5 Ways to Be Profitable and Grow Your Shared Workspace
If you’re operating across numerous locations or have an expansion on the cards, maintaining strong financial growth across your flexible workspace portfolio will always be a key focus. However, there are some easily avoidable mistakes which can have a significant impact on your finances that happen all too often. To make sure you’re avoiding these pitfalls and staying on track for strong and consistent growth, let’s take a look at five vital tactics that we see some of the most successful workspace operators utilizing to be profitable and stay on top of the market.
In this article:
Automating the Lead Process
At first glance, lead generation may not seem a complicated concept in terms of pushing for and maintaining strong financial growth. But as your portfolio expands, making sure your pipeline is full of high value and qualified leads can be tricky for even the most veteran sales team.
A logical first step to begin making sure you’re maximizing your lead generation and pipeline is to begin utilizing automated emails and smart lists. By automating workspace tour requests and general enquiries, you’ll be able to spend more time qualifying the opportunity. One of the greatest benefits of an automated system is that it frees up invaluable resources and time for you to make sure your existing and future members are receiving the best experience in your flexible workspace as possible.
A simple way to get started with automation is to have an integrated web to lead system on your website, giving prospective members a seamless way to engage online with your workspace and plan viewings around their schedules. With automated templates set up for each touchpoint, continued engagement with the prospect until you close the deal becomes a streamlined process.
Maintaining financial growth shouldn’t stop with automation and refinement of your lead strategy. Operators can maximize their financial growth by publishing membership plans, meeting room space or virtual office packages online, ready for purchase. Plus making any ancillary services available automatically upon a service being selected.
Optimising Billing Solutions
Billing solutions can turn what many flexible workspace providers find to be a reoccurring monthly obstacle into a far more manageable process. By automating billing, not only do your workspace members and tenants receive automated invoices based on what services they’ve signed up for or used, but you’re freed up to effectively manage your community based on their needs, be that expanding membership types, opting them in for different services or increasing member retention with renewals.
By automating the billing process, not only do you turn a headache into a painless process all with the touch of a button, but you also capture all charges accurately meaning that the possibilities of lost revenue are greatly minimized. Furthermore, with these processes in place, you can offer your members numerous ways to pay, giving them the option to select whatever most suits their needs, making paying their bills as pain-free as possible.
For secure, simple and automated billing, it’s important that you’re funneling the correct data from your members into your workspace management software from the first touchpoint. Data accuracy and a reliable workspace management platform are a powerful combination to save time and energy in human error and to deliver a great member experience.
Understanding the Importance of Real-Time Data
Having access to real-time and accurate data in your workspace management platform gives you a huge upper hand when it comes to making both high-level and granular decisions quickly and confidently. With the ability to see different and relevant metrics at play and highlight important events when they happen you’re able to uncover a wealth of opportunities and to potentially expand your already existing member contracts even further. Additionally, with the ability to delve deep into the finer details of each workspace member or tenant, you can see exactly what products and services they’re consuming and what they could be using more of, opening up a wealth of up-sell and cross-sell possibilities.
The accurate data available to you will also greatly help you understand your growth forecast, which is ideal if you’re planning to expand your flexible workspace portfolio. This data can provide you with metrics and KPIs across all your sites, making it possible to view from a single dashboard, providing an unparalleled view into each shared office or workspace member.
Implementing Point of Sale Interfaces
Many operators have integrated powerful point of sale interfaces into their flexible workspaces providing a perfect solution to dynamically capture any last-minute sales, cross-sell and up-sell opportunities.
With just a few clicks, members can be signed up in the system and then can request or purchase services immediately and simply from dedicated apps or even tablets placed throughout your shared office. Everything from Wi-Fi options to catering can be managed by the point of sale system. Once an order is completed, a charge sheet is generated which is then automatically transferred to the next produced invoice, helping you generate more revenue while also providing your members with an optimal experience of your workspace. Employing smart workspace management software allows operators to maximize their ability to capture each sales opportunity while also minimizing the risk of revenue leakage. Point of sales systems are a key tool for ensuring the strong financial growth of your workspace portfolio.
The devil is in the details when it comes to adding value to your shared office. From implementing robust tech solutions to maintaining a desirable space density for your members, smart software helps keep flexible workspaces profitable and on track for growth. In an increasingly competitive market, it’s important not to ignore simple ways to improve and add value to your shared workspace.
A good starting point is to add the right IT and products and services to your workspace to deliver greater value to your members and in turn grow your workspace portfolio. It’s vital to offer your members space and office solutions that work for their business. For example, despite there being a shift towards mobile only workspaces, making sure you have VOIP services ready to go if members require them is an easy way to bring in additional revenue. In fact, according to the recent industry financial survey, operators running serviced offices reported an additional $81,000 revenue just from voice services.
Looking at recent market trends, corporate coworking uptake is on the rise. From VOIP to community portal, you can evolve your membership base by encompassing all the needs a corporate tenant may have. (For more on corporate coworking click here). Nonetheless, your workspace services offering can and should go further than just VOIP or telephony services. For example, virtual options can also add value to your flexible workspace and, can even convert virtual members into full customers.
This is a non-exhaustive list of best practice and products available for growing the finances of your flexible workspace portfolio. By adhering to these, you can avoid some of the basic mistakes while gaining the most benefit at the same time.
The most important lesson to take away from this is that the more you can automate and simplify your processes, the easier achieving profitability and financial growth will be. Freeing up important time and resources to further qualify leads and get people through the door and into your flexible workspace is crucial. This, alongside with having robust technology infrastructure and ad-hoc solutions and services in your workspaces, helps to ensure each of your members is happy and making the most of the services you offer.
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