Running a business is expensive. For many companies, the costs involved in daily business operations can easily overtake the amount of profit being generated.
It now costs an average of £87 per square foot (just 30cm x 30cm) of office space in London, including rent, service charges and property taxes - findalondonoffice.co.uk
Take office space, for example. It can be a big investment, especially if your business is based in London. When it costs £87 per square foot just to have somewhere to work, you need to be generating a huge amount of revenue in order to create a healthy profit margin. Unfortunately, these initial outlays can be damaging to smaller businesses and start-ups before they’ve even had a chance to find their feet.
But there is another way. Many companies are now using collaborative solutions as an alternative to the traditional office space, and these cost-saving choices are spreading to the wider business.
Whether you’re a start-up business looking to establish a presence or an experienced company looking for alternatives to the traditional workplace, shared office space can bring a number of competitive benefits. Offering low overheads, fast set-up and useful networking opportunities, shared offices enable businesses to start working immediately in a professional environment.
As your business grows, a flexible, shared office space allows for reactive expansion and development. Meetings can be conducted in professional looking conference rooms and you only pay for the space when you use it.
It’s clear that choosing a shared workspace offers multiple benefits. As cost-effective options like this grow in popularity, you may be looking for opportunities to save money across the wider business. One major cost for organisations is vehicles; whether employees need cars for weekly meetings or vans for occasional deliveries, transportation is an expensive overhead. Each vehicle requires tax, insurance and fuel, not to mention congestion charges (in London) and the cost of parking.
Company-owned vehicles sit idle for 63% of business hours each week – Zipcar Survey
If vehicles are being used infrequently in your business, an industry-leading car rental organisation may be a collaborative solution. With locally-parked vehicles and competitive rates covering insurance, fuel and congestion charges, the vehicles are on a pay-as-you-go basis so you only pay when you’re using them. With the costs of owning a business fleet growing due to rising expenses such as fuel, pay-as-you-go car rental offers a flexible and affordable travel solution without long term commitment.
Embracing smarter choices like collaborative workspaces and innovative car rental will give your business the opportunity to increase creativity and flexibility, whilst reducing costs and increasing profit margins.
To find out more about vehicles that fit around the needs and budget of your business, download our latest ebook.