7 Benefits of Coworking for Business in terms of People and Productivity
Coworking is a business solution that can help enterprises in terms of recruitment, productivity and profit, networking, and so much more.
- Larger companies are realizing the significant benefits of flexibility provided by coworking spaces.
- Common Ground can provide all these benefits and seeks to partner with more companies to give its members additional privileges and more opportunities for growth.
Whether you’re starting, growing, or maintaining your business, you have to constantly deal with people, money matters, upgrades, technical issues, and, in some days, lack of good coffee.
Perhaps getting a coworking space is the last thing on your mind when it comes to dealing with these business challenges. Many people think that coworking is only made for freelancers and solo entrepreneurs.
But coworking is not just shared space. It can actually be a real business solution that can lead to better talent acquisition, a powerful professional network, improved productivity and profit, and business flexibility that works for growing and larger companies as well. Here are 7 benefits of coworking for business leaders who want to make a smart choice.
1. The ability to start NOW.
Building or looking for a place to start or expanding a business normally comes with incredible costs in construction or property rental, in setting up equipment and other furnishings, not to mention the hassle of processing paperwork and logistics. What if you could skip all that and run your business now?
With coworking, you can. Coworking spaces are fully furnished and fully equipped. The use of Internet, printers, phones, a variety of workstations, meeting rooms, lounge areas, and pantries are some of the common amenities provided by most coworking spaces.
You can also opt for private offices to fit your team. There are even coworking operators that would let businesses customize a space to suit their needs. Some even have their own team of top architects and designers ready to modify a space based on your preferred layout, brand identity, and other operational requirements. With ready-to-use features and services, all you need to do is to go there with your team and you’re all set to work.
2. Find top talents literally where you are.
An office’s location is a great factor that affects one’s decision to take or keep a job. A Nielson survey shows that 62% of millennials would want to live in urban centers. Most coworking spaces, especially those in the Philippines, are situated in central business districts (CBDs). And work in these business addresses are more attractive to young professionals who have residences within or nearby CBDs.
Better yet, find talents inside the coworking space itself. Coworking spaces are teeming with human resources in different lines of work. You could meet them just by roaming around the area or in events organized by the coworking provider. Changes in business landscape and advancement in technology caused the rise of freelancers and remote workers who are common users of coworking spaces.
Another way coworking spaces help companies in their recruitment is through their vibrant, youthful, and Instagram-worthy interior that appeals to millennials. There are also premium coworking spaces that have recruitment specialists onboard, so you have someone you could turn to for staffing assistance.
3. Grow your professional (and personal) network.
Coworking for business is all about networking. Here, you don’t just get to find people that can work for you, but also people you can work with. With its open environment, community events, and other activities, people and organizations have lots of opportunities to interact, collaborate, and network with each other.
Even the mere presence of your business there exposes you to potential partners, investors, and clients. In the same way, it takes your company out of its limited backyard and into the larger world of business.
In fact, Harvard Business Review in 2017 revealed that 82% of respondents reported an increase in their professional network because of coworking, and 64% identified their coworking network as an essential source of work and business referrals.
And it doesn’t have to be all about work. One of the benefits of coworking for business is forming friendships outside of business. Perhaps you’ll meet other Game of Thrones followers you could invite for a TV marathon or sports enthusiasts to join your football team. Because why just find and collaborate with people in the same industry, when you could also meet and connect with other people of the same interests?
4. Increase productivity by inspiration—not perspiration.
The office is almost always parallel to hell. Sometimes the sight of it is enough to trigger anxiety and stress. And these feelings are enough to hamper the team’s productivity big time.
What sets coworking space from the usual office is that it’s all about the experience. Who doesn’t want to work in a place as cool as Google and has coffee that’s better than Starbucks? Coworking eliminates the stiffness and monotony of the traditional office. Based on a 2015 study published in the Harvard Business Review, the sense of autonomy and the space for personal expression are some of the things that make coworking professionals thrive. Also, the atmosphere created by the presence of talented individuals and industry experts is inspiring and infectious. The exchange of knowledge and sharing of experiences could trigger innovative ideas, encourage collaboration and teamwork, and reawaken your employees’ passion for work.
In addition, there are coworking spaces that make consultations with business specialists possible and hold entrepreneur workshops dedicated for growing businesses. These, along with the physical design and overall ambiance of coworking spaces, inspire its users to work and level up, which can affect the company’s revenue positively.
5. Give more focus on growing your business.
Coworking also takes out mundane tasks from its member companies, allowing them to focus on their core functions and primary objectives. In coworking, the day to day routine that comes with running an office such maintenance and security are already taken care of.
Moreover, excellent coworking operators partner with more companies to meet the diverse needs of their members. For instance, with a quality coworking provider, companies can avail of discounts to various tech solutions or get a good deal from legitimate and leading software providers to ease concerns on software licensing. Others even help international businesses move their way around the local business scene.
When looking for a coworking space, choose the one that serves as a one-stop shop that covers not only your basic office needs, but also provide the services and support needed to grow your business.
6. Be everywhere.
One of the key benefits of coworking for business is flexibility. According to a Bloomberg survey, large companies, and not just small businesses, are creating demand for flexible workspaces. These larger enterprises have discovered the substantial benefits this flexibility offers as stated in Cushman and Wakefield’s market research.For instance, a number of projects may require certain teams to move across locations or operate in different sites. Long-term leases for an entire office for limited human count and duration of stay is not a practical choice.
Coworking offers more flexible terms that allow you to pay only for what you need and for how long you need them. It can be reduced to a monthly, daily, or even an hourly rate without creating a huge impact on your cash flow and a big hassle to your operations.
Many coworking spaces have multiple facilities in different prime locations, allowing members to work at the most convenient place for them. Some international coworking spaces let members check in to their facilities abroad, providing greater value and convenience.
7. Have a high-end office at a low cost.
Knowing all these benefits of coworking for businesses may get you wondering, it really must be worth something despite how flexible it is and how much you could save from office setups and long-term leases. After all, anything upscale and valuable comes with a price tag—or hidden charges.
Coworking has a straight-forward pricing scheme. For as low as Rs 5,000 to Rs 15,000 per month, you can have an awesome space that inspires people to collaborate and work, and a place they can look forward to every day. Invite potential investors and partners where they are most convenient, and confidently present ideas and projects to them in an impressive, modern meeting room, instead of squeezing in a confined space or an ordinary coffee shop.
Besides the affordable cost, many coworking spaces are looking to team up with top companies to provide their members with additional privileges and discounts for products and services beneficial for their business operations. Thus, creating more value for their money.
Across the world, more and more companies are taking advantage of coworking spaces. In fact, the largest economic cities in India, like Delhi and Mumbai, have seen as much as 20%-25% reduction in operation costs because of coworking.