How Much Money Are You Wasting On Office Space?


Hiring office space is one of the biggest outlays for any company and it can’t be avoided. You need that space if you’re going to operate but most companies are paying for more office space than they actually need. Modern working practices mean that you can minimize the amount that you actually need and save yourself a lot of money. If you think that you’re wasting office space, here are some simple ways that you can scale back.

Work Virtually 

Working remotely is the simplest way to cut back on the amount of office space that you’re using. Review all of the people in the office and ask yourself whether they actually need to be there, or can they work from home? You’ll probably find that there are whole departments that don’t need to be in the building. For example, you can use a phone answering service to deal with incoming calls without having to employ people yourself and set them up in an office. 

Getting people to work from home is another great way to reduce office space requirements. Most people will be able to do the majority of their work from home because you can use cloud services to give them access to any documents that they’ll need. You should still have meeting rooms and space for people to work in the office when they need to, but you don’t need a specific space for every employee. 

Subleasing 

You aren’t the only company out there that is wasting office space. If you find somebody else with the same problem, you could help each other out by subleasing. Sharing the extra office space with another company reduces the cost for both of you. The rates are likely to be lower and letting out some of your office space is a simple way to bring in some extra cash quickly if you find yourself in trouble. 

Economic Development Zones 

Some areas that are trying to boost their local economies offer incentives to companies moving into the area. One of those incentives is usually cheaper rates on office space so if it’s possible for you to move, look into these up and coming places. If the economic stimulus works, you can get cheaper rates in an area that will eventually be very profitable. Getting in on the ground floor before prices shoot up will really benefit you in the long term. 

Reorganize Your Office 

You might think that you absolutely need all of the space that you’re using but if you aren’t using it efficiently, you might be wrong. Consider reorganizing the office and all of the furniture so you’re getting the most out of every inch of floor space. If you do, you’ll probably find that you’ve got a load of space left over and you actually could get by in a much smaller office. There’s no sense wasting money on something so trivial so make sure that you’re reviewing the setup regularly. 

A big office might make you feel like a success but if you waste all of your money on it, it just increases your chance of failure. The best way to improve your chances of survival is to cut those costs.





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Published by Michael J Schiemer
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