How do you evaluate the value of flexibility?

Traditional businesses have always struggled with how to evaluate and compare the cost of flexible office spaces versus the cost of long-term leases of workplace or having their own offices. The inherent differences between the two offerings make an apples-to-apples comparison difficult and challenging.

Recently, real estate performance visuals have shifted from cost per square foot, or we can say total occupancy costs, to something which is more employee-centric, flexible, such as costs on a per person basis with all basic amenities included. And that is what makes it easier to make an edge-to-edge comparison.

This shift from other factors towards the focus on cost resulted in the adoption of balanced scorecards that include a variety of performance visuals or matrices to be precise—has accelerated over the past year partly due to the pandemic and has increased occupiers’ willingness to adopt agile practices and attracted towards more flexible working conditions.

What is flexibility?

Flexibility is the capability to adjust to short-term change very quickly and with patience so that you can deal with unexpected situations or tasks effectively. Here are a few examples of how you might demonstrate it:

  • Offer to help out another team member
  • Volunteer to cover a colleague’s work
  • Consider allowing people to work from home or co-working space to help them achieve a better work/life balance.
  • When you come across a problem, offer up a variety of solutions that fix it

Where traditional office leases tend to cover periods of several years and require a greater financial commitment, virtual office agreements can last for as long as you need. This is indeed good news for your business because if you have a financial shortage, you’ll be able to amend your agreement and change the terms of your contract.

One Business Centre’s range of services not only includes fully furnished, modern, and serviced offices, but also meeting and lounge areas, business setup sponsorship, and a wide selection of value-added business services, including company formation and concierge services.