The ultimate goal of a business is to operate at an optimum balance of input and output. Achieving such a balance is often easier said than done particularly in a volatile landscape of economic flux, political hyper-activity and staff retention. In an ideal setting, your output should outweigh your input thus driving profitability.
Co-working spaces, such as Nairobi Garage in Kenya, offer an ultimate path to optimization for businesses in the following ways.
Setting up in new markets/countries
Contrary to popularly held view, co-working spaces are not only incubation hubs for start-ups (though it is an excellent place to get started). They also provide working space for larger corporations either native to the country or operating as regional headquarters.
As a new business seeking expansion to a new market, a co-working space gives you the opportunity to connect to other businesses in the same space, meet entry level suppliers and service providers and network with like-minded individuals as you get the lay of the land. Additionally, joining a co-working space can save set-up costs involved with buying/renting private office space, not to mention the hustle of property agents and brokers seeking hefty commissions.
Optimal operation model
Co-working spaces offer you a chance to run a lean and efficient business. If your 5 member sales team is usually in the field you may not need a permanent desk for them but rather one or two desks they can use in scheduled rotation to complete reports and other operational tasks. Having a boardroom that’s used 5% of the week is not optimal but with a co-working space meeting rooms are booked on demand, optimizing your business expenditure.
Networking opportunities and events
It’s often said your network is your net worth. Co-working spaces put you in proximity to other companies working on products, services and technologies that may impact your business venture. These networking events often yield collaborations, investments and partnerships which take many businesses to the next level.
Leverage existing business infrastructure
Some co-working spaces (not all) give you a wide business footprint just by virtue of membership. Picture this, you are a new business and need to select an ideal location for your offices. You desire a location accessible to your potential customers and partners, with reliable services (Fast Wi-Fi, 24-7 security, electricity and water).
If you go it alone you must choose a single location. However, with spaces such as Nairobi Garage certain membership packages give you the capacity to operate out of 4 locations instantly. This means you can realistically have two meetings in two separate ends of town in your own office space without having to rent two separate office spaces…optimal for any business and it doesn’t hurt your optics and brand perception either.
Here are a few guiding questions to consider as you seek to optimize your business:
- Are we fully utilizing our office space? How much of the office is in continuous operation and contributing to otherwise avoidable maintenance costs (cleaning, repairs, pest control etc). If it is a support/satellite operation is it better served in a co-working space or a dedicated rented commercial space? It is often cost effective to host these services in a co-working space.
- Who needs to be in the office/critical personnel? Conduct a candid audit of space utilization and staff deliverables. Oftentimes you discover only 30% of your organization needs a fixed desk with some personnel being able to rotate their schedules for in-office operations. If this is the case, you may consider an appropriate co-working space solution.
- Are we growing our networks? Business evolution is premised on innovation and strategic partnerships. Traditional set-ups require the curation and proposition of networking opportunities which may or may not fulfil your business needs. An ideal work-around is to find a co-working space which creates and sustains member events and workshops where organic networking takes place and helps your business grow moving forward.
