Managing your costs is vital if you are going to keep your business going. So many business owners fail because they can’t keep their spending under control and they end up burning through all of their cash before they even get off the ground. One of the biggest costs that people struggle with is the rent on their office, especially as they expand and they need a larger space. If you can find ways to cut costs on your office space, it will be so much easier to manage your spending and you will have a lot more money to reinvest in the business. These are some of the best ways that your business can save money on office space.
Negotiate A Better Rate
Finding tenants is a pain for landlords and they would rather keep you in there, which puts you in a good negotiating position. If you just accept the price that they give you without question, you’re missing a big opportunity. You may be able to negotiate a much lower price if you just ask because the landlord would rather take a reduction in the rent to avoid having an empty property.
Cut Energy Bills
The rent isn’t the only cost that you have to cover, you also need to pay the utility bills. If you are very wasteful with your energy, you’re spending a lot more money than you need to. But if you can find simple ways to cut down on your energy use in the office, the costs will be a lot easier to manage.
Build A Virtual Team
The way that the office works are changing and new technology is making it easier than ever for businesses to build a virtual team. You can outsource a lot of your basic admin tasks to a virtual reception service and a lot of your employees can work remotely from home. You will have to make some initial investment in technology like cloud storage and project management software to make sure that your virtual team is productive, but after that outlay, you will save a lot of money. If most of your staff are working from home, you will only need a fraction of the office space.
Use Coworking Spaces
If you are using a virtual team, you will only need a small amount of office space and you may not even need to use it every day. If that is the case, you should consider using coworking spaces instead of hiring an office of your own. Coworking spaces are very popular among businesses right now because multiple businesses can share one space, which reduces the cost. It is completely flexible so if you need some desks for a few days, you can book them out. You only pay for the office space when you need it, rather than paying rent on an office that is empty half the time anyway.
By cutting back on your office costs, you free up more money to invest back into the business and help it to thrive, so it’s something worth thinking about.