Is Your Business Growing Rapidly? Here’s How To Manage with flexible coworking spaces!

Date: Mon Sep 26 Author: Chelliah Nakeeran

Whilst the economic future looks uncertain, some UK businesses have the opportunity to capitalise on a market downturn. Every recession presents business opportunities.

As Del Boy would say, ‘he who dares, Rodney, he who dares.’

The increasing shift to digitalisation and mobile payment gateways, in particular, indicates the coming years will be lucrative in the fintech space and insurance companies.

But decisions need to be made to navigate the rocky ground. Growing a business in fast-paced markets requires foresight. One consideration that shouldn’t be overlooked is how your company will scale.

The obvious option is to lease office space that enables you quickly increase your workforce. But in the meantime, you’re paying for space that you’re not using. And if resources need to be carefully managed, you could be spending that money more effectively in other areas of your business.

The alternative to a fixed-term office lease is to rent coworking space. Shared offices give you the flexibility your workforce demands whilst enabling you to manage your overheads.

Low Start-Up Costs

Whether you’ve been up and running for several years or looking to establish your brand as a key player in the fintech space, being visible to clients is critical.

Whilst finch companies can work remotely, adopting office space for your headquarters projects a professional image and helps to build trust with consumers.

Yet the cost of leasing office space in London is through the roof. Quotes range from £40 per sq. metre to £85 per sq.m. The Financial Times reports that London’s office leasing market is 8.2 per cent higher than in December 2021.

On top of that, growing companies require continuous investment in office furniture, computers, air-conditioning, photocopiers and a raft of other amenities that are typically associated with a fully-functioning office.

Moving into a coworking space enables you to lower your running costs and free up cash flow significantly. Moreover, you can set a monthly budget to one side so that always know what your outgoings are for office space and meeting rooms.

Avoid Long-Term Financial Commitments

Whilst most coworking spaces will enable you to save money, it should be noted that every company has a different model where terms and conditions apply.

You will find that most coworking spaces tie you to fixed long-term contracts – usually 12 months. This is not an arrangement that will work for a growing business that needs to scale quickly to accommodate more staff.

The alternative option is to go with a coworking space provider that enables you to rent office space out by the hour. Not only does this avoid being pulled into a long-term commitment that stifles growth, but it also enables you to cut down on your monthly expenses so that you can grow even quicker.

Facilitates Flexible Hours

The modern workforce wants flexible working arrangements. A study published by Gallup indicates the preferred choice of business model is to switch to hybrid working.

The hybrid model means most offices will only have a skeleton staff. Leasing office space or tying yourself into fixed, long-term contracts waste money you don’t need to spend.

Renting coworking space by the hour facilitates flexible working. And because BluDesks gives you access to offices all over London, finding the ideal location is even easier.

Why Coworking Space Should Be Included In Your Annual Operating Plan

Date: Mon Sep 5 Author: Chelliah Nakeeran

It looks increasingly likely that UK business owners will be searching for cost-effective solutions to include in their Annual Operating Plan (AOP) this winter. According to the Bank of England, the UK is heading for a recession.

England’s central bank has revealed that the 13% surge in energy prices will bring the average household energy bill in the UK up to £3500 this year. The increase in living costs will prompt consumers to curb their spending.

A decline in spending is not good news for business owners that are already feeling the pinch from hefty office leases, an increase in cost for raw materials and higher utility bills.

One solution to significantly cut your operating costs is to let go of the expensive office lease and take advantage of cost-effective coworking spaces.

However, entering a long-term contract with a coworking space that only offers fixed monthly payments may not necessarily enable you to free up cash flow either.

Why PAYG Coworking Spaces Provide Cost-Effective Solutions

Having spoken with multiple business owners in London that have adopted a hybrid model, it’s apparent that many companies are holding on to office space they are not using.

According to a survey conducted by Consultancy Advanced Workplace Associates, UK employees spend an average of 1.5 days in the office a week. 13% of workers only call in on Fridays.

This is money down the drain that could be put to better use.

The smart solution is to take advantage of coworking spaces that offer a Pay-As-You-Go (PAYG) program. With BluDesks, you can book private offices and meeting rooms by the hour – so you only pay for the space you use when you need it.

