The current real estate landscape in London is pretty bleak. Recent figures from Knight Frank found that it currently costs $22,527 per square meter to rent in the UK capital. That makes London the fifth most expensive commercial location, behind Paris, Tokyo, Singapore, and Hong Kong. These kinds of prices force SMBs into working from home or in undesirable districts, which reflects badly on the company brand. Switching to a serviced office, however, could give you all the benefits that the big companies are paying for at a fraction of the price.
Protecting Your Company
Keeping costs down and eliminating any unnecessary extravagances is critical to the long-term success of your business. One of the problems with the traditional model of agreeing to a long-term contract was if you decided to downsize your company you’d be stuck with excess space. Serviced offices can generally be changed at short notice, which is ideal for companies expecting growth or those who want to downsize in tough economic climates. Whatever the current economic climate, being able to take the necessary steps in protecting your business is much easier when operating under a monthly contract.
Increase Your Productivity
While it’s a cliché, time is money and making sure all the cogs in your business are running smoothly is the best way to keep productivity on the up. Serviced offices include everything from furnishings, broadband internet providers, and general office upkeep under one agreement. That means you won’t have to spend any extra time negotiating with several different suppliers for your services. Any breakdown in communication could result in a key service going offline. Even temporarily, the downtime could have lasting consequences on your productivity.
One form of communication that’s always worthwhile, though, is networking. Serviced offices like these operate with business centers, where the provider offers fully equipped individual offices or floors to a multitude of different companies. Functioning as part of a shared office environment with other local companies means that you’ll have more options to network and form potentially lucrative business relationships. It’s always positive to benefit from the knowledge of industry contacts, but you could also take part in promotional activity and improve your status with the local community.
In order to stay successful in the business world, SMBs have always needed to adapt to the times. It’s beneficial that service providers are finally catching up and catering to the needs of these companies as they face stiff competition from increasingly globalized industries.