How Your Office Building Could be Jeopardizing Your Business

Having offices is a sign of success, right? Well, they should be! That means that there are people on your team who regularly come in during the day (or night) to build it into something bigger and better! However, an office space can also be a stumbling block for your growth.

The Price

Have you ever thought of what a financial commitment the ownership or rental of an office is? Apart from the mortgage or rent payments, you have to outfit the interior with furniture, equipment, branding elements and common spaces. This could be money that could create a lot of movement in the production and development side of things, however, often you can’t just eliminate the office altogether because of cost savings. What some business owners have done, though, is encouraging staff to work from home, at least a few days a week, or else rent flexible office space. There are many coworking and incubator centers which allow you to grow organically and with less financial risk.

The Liability

Business insurance is something that every company has, or at least should. Accidents can create a massive negative impact on your company’s reputation, be that an error or omission, or a workplace injury. Does a business risk audit and cover the bases that your office does have, and this could prompt you to install a freestanding guard rail to prevent you from falling or even bring in outside drinking water because of the low quality available in the building. While the liability at the office is lower than at a workshop, it’s still there and something to be taken seriously.

Work Culture

Think of “cool businesses” like Facebook or Google. Their workplaces are amazing, and they really cater to the needs of their employees. We are in a point of time in which we are competing for talent, and not having the right kind of office space, be that in terms of location, feel, flow, or amenities could mean that you are missing out on employees who could be playing on your team and helping you grow. Don’t let your office keep you from attracting talent!

Now it’s time to examine your office building. Is it a worthwhile risk? Financially, in terms of liability, and for communicating your brand, is your corporate space the ideal fit for you? If not, it’s time to start looking for something that fits the bill.

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