Growing your business is a wonderful thing – in fact, that very goal is at the heart of most business operations. However, growth also has its downsides, especially when the shared office space environment begins to get stuffy. When that happens, it’s time to look for a new office that matches your current (and future) needs without wasting your resources.
Step One: Increase Your Resources
Resources are key to handling the growth of a company – in fact, the ability to scale resources as-needed is one of the primary motivators behind the expansion of the Cloud Computing industry. If things are starting to feel strained within the office, then it’s probably time to help your employees by giving them new tools, new options, and new solutions.
Software is a good place to begin, especially if you can automate routine tasks and allow your employees to focus on the toughest and most difficult parts of their jobs. Additional vendor options can also be helpful, particularly if they can help you meet the increasing demands of your customers.
Step Two: Watch Your Budget
Growth is good, but throwing money into expanding your business might not work over the long-term. Pay attention to the budget you have and the growth you’re currently experiencing – and under no circumstances should you assume that the growth will continue unless you have solid evidence otherwise. Budget intelligently and avoid putting too much cash into your growth until you’re certain that it’s a rational, sustainable choice. It may feel like a missed opportunity, but patience will reward you when you’re deciding how to adjust your budgets.
Step Three: Get a Traditional Direct Lease
They’re called “traditional” because they work for so many companies – and if you’re too big for shared office space, then it’s time to get your own space. One of the best parts of a traditional lease is the freedom it gives you when it comes to designing and maintaining your office space. In a shared zone, you only control the look and feel of your own space, not the common areas. Also, shared spaces may be inefficient for your business. For example, if you need team space but are operating in private offices spread across a floor, leasing your own space may help you bring your team together.
With your new-found freedom, you’ll be able to create an office space that matches your need, start your own branding, and reduce the number of distractions and irritants that are preventing you from accomplishing your goals. However, you should read the lease agreement carefully – some buildings have very specific limits on what you can or cannot do within that piece of property, and you’re expected to abide by those guidelines. If the regulations in a given space are preventing you from having the setup you want, then it’s time to move on or, better yet, stay away to begin with.
Step Four: Get a Partner
Wait, aren’t you trying to leave others behind? Well, yes – I’m talking about finding an office provider or tenant representative who will ensure you don’t need to do this alone. Quality providers will talk with you about your needs and help you find an office that promotes your growth without wasting your current money or time. The office market is massive, and professional help can reduce the number of areas you’ll visit while simultaneously improving your future performance.
Step Five: Review Your Current Terms
None of the above will help you much if your current contract has crushing terms. Review your current contracts and see how you go about ending your shared lease – the terms can vary widely, and proper termination is the only thing that will truly let you cut free. Most contracts will be evergreen, which means they will roll over into a new term at the end of the original one. For that reason, it helps to plan ahead and start working on your move long before you do it and give proper termination notification. For a small to medium move from shared space to traditional, four to six months is enough in most cases. That gives you the time you need to put everything in order and make sure your move is as painless as possible.
Pay attention to the terms of your new lease, too – ideally, your new office location will support you for years to come, but the growth of your business may mean that your future location is just a temporary residence. Don’t commit yourself to an extended stay if you aren’t absolutely sure you’ll need it – anything less could result in limiting your planned growth and lock you into an unproductive arrangement for you and your team.
What Else Should You Prepare For?
Get ready to take on more tasks. Chances are when you were in your spared space, phones, internet, cafe services, and even furniture were all handled by someone else. Heading out on your own will mean you are now fully in charge. Don’t be afraid, it is all a part of your professional growth. Or, maybe the professional growth or existing talent of someone on your team. Delegate and share the responsibility across your team to get help and allow for everyone to have some input on their future home.
Don’t hide from salespeople either. As you establish vendor relationships for all of the resources you will need in your traditional lease, salespeople will be there to help educate you along the way. Create some healthy competition between qualified vendors and ask for advice from your peers. With the right amount of time and effort, you will be sure to make the right choices and ensure the continued growth of your company!
Image credit: Shawn Campbell
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