In today’s workspace industry competition is on the rise. Big name players are moving into markets at lightning speed. Corporate uptake is hot and won’t be slowing down anytime soon. What this means for workspace operators is that the opportunity for expansion is limitless. However, to keep on track for flexible workspace growth, you must run a well-oiled operation and a tight financial ship.
The best way to have a bird’s eye view of your workspace portfolio is to run consistent and frequent reports. Comprehensive reporting is the best way to project the current and future success of your workspace. Below we’ve outlined the top ten reports to track and project flexible workspace growth.
Forecasted Contract Revenue
Project your business performance over the upcoming periods by running reports on forecasted revenue based on contract start and end dates. You should always know where your business will stand in three, six or nine months’ time. This report will help you project rent allocation for future sites, fit out costs you can afford, and sales and marketing initiatives to drive demand at new locations.
Occupancy Forecast Report
The ideal occupancy forecast report will present you with the square footage of your rentable units and spaces and an associated price. With integration to your inventory and license agreement managers, this report will project the amount of revenue you’re bringing in based on your occupancy over a selected period based on license start and end dates.
Actual income reports give you clarity about the money you’re making from your existing contracts, memberships, and products so long as they’re classified by groups or codes within your reporting platform.
Keeping a close eye on license agreement and renewal dates is vital when you are planning for expansion. This level of reporting gives your center manager a chance to speak to customers whose renewal dates are coming up and increase the rates where possible.
Current and Historical Rate
Measure the current month’s total rate per square foot and historical rate over time so you can consistently compare business performance over time. More granular reporting provides insight into recent deals done to determine if they are equal to or greater than deals made in previous time periods to adjust business projections where needed. Current pricing versus average market pricing is a good indicator of flexible workspace growth and whether you’re making marginal positive gains or taking steps backward.
Incoming Leads to Deals Closed. On a regular basis, successful operators are tracking the number of leads that enter the pipeline and are closed compared to previous time periods. Tracking and analyzing these numbers help operators make substantial sales decisions that ultimately contribute to generating more revenue for growth.
Aged Debtor Reports
Don’t let delinquent customers and debt fall through the cracks. Stay on top of what’s owed to you with aged debtor reports. Get a detailed view of outstanding balances owed to you by customers and just how far back their debt extends. Set a limit on your grace periods and follow through with sanctions when customers don’t pay.
Deferred Income Reports
Deferred income sits on your books as a liability until the service is delivered, at which point it becomes revenue. Tracking and running frequent deferred income reports shows you the money you’ve received for services not yet delivered. Save time for your accountant and achieve accuracy at the time of billing so that income for products and services posts in the correct billing period.
Product Group Analysis Reports
Understand the total spend on your various product groups. From private offices and meeting rooms to virtual and residential member spend, you must understand how your offerings are performing and which generate the most cash. This report will provide a good indication of how to repurpose your space in existing sites. Or it could help you reconsider the balance of space you offer at future sites when expanding.
Point of Sale Transactions
Get the full view of what ad-hoc charges are coming in through your point of sales transactions. Are they meeting room bookings? Snacks or coffee? Perhaps day-passes. When revenue from Point of Sales pique for a particular product or service category it’s an indication to expand that offering and optimize revenue potential at your existing and future sites.
Comprehensive reporting is key to the financial health of your workspace organization. Workspace management software that integrates each pillar of your business is the most reliable way to get both a bird’s eye and a granular view across your entire operation. For more information on reporting capabilities see what Operate from essensys can do for your workspace operation.