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5 Coworking Space Marketing Tips to Drive More Members

We know the benefits of coworking spaces. We know you, as a coworking space owner or manager also know the benefits of a coworking space. But, does your local community know and truly understand the benefits?

Over the past several years coworking has proved itself to be a successful and sustainable business model. However, as with many other lines of business, it needs to be strategically planned and executed–including a marketing strategy.

While coworking is a hot word today, many people remain confused about what exactly it is and the various advantages it provides to businesses of all sizes. In lieu of this, it’s important that coworking operators have a marketing strategy that will help them educate and attract new members.

Here are five ways you can do it.

1. Spotlight your members

What better way for others to learn about the benefits of a coworking space than hearing it directly from those who have benefitted the most? Give your current members a shout out, it will help you attract new members and it will help build loyalty among your current ones.

Highlight what they do, their accomplishments, and how your coworking space has helped them grow and succeed. There are various formats to spotlighting members–from social media posts, to weekly newsletters, and even short introduction videos.

2. Send out newsletter

This can also help with attracting and retaining members. Use newsletters to spotlight your members, to send out promotions, updates, and invite people to visit your space or attend events.

Newsletters are a great way to build an online community and inform your local community about your space, the activities you organize, and the various uses of coworking spaces. You can even share some of your blog posts (if you have one, though we strongly recommend you do) or send out pricing information and the various types of membership options you offer.

P.s. Make it visually appealing and easy to read in desktop and mobile. We also suggest using a newsletter platform that can help you track who is opening and reading your newsletters.

Use social media

Social media is a powerful marketing tool and it can greatly help coworking operators showcase their space, their community, and their events. Use images, graphics, video, and plain text; however, choose your social platforms carefully and don’t sign up to all of them. Choose the ones that you believe will help you the most and make sure you have a strategy and that the content on all of your platforms is unique, yet always aligned to a common goal. And always remember, social media is mostly about being social, so make sure you interact with your followers and answers comments and questions.

Host events

Ever heard “see it to believe it”? It applies in business, as in life and sometimes people want to try something out first before committing to it. Coworking tours can help greatly, but oftentimes these don’t allow for people to experience the community. This is where hosting events for members and non-members can greatly help, as it allows people to visit your space and get a taste of the community that’s a part of it.

It doesn’t need to be a huge event; you can host yoga classes, marketing workshops, brown-bag lunches, or host a local art event.

Embrace video

Make a video of your space, of your members, of your local events…make short videos about “A Day in [Your Space] Coworking”. It’s about telling a story and demonstrating to people that your coworking space is not just a physical space where people can work from, but that rather it’s an experience.

Oftentimes images fall short on conveying the ‘flow and life’ of a space and its people. Video is great solution that can be easily integrated to other marketing efforts. However, don’t go making long videos; keep them short and sweet, and share them often.

Remember that marketing is not just about sharing content, you have to have a strategy, a purpose, and a holistic approach in order for the efforts to be fruitful. If you need help coming up with a marketing strategy or deciding which approaches will work best for your space, reach out to us.

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Positioning Your Coworking & Shared Space for Success in 2018

2017 is quickly coming to an end, and believe it or not, this is a good time to start thinking and planning for 2018. After all, it’s always better to start early than to have to catch up late.

January can be a slow month for coworking and shared workspace operators, especially as many are getting back in from vacation, others focus on getting back on their work routine, while still others focus on getting their kids back on school mode. In addition to this, it often happens that will all the festivities and celebrations, many try to budget more during the first months of the year.

So, what can you do to make sure that you position your space from early on in the year to set the right pace for the duration of 2018?

Check and update your website

We know, you updated your website about 6 months ago…but, that’s not enough. Think of it as the “New Year, New You” of your business. Browse around your website, read your copy, analyze the images: does it paint an accurate picture of what your workspace is like, of what your community is like, of the advantages of your space?

Once you’ve established your website is user-friendly, visually appealing, and provides visitors with all the necessary info to get them to visit your space, or you’ve updated it so it meets these requirements, consider other ways you can use your website to market and position yourself.

People oftentimes start the year with small changes, apply the same logic to your workspace and use your website to brag about it. Whether it’s a new coffee maker, new chairs, new decorations, or a new service, make sure current and prospect members can easily find and access the information.

In any case, remember that websites are the new ‘window-shopping’. If it doesn’t stand out, then neither will your workspace.

