5 ways coworking can foster business growth in 2021

The coworking profile in Australia today is changing. As identified in a 2019 coworking report by Office Hub, close to 40% of Australian companies with static business growth have enquired about coworking services. This indicates that established enterprises are looking towards flexible workspaces for greater business success, traditionally a strategy leveraged by startups and entrepreneurs.

To understand the various ways coworking facilitates such growth, we have identified five touchpoints that paint a promising picture of workplace flexibility in 2021 and beyond.

1. Seamless transition to digital

The rising demand for flexible workplace policies and the corresponding drive to implement hybrid work models prompts the need for a solution that enables a seamless transition to the remote work ecosystem. This entails having the means to keep a dispersed workforce connected, and that starts with digital connectivity.

Filling the cracks in the work-from-home model are coworking spaces with all the amenities for easy plug-and-play. Employees who choose to work away from the headquartered office and at any one of the flexible workspaces acquired by the company will have all the necessary resources to remain productive. From high-speed internet and business-grade printers to fully-equipped pay-per-use meeting rooms, employers can reap the benefits from the digital world of work more quickly than imagined. JustCo also offers a suite of professional services from industry partners — from AWS to HubSpot, you will have all you need to make that business plan a reality.

Opting for coworking offices brings greater cost-efficiencies, especially useful for growing small/medium businesses who may not have sufficient budget to implement digital-first policies at work. Enterprises in Australia looking to expand beyond geographical borders can do plenty with coworking too. JustCo Members can access any office within Sydney, Melbourne, and across 8 other Asia Pacific locations. This creates ample opportunities to set up virtual offices in new markets and kickstart growth plans, putting the business on the global map. 

2. Reduced wasted expenditures on real estate

The conversation around hybrid work models is never complete without discussing its impact on real estate. Rigid traditional leases that bind businesses for years inhibit effective scaling, which spells problems for businesses looking at rapid expansion. JustCo’s “Space-as-a-Service” alleviates the financial burden of long-term leases by offering agreements on shorter terms — as short as six months — with all the necessary office equipment for a smooth operation. On top of the cost savings, the flexibility of rightsizing whenever makes coworking an ideal choice in present fast-evolving market conditions. Whether you need to upgrade to a larger private suite, rent more hot-desks to cater to new remote hires or downsize to suit your business needs, we will help you manage your hybrid workspace at no additional fee. For a little more flexibility, consider JustCo’s “Space-on-Demand” platform, SWITCH, which lets you pay only for the time spent in the booths.

With resources saved from wasted expenditures, more can be channelled to other areas of the business to drive growth. Spend on robust employee wellness programmes to keep your teams healthy, both mentally and physically, or invest in the latest technologies to streamline your business processes.

3. Unceasing networking opportunities

Forging connections is essential in growing a business. The collaborative environment of coworking spaces speeds up networking among the like-minded. Topped with business events, workshops and programmes hosted by JustCo, members can come together, exchange ideas and establish partnerships, all aimed for greater success. Plus, with the ability to hop into any centre beyond Australia, you can reach out to our global pool of members for an exciting project or two!

4. Upskilled manpower

At the heart of a successful business, of course, lies talent. The importance of continuous skills upgrading to stay relevant in a volatile world means employers must take the initiative to consistently sharpen the competencies of their workforce. We noted earlier how the collaborative nature of coworking spaces enable members to learn from one another -JustCo takes this experience a notch higher with the JustCo Campus, a series of online and face-to-face workshops that help members in both their professional and personal development. With a skilled workforce that is economically relevant, you can trust them to meet your organisational goals.

5. Attraction & retention of the best talent

With coworking spaces gaining popularity across various industries, it has become a growing nest for the best talent in the market. From freelancers looking to land their first full-time role to experienced practitioners who may bring incredible value to your business, the space is the perfect playground for headhunting.

The coworking concept is also an effective workplace strategy to attract and retain talent. The flexibility of choosing where to work allows one to establish a better work-life balance. Have a peace of mind knowing that you’d be closer to your child’s school or your elderly parent’s house since you can drop into an office that’s just a stone’s throw away.

You get to plan your work around life, instead of the other way round.

What does this entail? Happier employees, of course! It is an incredible perk to keep top talents with you, knowing you can count on them to bring their best to the table.

If supercharging your growth strategy is all that is on your mind today, explore JustCo with a free trial or special rates and find out what coworking can do for you and your business.