Office Space Advice
Regus Offers Business Recovery Advice
Published October 22nd, 2009 by Jennifer LeClaire
As the economy starts to inch its way out of the recession, one question is on the minds of many small business owners and entrepreneurs: What can you I now to make sure I don’t miss out on growth opportunities later?
According to Regus, a few baby steps now may lead to giant strides for savvy small businesses. Regus believes there are five steps that small businesses should take now to position them for the eventual economic upturn. Let’s explore each of them.
1. Differentiate to Stimulate. Price cuts may stimulate demand, but they aren’t the best approach for small businesses. Businesses are successful when they become known for something other than cost – whether it’s outstanding service, impeccable quality, or a product or service that no one else offers. Start to think about what your business can become known for, and how you can set yourself apart from competitors. Then invest wisely in that aspect of your product or service. Even before the economy turns, you may find customers seeking out your business.
2. Shop Around for the Best Bargain. Right now, office space is cheaper because it is plentiful, but just because it’s a good deal doesn’t mean it’s the right time to commit to a long-term lease. Instead of signing an expensive long-term lease and drawing down your cash, use a “part-time office,” which gives you a private place to work at a professional business center – without the overhead cost.
3. Button Up the Budget. With bargains available on everything from office furniture to auto leases, you may be tempted to splurge on some upgrades for your company. A better option is to look for auctions of office furniture and equipment as a way to outfit your office with good quality pieces. Or consider office space that comes fully furnished, limiting up-front costs. Reduce spending on the office equipment that it’s not necessary to own – such as photocopiers – and either lease them at attractive rates, or use storefront providers that offer these services.
4. Staff Up Smartly. If you have been running lean on staff, you might be thinking about hiring. But before you expand your employee base, consider alternatives to leverage senior talent at junior prices. Many executives affected by the recession are offering consulting services, giving you experienced management skills without adding to your permanent payroll. Consider taking advantage of their experience, without any expectation of longevity. Executive knowledge can be used to investigate the launch of a new product that you haven’t had time to fully explore or implement a program that shows a solid return on your investment.
5. Test New Markets without Breaking the Bank. Even though the economy is still on shaky ground, it doesn’t mean that there isn’t an opportunity for new revenue to stream. One way to tap into new revenue sources is by expanding to new markets. A virtual office allows you to dip your toe into the water and test drive a new market for as little as a few hundred dollars a month. Not only will a virtual office provide you with a prestigious, high profile business addresses, but a local receptionist will answer your calls in your business’ name and forward them per your direction. If the market is successful you can expand your operations…and if it isn’t, your risk and investment is minimal. Short, sweet and simple!
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About the Author
Bill Brookshire October 22nd, 2009 at 10:48 am
Regus is doing everything it can to position itself as the go to brand for office space value. I think it’s smart for Regus to offer these tips. It shows a holistic concern for small businesses and entrepreneurs. With the Regus brand doing business in global markets, this advice is solid and based on experience.
Marcus Hester October 22nd, 2009 at 10:58 am
Differentiate to stimulate. I like it. I liked this because, unlike some of Regus’ other advice, it isn’t solely focused on how to save money with offices but looks at the bigger picture. This article strikes a good balance between office space considerations and other business issues.
Melanie October 22nd, 2009 at 11:10 am
Good stuff. I think it serves as a helpful reminder of the basics of good business. It’s a quick summary of how to approach looking for office space, hiring people, expanding into new markets, etc. Nothing earth-shattering here, but certainly solid information that companies would do well to heed in this time and at any time really.
Melanie Jones October 22nd, 2009 at 11:10 am
Good stuff. I think it serves as a helpful reminder of the basics of good business. It’s a quick summary of how to approach looking for office space, hiring people, expanding into new markets, etc. Nothing earth-shattering here, but certainly solid information that companies would do well to heed in this time and at any time really.
Elizabeth Sanchez October 22nd, 2009 at 11:48 am
I like the type about being budget minded. There are so many deals to be had right now, from office leases to office equipment, etc. But that doesn’t mean you should splurge on it. Investments in offices and equipment are nothing to enter into lightly. You have to make strategic use of your money in a recession, even if you are riding high.
Premier Business Centers Renews Executive Suites Deals in California October 23rd, 2009 at 10:55 am
[...] good and bad economic times – as much as 65 percent a year (based on a 1,000-square-foot office). Regus cites a similar statistic. Where do those cost-savings come [...]