Your office space… and what to do next.
Are you thinking about closing your offices? Downsizing? Staying put?
2020 has been the year of reflection. With all of the down time that we’ve experienced, it’s provided plenty to think about.
For business owners and CFOs alike, deciding what to do with their current office space has been at the forefront of sleepless nights and countless hours analyzing financial statements.
Should they close their office all together? Should they be downsizing? Should they stay put and ride it out?
I’m here to help you navigate through these uncertain times.
Close Your Office?
First off, should you be closing your office entirely? No.
Although the thought of moving your operations to being completely remote seems to be attractive now, the long-term effect on productivity is yet to be determined. Jumping the gun and giving up your office prematurely may not be the best decision.
I mean, there’s a reason why we went to the office in the first place, right?
Yes, I know you have to watch your overhead costs and Zoom has worked well so far for communicating, but, this short-term solution is just that, short-term.
Perhaps looking at other options may be worth considering before making this decision.
The Canadian Government has recently released information on new relief programs for businesses across the country, which may prove to be the difference in having to make this drastic move.
Downsize Your Office?
Downsizing your office may be the most responsible thing to do during this time.
As we all know, with the social distancing order in effect, especially in hot spots throughout the province of Ontario, the immediate future looks bleak for a return to the office before Christmas.
With that, carrying copious amounts of square footage, ranging across multiple floors (or buildings) doesn’t seem like the best use of spending at this time.
However, as I pointed out above, ridding yourself of this space all together would be more of a knee-jerk reaction to the current situation.
What I would recommend is moving your operations to a smaller physical space.
A team space in a shared office centre may be the best option to check off all of these boxes.
This option would allow businesses to keep a physical presence, while receiving all of the standard office services, allowing for a smooth transition back into the office when the time is appropriate.
Keep Your Current Office?
This option certainly screams high risk, high reward, and I do agree with that narrative.
This FastCompany.Com article titled In The Era of Remote Work, We Still Need Offices points out the benefits of retaining office space throughout the new wave of remote working.
For those companies who can afford to continue footing the bill for their large office space, kudos to you.
The transition back into the office, the familiarity of the environment, the large amount of investments to customize the space are all valid reasons for keeping your current space.
However, for those who don’t have a deep of pockets, this option may simply not be feasible.
Doing a proper value-add analysis of both tangible assets as well as intangible assets that a physical space provides, is absolutely necessary.
Even smaller companies may find that the financial and intangible cost involved to terminate their leases may not be worth it in the long run.
With all things considered, making the best move for your company is all that matters.
It’s your office space… and what to do next is only your decision.
Only you know your financials, your on-site requirements and your organizations goals for the post-pandemic world.
We at The Rostie Group know that this decision is one of the toughest of your professional lives. That’s why we’re to help you along the way.
Whether you’re looking to give up your office and transition to virtual services, downsize your enterprise level office to a team space, or stay put in your current office, we’ve got solutions to assist.
Contact us today at firstname.lastname@example.org or by calling (416) 214-1840 for more information about our business solutions and how we may be able to service your business through these tough decisions and uncertain times.
and What to Do Next