Showcase your community and members

What better way to show the value of your workspace than by showing why other people value it? This is a strategy that will help you retain current members, as well as help you attract new ones. Whether it’s on social media, on your website, or via email newsletters, give a shout out to your members, show their success, and let the world know how your shared workspace helped them become successful.

This is an authentic, organic way to build and grow your community. Here’s the extra kick: we all need a bit of a push and motivation at the beginning of the year to get the wheels going again, sometimes just hearing the stories of others can be enough to get us back at it.

Host an event for members and non-members

Either rent out your space for an event, or host it yourself. Host a start of the year conference, invite local artists to share their work, host a workshop for business planning, or simply invite the community for a happy networking hour.

Sometimes people need to see and experience something for themselves prior to making a decision. Hosting events is a great way to position your workspace within the local community and to show everyone that your doors are open and ready to welcome anyone who wishes to join. What’s more, current members often greatly benefit from these events, as it provides them with a unique opportunity to expand their network and forge new relationships.

If you need help organizing an event, revamping your website, or coming up with unique ideas on how to showcase your members, let us know. At Office Suite Strategies we offer various consulting services that can help workspace operators position their brand and build a strong business strategy.

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Building a Strong Brand: Four Strategic Moves for Startups

It’s a problem every new business has to face: what can you do to make your brand not only stand out but stand the test of time?

Getting strategic is key to success. If longevity is your goal, you can’t simply mimic the tactics of your biggest competitors. For authenticity’s sake, you will have to think outside the box and build your brand from the ground up.

Look to your competitors to find out what others are doing in your space, but play to your strengths to establish true differentiation. Here are some tried-and-true brand-building methods to help you get started in crafting your own unique story.

1. Know and understand your audience

Defining your brand has many layers, including packaging, messaging, and marketing. To be able to craft compelling imagery and proof, you will need to know who you are selling to. If you are bringing a product or service to market that has global potential, you need to consider that as well. Cultural differences often require different tactics. Find out who your target market is and speak to them and them only. Be consistent and reach out to them over and over again.

2. Your competition is not the enemy

In most industries, there is a leader that can easily be identified. If you are consistent and strategic in your efforts, you will eventually meet all of the players, up to and including the top dog. Once you set your marketing plan in motion, you will likely convince some people to switch to your brand and suddenly, you will be on everybody’s watch list. Will you be ready to handle that scrutiny? Don’t shy away from this level of competition. If the top brands consider you worthy of watching, you are in a good place. Use your power wisely.

3. Play to your strengths

If you offer added value, versatility, cost savings, better operational efficiency, or any kind of advantage that differentiates you from the rest, put the emphasis on that. Whatever it is that makes your brand stand out, find that thing and hang your hat on it. If there are trends in your industry that may necessarily change your direction in a few years, find out what they are and plan well for it. Have a plan in place that will take you well into the future and you will always have a clear path to follow.

4. Put yourself out there: give it away

Building strong partnerships requires some generosity on your part. If you’re a new service or product, it’s difficult to build a reputation without some history to back it up. Consider giving your product or service away to an influential company or individual that can give you valuable feedback and endorsements. In a world fueled by ratings and reviews, getting great peer reviews will serve you well and will get you noticed by a wider audience.

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These are just a few steps you can take to building a strong brand. If you would like to learn more about Office Suites Strategies or about building your brand, give us a call.

Is Coworking the Future of CRE

Is Coworking the Future of CRE?

“The office hasn’t changed much. But the way people work has changed forever.” We learned this from Ryan Simonetti, co-founder of Convene, during the Office Evolution Conference held in Brooklyn, NY from November 8th-10th.

Adding to his argument, Simonetti believes that “coworking is just the first step in a major CRE industry shift.” Because we have changed the way we work, we have changed the way we ‘experience’ the office. The new generation of workers have different wants and needs; and their demands go beyond that of a good salary. Additionally, technology has also empowered us to work in new ways, from anywhere and at any given time; giving rise to agile working models and remote work policies. This, in turn, has powered the flexible workspace movement, in particular the growth of coworking spaces. And, according to JLL, by 2030 30% of commercial space will be used as ‘flexible workspace’.

Yet, the change isn’t simply about the workplace. The way people interact with spaces has changed drastically–powered by new and developing technologies like mobile phones and the Internet of Things (IoT). Today, life and work are all about experiences, about how people interact with other people, but also how they interact with their surroundings; this includes real estate.

