After a huge spike in remote working over the last four years, this year we are witnessing a rebound back to the workplace. For small to medium enterprises (SMEs), co-working spaces offer a cost-effective and flexible alternative to permanent offices. But it’s worth considering the common pitfalls before choosing the right one.
Cost-Effectiveness
Think of a co-working space as something like a serviced apartment. On the surface, it’s yours. But someone else sorts out the Wi-fi, the water cooler, and the photocopy paper. Yes, this comes with a fee, but for an SME, this can be a great investment to focus on growth.
Security
On the flip side, a communal office means a communal internet connection. Like any public place, this carries a much higher risk of a security breach. Luckily, there are countless security options individuals and businesses can implement to prevent data breaches. For instance, Windows users can protect their data by browsing online using ExpressVPN for PC. This acts as a shield to hide online activity, keeping companies’ vulnerable information safe even if the open Wi-Fi they’re connected to ever gets hacked.
Flexibility
Businesses with few employees or hybrid workforce-based companies can struggle to make the lease on a permanent office worth their while. Co-working spaces are great solutions as they offer a huge variety of setups. A very small company can reap the value of pay-per-day hot desks. While fast-growing start-ups can relocate to a larger space across the hall overnight.
Opening Hours
Most companies that gravitate towards co-working spaces have flexible work arrangements. The unique benefit of a good co-working space is a collaborative environment without the 9-5 culture. So, if employees work flextime, it’s worth ensuring the co-working space is open 24 hours, or at least for most of it.
Hybrid collaboration
Sharing an office space with hundreds of other businesses opens up a stream of possibilities. Simply catching up in the office kitchen with creative minds can bring about new ways of thinking and an exchange of talent.
Even large companies have reversed their pro-remote work policies, with Meta recently asking employees to work in person for three days a week.
Having a space for workers to interact in real life can also take SMEs to new levels. While there is a 13% increase in productivity from working remotely, the last four years have shown us that working collaboratively expands the synthesis of new ideas and innovation.
Location
The location of a co-working space is essential to reap the rewards of hybrid working. Businesses run the risk of losing talent if the office is not accessible to the majority of the workforce.
Not only that, the exchange of ideas that a co-working space can offer is dependent on the other businesses that are operating in the building. WeWork and other large co-working chains often have hugely varying cultures depending on the neighborhood they can be found in. Like little economies of scale, those in Central Business Districts are dominated by finance firms, and some others in fashion districts are bursting with creatives. Ensuring the building is full of compatible businesses will only add to the collaborative atmosphere unique to co-working spaces.
Conclusion
In an age when remote working is the new normal, it’s often overlooked how some of the best ideas take shape in a shared space. Yet the qualities of a communal environment can vary hugely. Location, security, flexibility, and the wider culture of the building are pivotal factors that a business should consider to reach its full potential. Making the move to a co-working office, if done right, can propel a company that extra bit further.
