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Workspace Finances: Three Pillars to Commercial Stability in the Coworking Market

Workspace Finances Three Pillars

Whether you’re launching, managing or expanding your shared workspace operation, there are three essential factors to strive for when it comes to securing stability of your workspace finances. In a market sensitive to economic shifts and consumer demands, serviced office and commercial real estate stakeholders must focus on: efficiency, scalability, and control within their organizations. Each of these pillars is invariably achieved by comprehensive workspace management technology that can support a dynamic and fast-paced operation and alleviates growing pains.

Efficient Workspace Finances

An efficient shared workspace requires consistent, standardized and streamlined processes. Operators who leverage workspace management software can reduce time, effort and resources spent on mundane tasks, ultimately mitigating the financial burden of operating costs. From billing and invoicing to reporting, the financial health of your organization can be greatly impacted by how tight of a ship you run and the tools you use to run it.

Smart software keeps your teams aligned and provides a seamless experience for your members. From on-line service delivery to e-payment and invoice management, your customers have a direct channel to manage the relationship with your workspace. Software automation will save you precious time and energy that you can dedicate to growing your business and community.

Being efficient doesn’t mean cutting corners, it means being smart about your operation and utilizing tools that remove unnecessary and manual steps between your prospects and your revenue. For example, electronic signature functionality increases the volume of sales deals you close across your space portfolio. Save resources, improve workflow efficiency and ensure consistency with automatic license agreements, electronic delivery and signature all generated from your workspace management system. Seamless integration with your license management and billing tools means a neat, streamlined process and centralized storage for your contracts. Focus on the growth of your workspace finances, not on administrative tasks.

Rather than utilizing multiple disparate tools and systems, consider management consolidation under a single workspace platform. Facilitate service delivery, member portal access and all billing needs under one roof to save you time, money and energy. Don’t spread yourself thin. Utilize a management platform that allows for integrations and even an open API. Plugging custom services or apps into an already robust platform is a powerful combination. It empowers your business with the flexibility to pivot on services or adjust your business model when market demands change.

The nature of the flexible office industry in and of itself demands tools and platforms that are malleable to the needs of evolving customer demands. Integrating systems via an API gives operators access to both complex operational functionality and layers of tools for additional tasks and performance. Business efficiency in your growing flexible workspace business is vital. It also relies heavily on the extent to which your processes and operation can scale, which takes us to our next pillar.

Scalable Workspace Finances

Replicating the processes and procedures that keep your workspace business ticking facilitates growth within your flexible office portfolio. Implementing a workspace management platform that handles everything from sales and prospect management, billing and invoicing and member management allows your growth strategist to focus on growing the business itself, rather than the nuts and bolts of launching new centers.

Software-as-a-service platforms drive scalability in multi-tenanted environments. The simple reason is that storing your workspace business data in a platform powered by secure, reliable and geographically redundant technology infrastructure safeguards your operation and makes it mobile. You can access your data, onboard new members, open new locations and execute your bill run from anywhere in the world, and trouble-free.

Scalable software-as-a-service platform facilitates orchestration of processes such as IT service delivery, creating new entities, and utilizing multiple currencies. You get greater reach to expand your workspace business within a single platform rather than managing multiple disparate locations and datasets. Tier your services and membership offerings with smart software to appeal to a broader audience and acquire new customers easier, generating higher revenue.

As your shared workspace business begins to scale, it’s easy to lose charge of the many moving parts of the operation. Having complete control over your workspace is vital, which takes us to our third pillar.

Controlling Workspace Finances

Holding the reigns of the workspace isn’t always easy with so many moving pieces. Consolidating tools and systems into a single workspace management platform empowers operators with greater command over critical aspects of financial data – which ultimately pave your way to profitability on one hand and growth on the other.

Data is key to understanding how your workspace portfolio is running, what flexible or consistent services and products your members are consuming and projecting your data into actionable insight to make better, more informed business decisions. A single repository for capturing information, reporting and interacting with your members provides growing workspace operators the insight and direction they need to open new centers in a methodical way.

Automation and on-demand service delivery platform puts your staff in full control of IT provisioning, while also enabling your members to manage their services consumption. Deliver a better member experience in which your customers have direct access to invoices, electronic and recurring payments and a member portal.

These three tenets of shared workspace and coworking management –  efficiency, scalability and control – are essential to a future-proof business. Minding your operation from day one with each in mind better positions your shared workspace to perform optimally and safeguards against growing market competition. Run a smoother more business-focused outfit from the onset to avoid common workspace management pitfalls.

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Amanda Fanoun

I'm the Queen of Content here at essensys. When I'm not writing enticing and educational workspace-related articles, I'm out and about with friends and family, trying new restaurants, traveling, keeping fit and planning my next adventure.

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