In the New Normal, Coworking Spaces Will be Key to Business Success

JUNE 2020 New Normal Coworking Spaces – After more than two months of lockdown due to the pandemic crisis, the economy is starting to open up again. Business owners are wary on how they should to restart their business.

(Also Read: Reopening Business Guide for SMEs: Taxes, Loans, Rent, Loans)

It will never be back to normal–and this goes for business especially. Almost overnight, businesses will need to pivot and adapt to the circumstances brought about by the pandemic crisis.

‘Business as usual’ is no longer the feasible plan anymore.

It’s a fast race to change for businesses to stay relevant. Operations need to be agile and flexible; at the same time still ensure the employee’s welfare and profit margins. The business owner’s early decisions are crucial in determining whether a business is going to survive the pandemic crisis or not.

To paraphrase Darwin; evolve to survive.

How your Business can Pivot

Two urgent changes have to be addressed by the business: Rightsizing and Adapting to Technology.

Rightsizing means ensuring you have a lean and productive team.

Rather than pay someone for the hours spent sitting in a desk, an employee’s performance will have to be measured in output-based performance indicators.

This goes to the second point: adapting to technology. Since employee performance is going to be more heavily measured by output, businesses will need to set up remote work arrangements and policies. These measures will not only free up company cash, but also ensure distancing and health efforts as well.

New Normal: Coworking Space

Many companies are now seeking to do flexible work and remote work arrangements. Yet, many countries such as the Philippines still do not have the infrastructure in place.

In most Philippine households, internet connection is unreliable. Two or three generations living under one roof in many Philippine households. Work from home may not be the ideal solution for most.

During the new normal, coworking spaces will be key to business survival.

Benefits of transferring to coworking spaces

Transferring work in the new normal in a coworking space will free up headspace, so they can focus on their key business activities. Some of the benefits include:

• Reduced Overhead. Rent is one of the biggest operational expense in many businesses. Liquidity is necessary for the coming months. Businesses may choose not to renew their existing leases and transfer some or all of their operations to a coworking space. This will free up company resources–and reduce the company overhead significantly.

• Support Staff and Amenities. You don’t need to hire additional staff to provide support and admin work anymore. Support and admin is already in-house in coworking spaces; along with reliable high-speed internet, and full amenities with unlimited coffee or tea and conference rooms and call booths.
• Health and Safety Precautions. IATF has required businesses to be health and safety officers to their employees and clients. Dizzying new protocols are required to be implemented; adding to the many tasks. In the new normal, coworking spaces ensure health and safety precautions up to standard; so business management won’t need to worry about this anymore. (We have some COVID19 Printable Templates here that you can print for yourself too!)

• Synergies. Coworking spaces create opportunities and resident companies can collaborate on projects to leverage each other’s strengths.

…or you can set up a virtual office instead

One may opt for a virtual office instead of residing in a coworking space. This is ideal if the business does not require regular work or meetings. A virtual office arrangement provides an office address to the business or individual for business correspondence. One can rent conference rooms on a per-use basis. Virtual offices are typically good for aspiring entrepreneurs, starting lawyers, real estate agents, etc.

The Company Cebu: Schedule a Visit

Coworking spaces are now ready to open for business in the new normal–one such coworking space is The Company Cebu in IT Park, Cebu, Philippines.

You can schedule a visit by filling up the form at bit.ly/TCCVisit and do write the affiliate code TCCRachel if this blog post brought you there!

For more details on how your workforce can pivot in the new normal, go to Remote Work Toolbox: How-to Guide to Shift to Remote Work

It is best to consult with a lawyer to help draft the policies and changes in terms of legal, HR, finance and other policies. If you need help with legal advice or business consulting, maybe we can help you. Email us at economerienda@gmail.com or connect with us through social media.