recent report by JLL stated that the current market penetration of flexible workspaces in total office space stands at 3% and this percentage is expected to go up to 4.2% by 2023.

Pros & Cons of Coworking Spaces

Coworking has become a global trend in today’s business world.

There are some Pros of working in a coworking environment:

  • Cheap, flexible membership 
  • Scaling on demand 
  • Low-maintenance space 
  • Creativity and collaboration 
  • Events and amenities

Although coworking is quickly taking off, it is not always perfect for everyone.

Some Cons of working in a co-work space may include:

  • Sacrificed Privacy 
  • Distracting events
  • Crowds and commotion

Why Coworking Spaces are in Demand?

The number of employees working from home either partially or fully has been on the rise for years now, it has now become more evident and has slanted towards the term “THE NEW NORMAL” ever after the COVID-19 pandemic.

Remote working comes with a mixture of positive and negative outcomes. When looking at this shift from a traditional/conventional office to a remote work style, employers would definitely fixate on the negatives more than the positives in consideration to the growth of their business.

Working from home isn’t feasible on long term basis, here’s why:

Reduced Team Cohesiveness

Working remotely means working without a team and without constant supervision. Even though in some cases we see that reduced contact with colleagues may give an employee more space to increase productivity with less distractions, we also see that the aspect of sharing ideas, strategizing towards the project goals, bettering one’s work based on suggestions, lack of monitoring, etc. reduces cohesiveness and coordination which is a drawback.

Lack of Focus

Work from home has seen a drastic downfall in employee’s productivity and focus. Constant distractions and little to no motivation around the house are found to be the main reasons for the lower productivity rate.

Barriers to Implementing a Remote Work Policy

There are a number of concerns that employers consider while deciding on the option of remote work, the “longstanding company policy” in other terms – the “current, perfectly functional, familiar company policy” is the most important factor. Other factors like data security, technology, flexibility at a higher extent, impact one the overall culture of the company and work, seem to be barriers in the implementation and shift from traditional to remote work policies.

“Read also: https://www.theexecutivezone.in/coworking-space-for-startups/

Maintaining Company Culture

There are always unwritten values and behavioral aspects expected of an employee from his/her employer/company, every company carries out a culture that has been in force for a long term or in some cases from the start of the business. Maintaining this work culture among employees and management whilst working remotely can be a task by itself, thus leading companies to rethink the idea of remotely working on the whole.

The only way to overcome this dilemma between working at a conventional office and working remotely from one’s home, is to work at a proper “office” in “proximity” to one’s residence. Employees would not be required to move cities, travel long hours, or work in anxiety of the commute back home in case of an emergency. This is exactly why co-working spaces are in demand.

In general terms, co-working is a community of people assemble at a neutral space to work independently or in groups on different projects, from various backgrounds.It is not similar to a typical office workspace because the people in a co-working environment generally aren’t working for the same company. Co-working spaces usually offer the same amenities and, in some cases, even more than you would find in a traditional office.

A major differentiator is flexibility, a long-term lease is not a requirement in a co-working space. Basic facilities like Wi-Fi, printers, cafeteria, and other amenities are common in every co-working space.

Coworking spaces are seeing a demand among entrepreneurs, SMEs and some large sale companies due to the below reasons:

Community

Even in diversity, it is amazing how a community can help one another grow.

Flexibility

Co-working space providers always have flexible terms that are more pleasing to an employer, no lease, no long-term contracts etc. are some of the reasons we see companies opting to co-working spaces today.

Reduced Stress

The current pandemic has got almost everyone working from home. While this can be a great way of working, it can easily fall apart as well. The key to have a stress-free work life balance is to work outside one’s home but still in proximity to home.

Networking

Meeting new people in a coworking environment can be great networking that can eventually lead to new opportunities for business growth.

Motivation Level

It is highly impossible to slack off when in a room full of driven people.Energy and productive levels rise high in coworking spaces.

The coworking industry has opened up new gateways of growth to start-ups, entrepreneurs and freelancers. They have whole-heartedly welcomed flexible workspaces and have benefited from the collaborative, inclusive culture, cost efficiency, accessibility, etc. which are the very foundation of every co-working space.

The Executive Zone, a co-working space provider is located in Anna Salai, Chennai & offers you a luxurious, high spec office space with a number of amenities and facilities that will help your employee work more comfortably and efficiently, increasing their productivity and giving you the growth, you want for your company.