In the world of work, this means that individuals expect seamless, integrated experiences in the workplace. The way Simonetti illustrates this is by saying that basically, a landlord’s tenant is no longer a company…it’s the worker (the talent).

“What talent wants, is what tenants need, and what landlords must build.”

Coworking has strengthened the notion of workspace-as-a-service; in other words, hospitality in the workplace. And this concept can easily extend to the world of commercial real estate on a much deeper level. Coworking has taught us that people are seeking experiences, and that they want these experiences to be integrated as much as possible. Coworking isn’t just about a place where people go to work; various coworking operators offer additional services like gym memberships, on-site cafes, lounges, game-rooms, laundry services, and more.

So, back to the original question: is coworking the future of CRE?

Yes it is. Adding a coworking or flexible workspace to buildings can bring in a much higher yield compared to a traditional tennent. Integrating these spaces to buildings provides landlords with the opportunity to create experiences for users. People want spaces where they can live, work, and play. The demand for mix-use buildings will increase in the coming years, and coworking is a solid first step. This is especially true as large companies and enterprises begin to adopt coworking and flexible workspace models in order to attract and retain talent.

Because of what the new generation of workers demands, companies are being forced to embrace coworking and provide their employees with spaces that provide access to workspace, fitness, food, programming, and additional hospitality services. If landlords want to attract these companies to their buildings, they need to make sure that they have the right infrastructure and management in place in order to cater to these needs.

About the author:

Office Suite Strategies is a shared workspace consulting and management company comprised of experienced business professionals focused on assisting property owners achieve maximum value from their real estate investments. Offering a broad range of services, our unparalleled experience in developing, opening, and managing shared workspace properties enables us to achieve extraordinary results for our clients.

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Grow Member Engagement with these 5 Tips

Engaging your workspace members shouldn’t be a source of anxiety, but it’s not rocket science, either. While you might have to experiment a little to find out what makes your client base tick, think of it as a fun social exercise that can add value to your member relationships and engage your on-site management in high-value community-building activities.

Building your workspace community foundations does not have to be stressful. Simply follow these five steps to help grow your member engagement:

1. Appoint an Ambassador

Having an advocate for member activities and events is key. With someone on your team acting as the point person, members will always know where to go when they need to connect or want to find out more about what’s going on in the member community. If you don’t have someone on your team to fill the roll, then look for a member that can fill the roll. The best person for the job should be easy to choose: simply look for the person who is actively tweeting, sharing, posting, starting conversations or coming up with ideas. For a person like this, being the community manager is something they come by naturally. You’ll just be making it official.

2. Plumb your imagination

Ideas, ideas. What makes your community tick? Finding out is easy: circulate a little survey amongst the membership. Do a little casual eavesdropping around the water cooler. Take what others are saying and turn it into something to rally around. Wine tasting, anyone? Sports? Golf? Book club? Host a networking event to get to know everybody and solicit ideas for future get-togethers. Change the theme each time and turn it into something that they’ll look forward to attending every month. The better your members get to know each other, the more it fosters collaboration and community.

3. Ask for opinions

Don’t just take your own word for it, take it to the people: ask your members what they really think about the workspace and encourage them to be candid. If you are able to make changes based on these suggestions, you will always have their respect and admiration. This could be as simple as flowers in the reception area or connecting with a local artist to provide visual appeal. Not all ideas are going to be great or viable, but you might be surprised at what comes out of it.

4. Use digital tools to connect

Give your members a digital forum from which to share ideas, connect and collaborate. This will give your busy members an opportunity to tune in on their own time to share their insights, photos, celebrate wins and connect with other like-minded professionals in a socially collaborative way.

5. Keep in mind

Digital communication works very well, but there is no substitute for honest-to-goodness face time (not the iOS kind). Connecting in the virtual realm should be an extension of your real-world conversations, providing value that goes beyond the in-person relationship. It can deliver a sense of connectedness to members who are only occasionally in the house, but your personal connections should be where it all begins.

Office Suites Strategies is the Coworking and Shared Space management and consulting company in the United States. Connecting your real estate with ideas and out-of-the-box approaches to help you grow, they are committed to excellence in development and passionate about connecting.

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Critical Marketing Mistakes New Entrepreneurs Make

These days, business moves at the speed of sound. Statistically, however, the businesses that fail each year far exceed the ones that launch – a sobering metric for any entrepreneur, no matter what industry or niche they are in. Of the ones that survive their first year, half will fail in their first five years. Many more will fade away over time.

