Many small businesses need high-quality office space, but with only a few people on the payroll, it’s often difficult to justify the cost of accommodation. This sometimes forces small and family-owned businesses to put up with unsuitable working spaces. Shared office accommodation is one solution that helps many small businesses work effectively. Find out how shared office space can increase productivity, and help drive your bottom line.

Reduces costs

Shared office space can be more cost effective than permanent business premises. A single shared building can accommodate facilities for several different businesses at once, driving down the overall cost for each company. Small businesses generally pay a single monthly rental charge, which then includes insurance, management fees, and utilities. Instead of having to manage a budget for each cost line, you just pay for the amount of accommodation that you need. This can cut the cost considerably, in comparison to dedicated office space.

Mitigates risk

Small businesses need to consider the risks associated with permanent office space. You need to make sure that there is a robust support agreement for utilities and essential services, and you need various insurance policies, to protect your assets. Shared office providers manage these risks for you.  Accommodation providers manage the supply of critical services, such as IT and telephony, allowing you to concentrate on more important tasks. When things go wrong, it’s the provider’s responsibility to fix the problem.

Helps you develop partnerships and alliances

With shared office space, your business will sit with several other organizations, offering useful opportunities to work closely with new partners. Many small businesses gather in a single place, to make it easier for customers and suppliers to work with them. For example, one building could house several creative businesses, which could then collaborate to create useful products and services. It’s far easier to work with other businesses if they are all in the same building.  You never know what relationships will develop.

Offers flexibility over location

Shared office spaces are normally in busy, accessible places, with good transport links. This makes it easier for your customers and suppliers to find you, and can also increase your chances of recruiting high-quality employees. If you have to find your own office accommodation, your budget may only allow you to work in cheaper, more remote parts of town. It’s important that you base your business in the best possible location.

Gives you access to improved technology

Technology costs money, and you may not have the budget to invest in the latest telephony, connectivity and IT. Shared office providers need to offer the best possible facilities to attract businesses, so they invest heavily in technology. As such, you can benefit from this investment, and use it to improve how effectively your business operates. For example, a home broadband connection is likely to offer slower connection speeds than the sort of high-speed network that you can find in shared office spaces.

If you’re trying to find ways to manage the costs of your small or family owned business, shared office accommodation could improve your bottom line. Your company probably doesn’t have the budget to buy or rent dedicated office space, but you could quickly enjoy the benefits of sharing your accommodation with other businesses.

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