PAYG coworking spaces help to alleviate the financial burden and plan your operating costs by enabling you to manage your budget closely. You also get access to amenities and facilities you would expect from a fully-functioning office.

Coworking spaces also eliminate utility bills. And the rising costs of energy will suck up even more revenue from small businesses in the foreseeable future. It’s barely worth turning the heating on if there’s hardly anybody using the office.

Flexible Office Spent You Can Rent By The Hour

With more UK firms switching to a hybrid model, access to coworking spaces makes sense. Not only from a financial point of view but also to give your employees more flexibility.

Remote workers will occasionally need access to office facilities such as a photocopier or scanner. Rather than making the hour-long commute to your central office, they could book a desk for an hour in a coworking office 19 minutes from their home.

Not only are PAYG coworking spaces less costly, but they are also more convenient. And BluDesks go one step further by providing access to hundreds of coworking spaces from a central portal.

With a single membership, you can book private offices and meeting rooms by the hour anywhere in the UK. For businesses that need to cut costs, BluDesks could provide a solution that helps you to navigate the recession.

Cut Business Overheads With Coworking Space

Date: Tue Aug 30 Author: Chelliah Nakeeran

Surging energy prices, increased living costs and an uptick in office rental fees have put the squeeze on employers and employees. To make matters worse, economists are predicting a prolonged period of stagflation to hit the UK in the second half of 2022.

Utility bills have already increased by 66% since October 2021. If proposed plans to add a further increase of 40-50% this coming October go through, the average cost of household energy bills will hit over £3600 a year. That’s more than double the cost of pre-pandemic energy prices.

The economic slowdown could have a devastating effect on small-to-medium-sized businesses. In the current climate, business owners will need to find solutions that enable them to reduce overheads and free up cash flow.

In times of economic pressure, cutting costs is always the first course of action. The unfortunate tool is to wield the axe on employees to ease the wage bill.

However, reducing your workforce also means you reduce your levels of production and, presumably, your revenue. Rather than slashing your wage bill, consider eliminating overheads associated with office rentals and rising utilities.

Cost-Effective Coworking Spaces

When you rent office space, you typically pay a ‘business rate’ for the lease which includes a property tax. On top of that, you are responsible for utility bills, maintenance, facilities and office running costs.

In addition, you typically have to rent out an entire office or floor, regardless of whether you’re using the space in its entirety. Oftentimes, businesses are paying for space they’re not even using.

If you’ve adopted a hybrid working model, paying for space you’re not using is noticeable. Furthermore, there may be a cost-effective solution with coworking office providers that charge you for the space you use when you use it.

Coworking spaces allow you to book offices and meeting rooms by the hour. This enables you to manage your costs and save money that is ordinarily wasted if you’re leasing office space via traditional methods.

Avoid the Costs of Downsizing

It’s understandable that some businesses are contemplating downsizing to a smaller office right now. But downsizing still involves unnecessary costs that can be avoided.

Searching for new premises, hiring movers, decorating and potentially paying crossover monthly rental and utility fees quickly racks up costs you could put to better use elsewhere in your business.

There’s a strong chance that the initial outlay of moving into a coworking space will be significantly lower than relocating.

Coworking Space Contracts

Some coworking space providers lock you into monthly or annual contracts. This typically involves paying for space and facilities that you may not need. Consequently, you may not reduce your costs as much as you hoped.

BluDesks give you the opportunity to book space by the hour. This means that you avoid overpaying for space you don’t need. It also allows you to set a monthly budget aside and manage your spending.

Furthermore, we have hundreds of coworking spaces for you to choose from. This makes it easier for your employees to find a coworking space that is conveniently located close to their homes.

As a result, your employees will reduce the costs involved in getting to work in the city and use less energy at home.

Work From Home Racking Up Your Energy Costs? Checkout our cost-effective coworking spaces!

Date: Tue Aug 23 Author: Chelliah Nakeeran

The idea to work from home couldn’t have come at a worse time. As energy consumption was ramped up during the lockdown, the supply of fossil fuels was heavily depleted. Energy companies have since raised their prices to keep up with current demands.