When you’re just starting a venture, optimism is on high. The initial excitement may make it seem like you’re invincible, but you can’t build a lasting legacy on enthusiasm alone.

Marketing may be the one thing that can carry you through the good times and the bad, but there are several commonly made marketing mistakes that can lead to a premature demise.

Forewarned is forearmed: marketing mistakes to avoid

Let’s look at the top five marketing mistakes that even the smartest entrepreneurs make:

1. Ignoring your existing customers

You can’t just assume that your existing customers are going to stick with you no matter what. There is a lot of competition out there, and unless you’re related to them, or truly doing something nobody else is doing, they will tend to go where they find the most value. The truth is, you have a far better chance of selling to an existing customer than you do to a new one, so you should put an effort into making sure the ones you have are and will remain happy with your service. Loyal customers will also deliver value back to your brand through referrals. It’s a win-win.

2. Not knowing your target audience

If you don’t know who you’re selling to, how can you market it to them? If you’re not targeting your online advertising, you may not be reaching people who care about what you have to offer. Define your audience and craft your brand message around their values. Developing customer profiles is a good way to predict what your ideal (and not so ideal) customer is or isn’t.

3. Thinking your blog doesn’t matter

We know you’re busy. After all, you just launched your company and everything is a whirlwind. Blogging, however, is one of the best ways to attract and engage an audience. It positions you as an expert in your field, and it gives you valuable assets in the form of shareable content that can drive your social media presence and drive traffic back to your website. If you are truly too busy to write your blog yourself, ask one of your associates, or hire a freelance copywriter to do it for you.

4. Thinking your email strategy doesn’t matter

If you’re a millennial, you might think that nobody reads email anymore, but the reality is that email is still the best way to get your voice in front of your audience. When they receive it, it’s probably the only time you will have their absolute, undivided attention. Start to capture emails through strategies such as giving away valuable information or digital assets in exchange for their email, and then tailor your future messaging based on their actions. Studies show that targeted emails yield a more than 200% higher conversion rate than non-targeted emails. Use an email marketing software that allows you to segment and tailor your email messages, making them more personal to the recipient and ultimately winning their business.

5. Going with untested ideas

Testing your marketing strategies ranks pretty high on the importance scale. If you are unsure, or if you just go with what’s working for the next guy, you could land yourself in the middle of nowhere and be out a pile of money in the process. Tracking your efforts through analytics is important: your social platforms provide you with all the tools you need to determine your ROI. Google Analytics will tell you what is going on (or not going on) with your website. Use these free tools to discover where you’re winning and where you’re selling yourself short. Knowing where your customers are coming from will also help you to hone your brand message to razor sharpness. Use every feature at your disposal to know more.

Office Suites Strategies: supporting entrepreneurs with real solutions

Office Suites Strategies provides expert consulting services to clients in all phases of business within the coworking and shared space industry. If you would like to learn more about what we do, or are interested in working with us, get in touch today.

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3 Ways Collaborative Workspaces Inspire Innovation

These days, collaborative workspaces such as coworking spaces are fast growing in popularity. Though many tend to associate collaborative workspaces with freelancers and remote workers, they are also becoming the work environment of choice for small businesses, entrepreneurs, and startups, as they inspire innovation through direct connection.

It wasn’t long ago that our workspace design was focused primarily on the individual. On the heels of more recent changes in how we communicate and collaborate – both online and via our connected devices – the idea of a conventional office has been diminished in favor of environments that foster collaboration.

According to a study published by industry thought leaders Steelcase, the ability to increase innovative activity is directly related to three main concepts:

1. The workspace should support flexibility

To best support innovation, a collaborative workspace needs to be truly flexible. Moveable furniture groupings, different types of seating, items such as sculpture that breaks up the room, and portable aids such as white boards, easels, and tables or desks that can be adjusted for height. These elements allow users to configure the space as they need it, allowing them to work the way that best suite them, and not having to fit into somebody else’s pre-conceived and potentially awkward office design.

2. Space that is comfortable is also inspirational

Natural lighting, views of outdoor areas, and high ceilings are all elements that stimulate creative thinking. Access to technology, innovative art, and plenty of focal points to engage the visual sense add to the aura of creativity, helping workers to envision a future that looks different. Workspaces that offer moderate ambient noise levels – as opposed to high noise or no noise at all – are optimum for fostering creativity.

