We are living in turbulent times. With a potential recession looming, it’s time to take steps to keep your coworking space recession-proof and in an upward growth pattern. There are a few solid strategies that you can adopt now to ensure that your business stays strong, regardless of what’s up ahead.
1. Devise an Action Plan
No matter where your coworking business sits within the current economy, an action plan is vital for keeping up with your game. It makes sense to work with other key players and start brainstorming to maintain your focus on the future, especially if a recession is just around the corner. You’ll want to be decisive about your goals and develop a reasonable timeline for achieving these goals. Determine and delegate the tasks required to make those goals a reality. If that means some renovations to attract new coworking entrepreneurs, then look for financing before a full-blown recession hits.
It is also important to have a backup plan in case of unforeseeable market shifts that may impact your growth trajectory.
2. Invest in Updated Technology
Using a coworking office space like Workspace Strategies is becoming more mainstream as traditional work models change. Employees and small business owners using your coworking space need to connect through updated technology that goes beyond the cell phone. Ensure that you provide the best possible technical solutions and trained staff to assist your clients who may not be tech-savvy. Improvements include investing in adaptable peripherals for online video meetings, social media links, and client conference calls.
3. Refresh and Trach Your Marketing
A big mistake of some companies, including coworking spaces, is to cut their marketing budget down during a recession, erroneously believing that their customers already know them. It is precisely at this time of hardship that marketing is vital to bring new businesses and employees and attract potential partners to your coworking office space. If necessary, consult with marketing experts about where you can adjust your budget to fit the times and follow online tracking data measuring your marketing campaigns. These tracking statistics will clearly indicate which campaigns are working and which are not.
4. Network with Suppliers and Partners
The last thing any coworking business wants, is to become distanced from suppliers and partners, especially during tough economic times. Everyone is most likely suffering from the same issues, so staying connected through networking and working together to develop alternate solutions is invaluable. In addition, networking can lead to new customers or partners, like Workspace Strategies, by sharing references and information.
5. Keep Moving Forward and Improving
Using common sense and devising sound strategies to help keep your coworking business on solid ground and expanding through tough economic times may not be easy. However, staying connected with like-minded companies, consulting with financial planners, and taking a close look at what can be improved within your business, such as enhanced ergonomics and new, comfortable décor to help attract workers, may boost expansion.
Coworking office spaces like those at Workspace Strategies are steadily increasing in popularity within today’s busy marketplace, providing a solution to small business owners and remote workers who require facilities that provide for all their daily business needs and will help them grow and expand.