Energy prices have increased by 66% since October 2021. And the government is contemplating a further increase of 40-50% this coming October.

The average cost of household energy bills in 2021 was £1400 a year. It is estimated this figure will rocket to over £3600 this winter. Employers and employees are feeling the weight of the rise in home utility costs.

In times of economic pressure, every cost-saving on offer can help businesses and employees to navigate lean periods. If you’re concerned about running up an energy bill you will struggle to pay, a cost-effective solution is to take advantage of local coworking spaces.

BluDesks make finding a cost-effective coworking space near you even easier. With a single login, you have access to hundreds of affordable hotdesks, private offices and meeting rooms. And coworking spaces also offer several other benefits.

Working With Others

Coworking spaces are great working environments for people that prefer to spend time around others. Whether you operate better when you’re surrounded by the buzz of a busy office or you feel lonely and isolated working from home, coworking spaces are a great place to be around people.

Businesses also have the opportunity to expand their network. Lots of other companies take advantage of shared office space so you never know which doors will open for you. For freelancers, coming into contact with other businesses can be invaluable for building your client base and your portfolio.

But for people that do feel lonely and isolated working from home, being around other people helps you to nurture your emotional well-being. The statistics collected during the pandemic highlighted what damaging effects feelings of isolation and loneliness can have on your mental well-being.

Loneliness is linked with depression. During the lockdown, the number of people with depression in the UK increased by 28%. This is a strong indication that feeling isolated can play a significant role in your emotional well-being.

Cost-Effective Coworking Offices

When it comes to finding a coworking space near you, BluDesks make it as easy as possible. We provide you with a platform that hosts multiple coworking spaces all over the UK so it’s easy to find the ideal space close to your home.

Taking advantage of coworking spaces in your local area cuts down on the cost of travel and enables you to manage your time better. You could even walk or cycle to work to give your personal well-being an extra little boost.

And with coworking spaces available for as little as £2, our cost-effective solutions can help you to get through a potentially tricky financial period. You can turn your heating off whilst you’re not at home.

Paying For Office Space You’re Not Using? Save Money On Coworking Space

Date: Mon Aug 15 Author: Chelliah Nakeeran

The advancement of telecom technologies has made it possible to enable working from home and empower employees. In the post-pandemic era, the majority of employees don’t want to return to the office.

However, a large percentage of executives feel working in an office environment is invaluable. A raft of CEOs heading high-profile brands has publicly aired their opinions about the downside of remote working.

Andrew Bailey, the Bank of England chief, for example, called for more staff to return to the office to train new employees. Goldman Sachs boss David Solomon has labelled remote working an “aberration” and law firms are threatening to shave salaries by 20% to deter employees from working from home.

As a result, some companies are persisting with expensive office rentals in central locations. In the current climate, an increase in expenses will quickly erode company budgets and the purchasing power of your employees.

For firms operating out of central London, continuing to run your business from a Grade A office rental could stunt your growth. Rental prices in the West End average a jaw-dropping £117.50 per square metre – up from around £90 per square metre in Q3 of 2021.

Furthermore, if your offices are based on a commuter belt, the cost of fuel feels like a waste when you’re sitting in traffic. Frustration builds up stress which, in turn, impairs cognitive health and performance.

Hiring coworking spaces resolves all of these problems. Your teams can work together on projects without you bursting your budget, and with office space all over the UK at your fingertips, you have instant access to a whole host of conveniently located coworking spaces with a single login.

Cost-Effective Office Solutions

Switching from rented offices to coworking spaces enables companies to significantly reduce overhead. Rental costs are lower and you probably won’t pay as much on utilities because the bills are shared.

Moving forward there are minimal overheads. Coworking spaces are well-equipped with all the furniture and amenities including photocopiers, scanners, projectors and TV/audio equipment.

If you want to create a hub-and-spoke model, you can use coworking spaces to establish satellite offices – but without the cost of renting an entire office. With BluDesks, you book and pay by the hour – so there is no risk of paying for space you’re not using.

Coworking Satellite Offices

Signing up for a BluDesks membership takes coworking to another level by giving you more options to rent office space and meeting rooms wherever you prefer, whenever you want.

