A PARTNERSHIP THAT WILL ONLY GROW
In making this choice it would be an understatement to say that we did our due diligence. We had our technology team do a deep dive into Essensys’ platform and make sure it was capable of handling not only our needs, but those of our customers and members. We then allowed our operations team to spend a couple of months doing demos to make sure that it was a universal improvement on our existing platform and possible competitors.
We undertook this change in order to allow our teams to focus significantly more time on servicing our client’s needs and avoid troubleshooting issues and dealing with vendors for a myriad of different technology platforms.
I believe that our partnership with Essensys will continue to grow as they are dedicated to advancing their platform and product within the marketplace and retaining the level of commitment to our business that we saw during the migration. The transition process was one of the smoother, if not the smoothest technology migrations of that scale that we have ever done. These things are never as easy as you think. The difficulty of a transition, along with maintaining and running a business, begins and ends with the quality of people that are on your team. I would consider Essensys as a partner to that end.
Long term, I am quite bullish about the industry and the business overall. I see the macro trends within the marketplace pointing towards more businesses wanting the kind of flexibility and scalability that our industry and business offers them. In the short term, I see some challenges surrounding the large number of inexperienced competitors creating oversupply, among other things. However, in time, a lot of that should even out. It is my opinion that the ability of a company to effectively compete in this industry is going to become less about their ability to market and brand themselves, and more about how well they — as a business — are able to execute on their bundle of promises.
A number of general advances in software, technology, demand in the marketplace and growth of awareness regarding flexible workspaces are allowing us to build the business that we envisioned 5-7 years ago. The world seems to have finally caught up with our vision. We are now at a point where we can actually start to focus on building and growing the business in the manner that we have always wanted to. If I had to summarise my position in one word, it would be: excited.
We are currently at 6 locations. At a minimum, we hope to triple that business over the next 2-3 years — possibly expanding into new markets. Within a shorter time span, we are looking to open 3 new locations that will allow us to test a few theories that we have around what the future of this industry and workspace design will look like. We are undertaking a certain amount of measured growth to prepare the business for another round of larger and more explosive growth beyond that. I want to make sure that my team is fully enabled, empowered and capable of executing on the growth in a manner that is highly scalable and repeatable.