In 2022, some employees have discovered that they enjoy working remotely from home. The events of 2020 turned the office space market on its head. Plus, it caused entrepreneurs to rethink their leases.
The technology entrepreneurs developed in the early 2000s had their time to shine in 2020. Several online technologies, such as videoconferencing, have existed since 2008. Then, the business world gave them their due as the economy shut down.
Now, employers must coax their teams back to the office. Working from home cuts costs, including commuting, lunch, and attire. However, entrepreneurs still benefit from maintaining physical offices.
We look at the benefits of maintaining a physical office.
Represents Your Company
Business people take real estate seriously. Otherwise, leases in major downtown areas couldn’t command such high rents.
Some entrepreneurs offer mailbox services since prestigious addresses give your company identity. Physical offices do the same.
Your ability to maintain a physical office speaks to your solvency. The average cost to rent office space ranges between $8 to $30 per square foot. Professionals believe that each employee needs 75 to 150 square feet.
Therefore, it speaks to your company’s profit potential if you can afford to lease space for a small or corporate staff. Thus, the space represents your organization.
Clients Can Visit You
The corporate travel sector gained steam thanks to companies such as Amazon and IBM. Thus, some companies expect to visit clients and vice versa.
Also, longtime business partners, vendors, and suppliers might want to visit with you too.
If you accept funding from investors, venture capitalists, or financial institutions, they’ll want to see the fruits of their investment in person.
Allowing clients to visit you helps strengthen the business relationship.
Allows for Team Building
Business culture has evolved and returned to some industry norms. For example, it explored the open floor plan against cubicle layouts. So far, many offices have returned to cubicles.
In addition, they have also tried the roving desk. That one didn’t work out too well, and companies have started assigning permanent desks to their teams again.
All these experiments occur in the office and lead to better team building.
Joyful collaboration is one reason why physical offices benefit entrepreneurs.
Regardless of the office’s layout, your team has the opportunity to bond with each other. Good bonding leads to efficient collaboration and an improved team spirit.
If you seek financing from investors or venture capitalists, they’ll want to work with companies that have cohesive company cultures.
Allows for On-Site Mentoring
Companies benefit from hiring the best candidates for every position. Then, to retain them, companies must invest in their growth.
Employees who can move into management positions allow veterans to improve their standing too.
Upward movement motivates the best professionals to deliver their best. Providing on-site mentoring is one way to help the cream rise to the top.
Working remotely helps some professionals thrive. Their creativity comes in spurts at random times. However, the majority of individuals require systems for accountability.
An office environment means that staff can check each other. It’s not possible to give 50% since the team depends on each other’s productivity.
If someone is lacking in support, management can address it.
Provides Better Work/Life Balance
Entrepreneurs know that it’s easy to work 24/7. However, that doesn’t lend to a great work/life balance.
Working in an office separates business and personal life. Thus, it creates a better balance. Knowing you’ll need to commute and spend money on lunch and attire creates motivation.
You don’t want to take your work home, and you want to optimize your time at work. Therefore, entrepreneurs can use their strategic creativity and problem-solving skills to achieve a healthy work/life balance.
Protect Your Assets
Real estate is a great way to hedge against inflation. Therefore, maintaining a physical office protects your assets.
Office space rent also qualifies for tax write-offs – a nice perk when tax time rolls around.
Business assets include computer hardware, information technology, and equipment too. Your employees and clients expect a high level of security from your company.
Employing network security and business safety measures in an office environment is easier.
The last two decades have altered business as usual. Remote working took off in 2020, but companies still benefit from having physical offices. Your clients, financial backers, and staff need somewhere to visit you and work. Plus, office space elevates your company’s brand.