BluDesks hosts coworking spaces in multiple locations in the city you live. This gives employees more opportunities to work together in locations that are conveniently situated close to their homes.

You also have access to hundreds of meeting rooms, so if you need to book meeting rooms on an ad-hoc basis and need to find somewhere quickly, BluDesks reduced the time it takes to find a suitable location.

Alternatively, you can book in “de-facto” private offices by renting meeting rooms for 1 or 2 days per week at times that you dictate.

Working From Home vs Coworking Spaces – Know the New Normal!

Date: Mon Aug 8 Author: Chelliah Nakeeran

The flexibility offered by hybrid working is prompting more businesses to adopt a different way of working. Data coming from the Office of National Statistics show the number of businesses adopting the hybrid model increased from 13% to 24% between February and March this year.

Other reports suggest that 8 in 10 UK firms are planning to switch to hybrid working. Yet the workforce is torn between working from home and working in the office. There are, of course, pros and cons to both options.

Advantages of Working From Home

During the pandemic when companies were forced to send their employees home, it was noted that there was an uplift in productivity. This was due to a variety of reasons, but in general, working from home simply gives employees more time to focus on their work. Some remote workers also report they feel less stress.

The most notable benefit of working from home is they don’t have to commute. This saves employees invaluable time to spend with their family and friends and more money to engage in things they love to do.

Yet the home is not the best place for everyone to focus and be productive. Studies reveal that 61% of remote workers complain about feeling lonely and isolated. This impairs emotional well-being and impacts the ability to focus.

Another report indicates that 70 per cent of people working from home say combining work with the responsibilities of home life causes more stress. WFH employees with children and curious spouses cause them to lose their concentration whilst others are lured by the TV and the packet of biscuits in the cupboard.

Advantages of Coworking Space

Working in a professional environment can help to flick a switch in the minds of employees that are struggling to focus. Coworking spaces can help employees ‘start their motor’ in the morning.

There may also be a necessity to work in an office. Coworking spaces give you access to amenities most people don’t have at home together. There is also a built-in support system from teammates and other professionals that solves the problem of loneliness and isolation.

Balancing Costs

Some businesses find the cost of coworking spaces v working from home prohibitive. The general operating model of most shared office providers locks you into monthly contracts – and in most cases, you are paying for services you don’t use or need.

BluDesks resolve the issues of cost by offering pay-as-you-use coworking space and meeting rooms. With our business model, you have an easier time managing your business costs and organising your workforce. We also give you access to hundreds of coworking spaces all over the UK so your employees can choose an office that is most convenient for them.

With BluDesks, you book shared office space by the hour. So to manage your costs, all you need to do is set a budget and work within your limits. For more details, contact a member of our friendly team today, or simply sign up for a Corporate Membership.

Are You Paying For 30 Days of Shared Office Space And Only Working 10?

Date: Mon Aug 1 Author: Chelliah Nakeeran

Coworking spaces have proven to be extremely advantageous in helping businesses to navigate the various stages of the pandemic. Enterprises switching to a hybrid model in the post-pandemic era will continue to reap the benefits.

However, spending money on coworking spaces is not all roses and champagne. The vast majority of shared office providers lock users into fixed-term contracts – which means you usually pay for space and amenities you’re not using.

Our data shows that most companies adopting the hybrid model spend, on average, about 10 days a month in the office. This figure is calculated from the number of hours users are physically present in the space they are paying for.

When you’re locked into a fixed-term contract you pay for 30 days a month no matter what. And coworking space contracts include broadband, various office facilities and any additional services you may have requested.

When you do the maths, it’s clear to see that businesses are overspending. In the current financial climate, throwing money at 20 days of nothing is a waste of resources you could put to better use.

Pay-As-You-Use Coworking Spaces

Today’s workers want flexibility and cost-effective solutions. For a company that has switched to hybrid working, pay-as-you-use coworking spaces tick all the boxes.

The pay-as-you-use coworking space model allows you to book office space and amenities by the hour. All you have to do is book the amount of time you want to spend in the office – and that’s all you pay for.

This high level of flexibility enables office managers to manage costs accurately. You can still accommodate staff members that are due in the office on any given day – but, crucially, you’re not overpaying for space.