Temperature that is neither too warm nor too cold helps also, and although this tends to be a very individual preference for many people, keeping the thermostat hovering in between 70 – 75˚F seems to be a good baseline. Any colder and you will be expending more energy simply keeping warm, taking away the attention and energy needed to come up with newer, greater ideas. Keep in mind, too, that as the temperature goes up, attention tends to drop.

3. Workspace that supports culture supports collaboration

A collaborative culture can be best emphasized and supported through workspace design. If innovation is connected to collaboration, and collaboration is connected to engagement, the workplace itself should be engaging of its culture. For instance, if employees are working in an environment that recalls a company’s past accomplishments and instills a sense of pride in how they have impacted other geographies, it will support the desire to engage in future achievements, and perhaps impel them to take risks. Whether the workspace is dedicated to one single company or accommodating a multitude, high-impact collaborative work environments need to minimize individual work spaces and emphasize easy-to-change environments and open spaces. This allows for a higher degree of experimentation and expressions of individuality, which in turn inspire innovation.

Office Suites Strategies: inspiring innovation

Achieving maximum value from your dedicated office properties requires agility in today’s changing marketplace. Office Suites Strategies delivers insight, strategy, and ideas that drive equity and profitability. Call today to find out more about what we can do for you.

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Millennials are Changing the Face of Commercial Real Estate

As of 2015, millennials have officially taken over – the workforce, that is – and just as their generation has changed the way we think about how we work, it’s had a substantial influence on where we work as well.

Driven primarily by millennial working habits as well as their recreational and travel activities, we’ve seen many changes to commercial real estate that will without a doubt shape how we look at physical office space over the long term.

Flexible office space is no longer just a buzz word – it’s a millennial must-have

Bottom line? Millennials want to work from home. Or from wherever they happen to be, whether that’s halfway around the world, or across town.

The results of Deloitte’s Millennial Survey proves this point, and concludes:

  • Around half of all millennials currently have the option of working remotely
  • Most would like to if they don’t already have that option
  • 75% think that telecommuting would be beneficial to their productivity
  • 88% would like to be able to set their own, or have flexible hours
  • Most would prefer not to commute or would like to work at home or closer to home

These results, and this direction shows a growing trend towards the inevitable: there is already far less need for commercial office space than any time in recent history, and in the near future, there will be even less.

With an increased focus on outsourcing to freelancers or hiring outside of geographic boundaries, new companies, or those who are scaling up, won’t necessarily need more real estate. In fact, it’s likely they may choose to downsize.

Ditching the commute

Another factor affecting the change is the modern aversion to long commutes. A much smaller proportion of millennials today holds driver’s licenses than they did in the 1980s, for reasons that range from delayed marriage to more time spent in educational pursuits, or even some still living at home with their parents. There also seems to be a largely negative view of cars in general, in part due to emissions and environmental factors, but also (in urban areas) due to increased traffic, lower efficiency, and less convenience. From this we can conclude that, as it applies to commercial real estate in any case, millennials would prefer to stick closer to home, work remotely, and avoid commuting for work if at all possible.

So, how does this factor into commercial office space needs?

The very nature of millennials and the technology they embrace pre-supposes a few very important points:

  • Telecommuting is the new normal
  • Cloud connectivity and the flexibility it brings is supporting this trend
  • More millennials are choosing to start their own companies, become a freelancer, or work remotely
  • Their social lives are far more important to them than spending time in an office

There’s more, but you get the idea. To that end, it’s no secret: flexible or shared office space is becoming exceedingly popular among the world’s most dynamic companies. Open-concept offices or coworking spaces support this sensibility, providing millennials with ergonomic options that appeal to their need to be a part of something greater than themselves.

How the office sector can meet this need

As this trend continues to grow, we can expect a lessening demand for traditional commercial office space. However, even those millennials who choose to be entrepreneurial find that working in proximity to others who are doing the same is both stimulating and inspiring on a level that they can’t get either at home or in a conventional office setting. If this continues to be the case, and there is little reason why it shouldn’t, owners of commercial office space may want to appeal to this demographic by providing an office venue that hits all the millennial high points:

  • Close to more populated areas and accessible to mass-transit in order to reduce the commute
  • Provide open-concept work areas with flexible accommodations
  • Offer a social atmosphere that fosters interaction
  • Support them with next-generation technology and enhanced capabilities
  • Ad-hoc office space and meeting rooms on demand
  • Focus on millennial priorities, such as environmental awareness, green initiatives, and sustainable energy (think solar-powered buildings with plenty of green space)
  • Making a positive contribution to the community and to society in general

While some of these ideas may seem a bit esoteric in terms of the current state of commercial real estate, they are important points to consider in the pursuit of gaining an audience with the burgeoning millennial workforce. Somewhere in there lies a place of compromise where all these things converge, providing value and a great benefit to everybody involved.

