Businesses both large and small are taking a closer look at the health of their budgets for the upcoming year and are focusing on strategies to manage costs more efficiently. With our economy on shaky ground and the remnants of COVID-19 still causing lingering disruptions, smart businesses are planning out ways to increase productivity and optimize work processes and collaboration while keeping capital expenditures to a minimum.
Regardless of market activities and the economy, the core principles of a smart business budget are still the same. A robust, sensible budget should be:
- Realistic, with outputs that are achievable based on measurable inputs;
- Dynamic, to adjust easily to swift changes of circumstance;
- Useful, to allow employees to make daily decisions;
- Simple, for ease of understanding; and
- Logical, deriving from a series of key variables that build on each other and are measurable.
One great way to ensure that your business’s 2023 budget is on target with these principles and able to help your company make real progress toward business goals is to reconsider your working space. The combination of skyrocketing inflation, an uncertain economy, and increased demand from workers has heightened the demand for flexible workspaces. A shared workspace not only fits the fundamental principles of smart business budgeting, but also provides measurable benefits for your team—and your business.
Flexible Workspaces: A Great Addition to a Smart Business Budget
Employees are returning to their offices now that concerns over issues arising from the pandemic have cooled. However, more companies than ever are considering hybrid work arrangements that allow remote-capable employees to be productive and reduce the need for in-office personnel. In fact, up to 25% of workers are now working remotely, with that number predicted to climb well into the next fiscal year.
In part, this increased interest in hybrid work environments is due to employee demand for remote situations. However, a flexible workspace that caters to remote workers also offers myriad benefits to your corporate budget. Here are just a few:
Lower the Cost of Expensive Real Estate
Purchasing real estate is not cheap. In fact, in some cities, organizations spend up to $14,800 per year in real estate costs for each employee. Companies that offer remote or hybrid work situations for employees can save an average of $10K per employee while attracting high-level talent looking for a flexible work environment.
Choosing a shared workspace can reduce your business’s need for a mortgage and in-house IT talent to purchase and maintain leading-edge infrastructure to support leading-edge technology.
Better Technology for Greater Productivity
Outfitting a remote—or partially remote—workforce with technology that can help employees remain productive can be an expensive task. Technology is continually changing, requiring an expensive, in-house IT department or a third-party vendor to keep your teams connected and up to date with the latest innovations. A shared workspace takes the pressure off your in-house teams—and your budget—by creating a space that is outfitted with everything your employees need to conduct business. Offices come fully furnished with reception and mail capabilities, advanced presentation facilities for meetings and collaboration, and state-of-the-art network security and office equipment.
Amenities That Increase Productivity
Finally, a shared workspace can bring networking and learning opportunities to your fingertips—without additional costs. Some of these spaces even offer fitness facilities, onsite showers, and beverage centers to help your employees fit more into their workday without stress or hassle.
Let LifeWorking Help You Find the Right Flexible Workspace for Your Budget
Investing in creating a hybrid work environment is a smart move for any business. Flexible workspaces help you attract top-level talent by offering flexibility. They reduce your costs for expensive real estate and IT needs. At the same time, these spaces offer a host of advantages to your remote team, such as leading-edge collaboration spaces and technology; commercial-style printing, scanning, fax, and mail services; and amenities such as on-site cafes and shower facilities.
Importantly, LifeWorking spaces come with pricing packages to fit every budget, no matter how small. From a single-day pass for $40 to an unlimited seven-days-a-week option for $629—and everything in between. We offer a full spectrum of choices to help your business gain access to the facilities and equipment you need to supercharge your remote workforce and bring the advantages and power of hybrid working to your business—and your budget.
If you want a first-hand look at how these facilities can boost productivity for your remote or hybrid workforce, book a tour today. We look forward to showing you how our facilities can easily fit into your business budget—and how the advantages of a LifeWorking space can help optimize your return on investment in 2023.