How Renting Executive Suites can save your company Money
Executive suites have been around for years, but the changing shape of businesses brought about in part by the current financial situation means there are more entrepreneurs and small businesses than before who are more likely to save money by renting executive suites. The owners or managers of these offices own or rent a large office space but then sublet out individual offices or workspaces from this space to businesses that don’t need an entire office. The type of businesses who usually use executive suites are small companies or companies just beginning to grow. Because of the short leases usually associated with executive suites, they are great for growing businesses that aren’t yet sure of how much space they will need in the future and so don’t want to commit to a larger office.
There are a number of advantages of an executive suite over a regular office rental, but the main benefit is the money saved. Because the offices are in a shared office space with other companies, the overheads are much lower due to savings on services such as electricity and heating as this cost will be met by all and usually included in the price. There will also be less start up costs as most executive suites are fully furnished, a cost which can be hard to afford for some small and new businesses. As well as energy, other facilities are also included in the price such as meeting rooms, conference rooms, photocopiers, posting facilities and a kitchen. And because these services are already included in the price, businesses will know how much it will cost them upfront each month, rather than having to hold money back for bills. Because owning or renting a building can cost a lot of money, a lot of a company’s assets can be tied up in their premises. But if this money is freed up from the ownership or long term lease of a property it can be reinvested into the business. Also, the time spent looking after a building is also avoided and this time can be spent helping the business grow, or will indeed save money as there will be no need to hire someone with that specific responsibility. Executive suites also give a business the opportunity to have office space in a prime location for a lot less than it would cost them if they were renting an entire office in the same place, which not only saves money but is also good for business in terms of accessibility and being noticed and trusted by customers.
As well as saving money, there are a number of other advantages to using an executive suite. For example, the fact that there are usually a number of different types of businesses sharing the office space, it is easy to make new connections in different fields which can also benefit a business. All these features of an executive office combined mean that they are more often than not a better option for a business than a regular office rental, and can save a company a lot of money – particularly small companies.