We live in unprecedented times. From how we work and where we do it to the technology we use, it’s understandably challenging to stay on top of trends to remain competitive. Even if you know what you need to do to achieve your business goals, there aren’t always enough hours in the day to move the needle forward—on top of managing the day-to-day.
Smart leaders have always turned to management consulting firms to support them through change and transformation. Surrounding yourself with cutting-edge knowledge and trusted advice will help you reach your objectives faster and more reliably than you ever thought possible, improving agility, building resilience, and laying strong foundations for whatever comes next.
The world changed during and after the pandemic. Buildings set empty and workers still don’t want to come back full-time so owners tried to figure how to adapt. But as the old saying goes, when life gives you lemons, make lemonade. Turn empty space into occupied space. The new realization is why Coworking centers grew over 28 percent from 2020 to 2021. But starting in the flexible workspace industry without any guidance is like trying to navigate in the darkness without a flashlight.
That’s why more and more building owners are turning to management consulting firms and deferring to their industry expertise to turn an empty space into a thriving flexible workspace that serves a variety of the public’s needs.
“Transforming a space into a flex workspace or coworking space, as opposed to its conventional commercial use, can typically yield 1.3 to 1.6 times higher profitability,” says Condi. “When the market conditions align, it’s a clear choice. The journey usually begins with a comprehensive feasibility study focused on the potential market dynamics.”
A consulting firm can leverage their data-driven prowess to make informed decisions for your brand. For flexible workspaces, this translates to an invaluable advantage over competitors. Consultants can identify emerging trends, anticipate shifts in demand, and help tweak the workspace’s offerings and model accordingly. Whether it’s adjusting amenities, modifying pricing structures, or introducing innovative services, their guidance can empower flexible workspaces to remain at the forefront of market trends and not suffer the fate of ill-advised decisions WeWork has famously made.
They possess a deep understanding of spatial design, ergonomic considerations, and utilization patterns. By leveraging their insights, flexible workspace providers can create desired environments that maximize functionality and the member experience. Consultants can help in configuring spaces to accommodate different work styles and tap into the event space market to attract a diverse clientele with weddings, private parties, and business networking conferences.
As hockey great Wayne Gretzky famously said, “I skate to where the puck is going to be, not where it has been.” Flexible workspaces are expected to make up 30% of the market by 2030. Despite zealotry of RTO advocates, it is clear where the puck is going to be. Consulting firms can help building owners navigate the newfound waters.
Consulting firms may seem ideal just for new building owners trying to tap into the flexible workspace industry but they’re not alone in those who can reap the benefits. Existing flexible workspace owners unsatisfied with their profits or operations can utilize these consulting firms’ knowledge to examine what they’re missing and how to effectively manage the company and performance.
From branding to targeted online marketing, a firm can take your existing space and turn into a niche that accommodates while examining membership options, amenities, and blind spots in the competitive market to position a struggling workspace into a thriving workspace tailored for members to then become ambassadors.
“Consulting firms like Workspace Strategies bring a fresh perspective and unique industry knowledge that can help these owners capitalize on opportunities and stay ahead of the curve,” said Condi. “It is important that your business understands its market and target audience and produces a product and environment that speaks to the needs and attractions of like-minded professionals.”