The costs of running an office are high, all the more in the current economy impacted by the coronavirus. Thus, it is essential to save as much money as possible where you can. However, reckless budget cuts and attempts at frugality could end up hindering your employees, which would only hurt you in the long run. So the question remains: how to best go about this without negatively impacting the productivity of your employees? Well, here are some ways to save money on your office space while still maintaining the efficiency of its operations!
Plan properly to save money on your office space
You should look to the future when choosing your office! Do not simply take into account the current number of your employees. Think about whether you are likely to need more space or, perhaps, if you will need less of it. Some of your employees might, for example, decide (or be forced by the circumstances!) to work from home. This will leave you with empty space no one is using, yet you are paying for all the same. On the other hand, having to switch offices because you do not have enough space would be just as bad since you could potentially be held in breach of contract if your lease is long-term. Of course, you cannot possibly predict every eventuality, but it helps to try and predict the most likely course of events as one of the ways to curb any potential losses.
You need to keep several things in mind when negotiating a lease:
- Ensuring flat fees for utilities. While you could potentially be paying more than you would have for usage some months, stability in finances is vital. Knowing exactly how much money you need to pay each month will help save money elsewhere.
- Make sure you can renew the contract. You do not want your current lease to run out only to find out you can’t renew your contract! If you find a good place, you want to keep it.
- Clarify the cancellation clauses. If you need to cancel your lease, know exactly what it would cost you and have it clearly put into the contract.
- Ensure you can sublease your space. You will likely not need it, but it is good to have it as an option.
Do not be extravagant
Make sure your space is functional and only functional. Do not try to furnish your office to impress! Expensive furniture and decorations will not help in the day-to-day running of your office and will be a drain on your budget to both acquire and keep them in pristine condition. Purely functional furniture might not be as aesthetically pleasing, but it is more durable and far easier to replace if it gets damaged. Besides, you want an environment where your employees feel at ease and can perform at their best, not an unbearably stuffy office where they feel uncomfortable. Additionally, don’t forget to think about how you will get all the furniture pieces into the new office space. If you feel like you lack the time or skills, the team at evlmoving.com advises letting professionals handle this task. Moving heavy furniture on your own can be risky, so don’t put yourself in needless danger!
Check if you qualify for support
Due to the current epidemic, most cities have drives and programs to support local businesses. Check thoroughly whether you qualify for any of them. The aid can come in several different forms, for example, rent support or getting to delay the payment of your utility bills! Other types of support can come in the form of subsidies or perhaps even loans with no interest rates. At any rate, every little bit helps and can also significantly reduce your financial stress.
Transition to work from home to save money on your office space
Working from home does not only help prevent the spread of the virus; it is also a great way to save on the space and resources you need in your office. You might be able to declutter your workspace and maybe even downsize your office. Even if it seems like they have to work in the office due to the necessary equipment, it might be possible to move some of it into their homes. So, talk to your employees and discover how viable the plan to switch is. Who knows, you could even end up not needing an office at all!
Earn some money back
You do not need to limit yourself to only cutting down your costs, however. Provided that you have done as we suggested and made sure you have the option to sublease your office, there are several ways you can actually profit from the space you are not using.
- Sublease space you are not using permanently. If some or most of your employees have switched to working from home, you might be able to lease the space to another, smaller company. Simply buy partitions if you have one large space, or designate a couple of offices you need for your key employees who have to work from the office. The rest of the office can now become a source of profit rather than a drain on your resources.
- Rent out your office space on the weekends. If you do not work during the weekend, you can rent out your space (or equipment!) to another company or even just individuals. If you have specialized equipment, students who cannot afford to own it but need access to their studies might be interested, and you would get an excellent opportunity to scout potential employees!
- Share an office with another company. Rather than subleasing the space, you might want to simply go into renting together with another company. This would let smaller companies merge their resources, from sharing equipment, splitting the bills, or even borrowing each other’s employees if you are in similar businesses! When looking for someone to provide easy transfer to the new office, you could also hire commercial movers together and share the cost. All of these would both make the situation easier financially and let you grow together, which might open new possibilities for both parties.
This concludes our guide on ways to save money on your office space! We hope it was helpful and that you will find a way to incorporate at least some of our advice into the daily running of your company. Just remember: you must find what works best for you and your employees.