Best Ways To Optimise Your Office Spend In 2023

With increased inflation leading to higher overhead costs, now more than ever, finding ways to make quick, cost-effective savings is crucial for small businesses and freelancers. An easy place to start is by looking at your current workspace costs to reduce inefficiencies and find new, fresh solutions that allow you to stick to your budget whilst still working towards your new year targets.

It is important to remember that your office space should be an asset to your business, not a drain, and being aware of the flexible and affordable options out there can help you to make an informed decision.

At Spacepool, we can help you achieve this through our top five list of the best ways to optimise and reduce your office spending and breathe a new lease of life into your business, supporting you to reach your 2023 goals.

Avoid Traditional Leases

Traditional office leases might sound good in theory, but in practice can quickly become a costly, long-term hindrance, particularly if you are a small or medium-sized business. That’s why it is no wonder that so many people are ditching it in favour of flexible workspaces such as office spaces in London. With the market in the UK set to double in size by 2023, according to Statistica, as more and more people move towards this new way of working. But why avoid a traditional lease?

Firstly, they require a significant investment of money outright, accompanied by high rent prices that you are tied into by fixed, long-term leases. As a result, businesses cannot tailor their office space to the natural fluctuations of their needs or team size, leading to inefficiencies such as underused space and wasted cleaning and maintenance expenses.

Additionally, start-up costs are high as the licences and utilities often fall directly on you and your profits, reducing your available budget to grow and expand your business. Of course, there are some benefits, but these typically only assist much larger companies with substantial profit margins. If you don’t fall into that category, we’d suggest trying out alternative office space options.

Embrace Flexible Workspace Solutions

Post-pandemic saw many businesses forced to turn to remote working to stay in operation during lockdown; through this collective experience, many realised and enjoyed the benefits of lowered overheads, reduced workplace stress and increased productivity. Since then, the Government’s Office for National Statistics has reported that in Spring 2022, more than 38% of working adults reported working from home at least once a week.

This clearly demonstrates a cultural shift towards a hybrid system that leaves workers splitting their time between their home office and place of work, which has resulted in an increased demand for flexible, short-term office space. So, as the nation embraces these adaptable workplace solutions, you’ll want to understand the benefits to your business and why so many are adopting this new way of working.

Primarily, businesses enjoy the budget-friendly price points of co-working office spaces, most of which focus on a timed or membership rate that allows businesses and freelancers to pay only for what they’ve used. You get plenty of bang for your buck, too, with no investment or upfront capital needed.

These office spaces already have a modern design and infrastructure, innovative technology and high-quality facilities installed and available. You also never have to worry about administrative, maintenance or cleaning costs, as it is included in the price and requires no input from you. Aside from these practical considerations, flexible office spaces can improve networking opportunities, increase employee satisfaction, and encourage collaboration through their layout and decor.

They aim to inspire innovation, often holding community events and activities to support well-being and drive productivity through inspirational speakers, self-improvement workshops and meditation or exercise sessions. After considering all of this, it is easy to see why so many businesses are embracing alternative workplace solutions to save money, boost morale and create a flexible schedule that works for everyone.

Save Money On Utilities With Coworking Choices

One of the biggest draws for businesses is how co-working office spaces allow you to optimise your expenditure and reduce skyrocketing overheads by including operating costs in the fixed price you pay. After all, one of the primary struggles of new companies is covering bills whilst trying to make a profit, which is why having a way to minimise spending and reduce expenses is vital to a business's survival ability.

By choosing to use a co-working office space, your fee covers everything from rent to utilities to the services of maintenance staff, reducing your responsibility and splitting the cost across everyone, depending on your contract. The Wi-Fi is often free, too, meaning you don’t have to think about paying to get online. In short, you can stop worrying about fluctuating monthly costs and profit margins, as it is not your responsibility like it is in a traditional office space.

Flexible Contracts Mean No Strings Attached

The best part of co-working office spaces is the flexible, short-term contracts that allow you to make changes based on your schedule and needs without making a significant commitment. Choose between:

Day passes: Purchasing a day pass is an excellent option for freelancers, remote workers or travelling business people who aren’t tied to a schedule and want a co-working space on an ad hoc basis. These can be as low as £15 per day.
Hot desk memberships: Hot desk memberships are typically paid monthly and can be limited to a set number of days or allow unlimited usage of facilities. They tend to be rolling contracts of as little as £55 per month that can be cancelled at any time, ideal for freelancers or small businesses who need more access with the same amount of flexibility.
Fixed desk reservations: Available at a much higher price point, fixed desk memberships are perfect for small and fast-growing businesses that require more structure and a set schedule. Unlike hot desking, you have your own space with lockable storage in familiar surroundings whilst still benefiting from an affordable monthly fee and flexible short-term contract.
Meeting room: Co-working spaces allow you to book meeting rooms on an ad hoc basis, too, perfect for remote working, small businesses or start-ups who want to meet in person when needed without having to lease permanent office space. These can vary in size and facilities available and incur an hourly charge of as little as £8!
Private Offices: Leasing a private office via a co-working space is another excellent option for small to medium businesses as they vary in size, price and facilities to meet the needs of any team. However, unlike traditional office space, your contract is still short-term starting at a minimum of 30 days, allowing you the freedom to grow your business quickly.

If one or more of these options sounds like an excellent fit for your business, your next step is to search for a suitable co-working office space for you and your team based on your new parameters.

Search For Affordable Office Spaces With Spacepool

Look no further than Spacepool for a curated catalogue of affordable, flexible office spaces in London and other cities across the UK. From co-working spaces to hot desking, find the right workplace for your team using our filter tool to search based on price, facilities, location and type.

From there, our simple, hassle-free system puts you in direct contact with the host so that you can arrange viewings, make payments, and sign contracts in one convenient place. With no agents, a high-quality vetting process and secure data protection, our free-to-use platform saves you time, money and energy better spent growing a successful business. Get started today to take control and find your dream flexible, affordable office space.