Bludesks also takes flexibility one step further. We provide our users with a global pass which you can use to book office space anywhere in the world – with a single membership.

With BluDesks, you only ever need to log in and browse one website to get access to multiple private offices, hot desks and meeting rooms. This also means your employees can work in an office environment that is closer to their homes – which is better for their pocket and your ESG rating.

BluDesks Membership Pass

We don’t see the sense in forcing businesses and freelancers to pay for coworking space and amenities they are not using. It’s not fair on our clients – and you could use that money to help grow your business.

Our model is designed to make finding coworking office spaces, fast, convenient and easy. It also enables you to avoid paying for office space and amenities you’re not using.

The BluDesks personal membership and corporate membership passes give you instant access to thousands of coworking in one easy-to-use platform. You can book through our website or mobile app and pay as you go. It’s that simple.

Don’t Overpay For Coworking Spaces in London

Date: Tue Jul 19 Author: Chelliah Nakeeran

Coworking spaces in London can provide a lot of solutions to a lot of companies. However, before you rush into an agreement with a coworking space, survey your options.

Not all coworking space contracts in London will offer you the right solution!

Coworking spaces provide many benefits including convenience, dynamic environments in fully-functioning offices, access to private offices and meeting rooms plus much more.

But the biggest draw for most companies is that coworking spaces are cost-effective. Unlike traditional office contracts that are signed for an average of six years, coworking space agreements are typically short-term, 1 or 2 years at a time.

This means that renting coworking space has less financial risk than traditional office leases and enables you to be more flexible in your shop-term planning. You also pay fixed costs so there are no unexpected and unplanned costs such as fluctuating energy bills and maintenance costs.

Some coworking space agreements also mean you will avoid having to pay for the full term of a contract if you leave the premises before the contract expires.

However, not all coworking space agreements offer any flexibility on the condition of the contract. As a matter of fact, most coworking spaces in London tie you into fixed-term contracts – which can be pretty costly, and force you to pay for services you do not need.

Of course, the type of contract that best suits you depends on the nature of your business. Some business leaders prefer long-term leases that give you stability over agility.

Most businesses, especially fledging businesses and start-ups, will benefit more from flexible contracts.

Benefits of Flexible Coworking Space in London

With BluDesks, coworking space in London offers you all the flexibility you need – which makes managing office facilities cost-effective. You only pay for the office space you want – when you need it.

In the absence of a rolling contract, you are not tied to fixed terms. This means you are not paying for space that is not being used. Let’s say, for example, you rent a private office that is large enough for 20 employees. But you only have 15 employees.

With these types of coworking space agreements, you are paid for the space regardless of the number of people occurring in the office. That means you are overpaying for space you are not using.

With BluDesks, you can rent hot desks and private offices for each individual. That means you are only paying for the space you are using. And with coworking spaces for as little as £2 per hour, our pay-as-you-use service gives you more control over your outgoing costs.

Moreover, you have access to thousands of flexible workplaces and offices all over the world with a single-member pass and a one-time registration process. Finding coworking spaces and meeting rooms with BluDesks is simple, cost-effective and time-efficient.

How Coworking Spaces In Satellite Towns Improve ESG

Date: Tue Jul 12 Author: Chelliah Nakeeran

In times of growing concern around environmental damage and the rising cost of energy, business leaders should be considering the impact of Energy, Social and Governance scores (ESG).

Reporting on ESG is a way for governments, investors, consumers and employees to measure corporate responsibility and CO2 emissions. A key benefit of ESG is that it can help drive business growth.

On the flip side, it can ESG scores will have a significant impact on business continuity. Investors already assess the financial implications a low ESG score will have on a business.

Deloitte report that companies with the strongest ESG scores influence decision-making in the financial sector in terms of long-term investments. PwC also reports that 83% of consumers believe companies should be actively addressing ESG scores.

Despite the financial incentives at stake, numerous businesses feel hamstrung. In many cases, they do not have the financial resources to reduce their carbon footprint without compromising productivity that creates existing revenue streams.

Inflation, and the impending recession, also make it difficult for businesses to make realistic financial decisions that will improve ESG ratings. The government’s renewable energy solutions don’t provide a tangible return on investment over the short-term.

Coworking Spaces Help Businesses Cut Costs

Whilst ESG promises financial incentives, business leaders are faced with the prospect of shelling out over £10,000 to install a renewable energy system. Businesses with a high power demand are looking at an initial layout of between £30,000-£40,000.

At the lower end of the scale, the UK’s renewableenergyhub estimates the average annual savings are estimated to be around £1884. That means the minimum return on investment won’t be seen for the biggest part of a decade. And probably more for most companies.

The down payment to switch energy suppliers is a significant slice of your investment pie. Boards that are unable to invest in their business growth remain stagnant.

Renting coworking spaces can help businesses to save on having to invest in a renewable energy system. Not only that, coworking spaces reduce your overall utility payments and improve your ESG score. Especially if your employees take advantage of ad-hoc facilities in satellite towns.

Reduce Environmental Damage

A key measurement of ESG is focused on environmental damage. This takes into account how much accumulative electricity and fossil fuels your business uses. That includes utilities and the amount of fuel your employees use commuting to and from the office.

The more energy-efficient your business is across the board, the higher your ESG score will be. Renting coworking spaces not only helps you to reduce the amount of electricity and water you consume, but also reduces the amount of CO2 your employees emit into the environment.

BluDesks take energy efficiency one step further. We rent office space, private offices and meeting rooms on an ad-hoc basis. This means you are only responsible for the electricity you use when you are using the facilities. This helps you to record a lower rate of energy usage.

Not only that, we provide you with access to multiple coworking spaces and meeting rooms all over the city you live. This gives your employees easy access to affordable coworking space whenever they need it

Coworking Spaces Could Help The Wage Increments Challenge

Date: Tue Jul 5 Author: Chelliah Nakeeran

As employees feel the pinch of inflation, CXO’s and HR managers may face several difficult conversations in the coming weeks. Trading rented office space for flexible coworking facilities can help to free up cash and keep your workers happy.

An increase in living costs, sky-rocketing fuel and energy prices together with tax hikes has devastated the income of families all over the UK. The Office for National Statistics (ONS) reports that 9 in 10 adults say their living costs have increased whilst 23% report they are struggling to pay typical household bills.

Low-income families naturally spend a larger proportion of their earnings on food and energy. Living costs have leapt by 9% whilst wage increases averaged 4.1% – less than half the rate of inflation.

Business leaders are bracing themselves for an influx of employees asking for pay rises or other types of benefits. But with a potential dip in revenue, making ends meet and keeping your employees happy may require decisive action.

To cut costs.

Coworking Spaces Cut Costs

Bloomberg reports that one in five UK workers expect to leave their job in the next year in search of better pay and more job satisfaction. Replacing employees is more costly for businesses that retain a trained and experienced member of their workforce.

It is estimated that the cost of replacing employees is between 6-9 months of the employee’s annual salary. That takes into account the loss of productivity, training expenses and the cost of recruitment.

A key part of retaining your best employees is how well you compensate them. Depending on their age, some employees will look for other opportunities if they do not feel respected or if they’re not permitted to work from home.

The ONS reports that 80% of UK workers would prefer their employer to adopt a hybrid model. This gives them the opportunity to work from home for part of the week and in the office for part of the week.

Hybrid working fulfils the needs of employees and has numerous benefits for employers also. In fact, it ticks so many boxes that the hybrid model is expected to be adopted by 84% of UK firms.

Rent Coworking Spaces with BluDesks

Renting coworking space with BluDesks gives you the flexibility to facilitate a hybrid working model and significantly cut the cost associated with renting office space.

With a single login, you have access to hundreds of coworking spaces in London and all over the country. Actually the world. Moreover, our pay-as-you-go model means you only pay for the space you use – enabling you to manage your costs. For example, if you only need a meeting room for one hour, you only pay for the hour.

The coworking spaces available give your teams more flexibility to work where they want and save money on travel and food. Whilst these costs savings may still need to be supplemented with wage increments, BluDesks provide you with a solution that enables you to reinvigorate your financial resources and keep your employees happy.