Office Suites Strategies: Helping CRE Owners Offer Solutions for the Millennial Age

If you would like to learn more about Office Suites Strategies or find out how we can help your commercial property, give us a call today.

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Revamping Your Business’ Online Presence: a step-by-step guide

In 2017, boosting your online presence is about more than just SEO. Though on-page SEO is still important, organic ranking is the key to attracting the customers you want. With attention to a few key details, you are guaranteed to raise your profile and will be well on your way to better results.

Check your business listings for accuracy

There are numerous business listings which contribute to your online presence, a handful of which are imperatives, such as your Google Business listing. This is the extended content listing that shows up as a sidebar on the right-hand side of your browser, complete with address, map, phone number, reviews and an image. Your business won’t display in this space unless you have a verified Google Business listing.

Depending on what type of business you do, there are likely others as well: Yelp and Trip Advisor are just a couple of examples. Check what comes up when you search your business name online and go through each listing to ensure that all are current and accurate. For small businesses, this is an essential business strategy you won’t want to overlook.

Create fresh, engaging content

Content marketing is a proven way to promote your business. The more fresh, original content you are posting on your site, the higher your organic rank. Create content in the form of blogs, videos, or other sharable media. This will also give you a repository of content to share on your social channels, and ideally, should position you as an expert in your field. The more interesting and informative your content is, the more it will appeal to your existing and potential customers.

Other tips that help you rank higher include:

  • A minimum of 400 words of content per page is a good guideline, but longer always ranks higher
  • Avoid “keyword stuffing”, and focus instead on engagement
  • Post regularly and consistently
  • Outsource your blogs to freelancers if you can’t keep up

Try to keep it topical and don’t focus on sales. Establish trust and authority first – once you accomplish that, the sales will come.

Social proof

Social proof is one of the most important gauges of customer engagement that there is. It’s not always about how many followers you have, it’s more about how responsive you are, and how tuned in you are to what your followers are interested in. It’s about how you interact with your customers, your followers, and your peers, and it’s a gauge of how you stack up to your closest competition.

Social proof is also about activity. For instance, if a potential customer finds you on Facebook, but your last post was made months before, that really sends a message. You don’t have to post incessantly, but being consistent counts for a lot. Share your blog posts across all your channels to drive traffic back to your site, and re-post or curate informative articles that you think your followers would appreciate or enjoy.

Lastly, post irreverent/funny stuff every now and then. People enjoy a good laugh, and you’ll win over new people by showing a sense of humor.

Reviews and ratings

There are myriad ways you can collect reviews and ratings: through Facebook, on your website, Google, Yelp, Yahoo, Trip Advisor, Angie’s List – there are niche ratings sites for just about every industry. Find out which ones are most relevant to you and encourage your customers to rate your products or services. Use the best ones as testimonials on your website.

Remember to be responsive to the ratings you receive as well. Respond to good ratings with a “thank you”, and respond to negative ones with a thoughtful response aimed at solving the problem. While you can’t often have negative comments removed, you can demonstrate that you take their comments to heart, and are working hard to solve the issue.

Update your page meta descriptions

Meta descriptions are the short blurbs that you see just beneath search engine results. Usually about 160 characters or less, it should adequately describe what people will see on the page and can contain keywords, as long as they flow naturally.

Your meta description encourages people to click on your result, so the better it reads, the more effective it will be. Each and every page on your site has space for a meta description. Take some time and create a unique one for each page.

Office Suites Strategies: America’s small business strategists

Office Suites Strategies is a trusted source of information on business strategy and success, and with over 20 years of combined experience in Coworking and shared space and property management, we know what it takes to rise to the top – from site selection to staffing and everything in between. Drop us a line today to find out more.

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Managing Your Future Leasing Liabilities with Flexible Office Space

With new leasing regulations coming on board as soon as 2019, both owners and lessors of commercial office space need to start thinking outside the box if they don’t want to be holding the bag when the ball drops.

Currently, your company’s leases – whether they be property, vehicles, or other high-value equipment – do not have to be listed as an asset on the balance sheet. With the implementation of IFRS 16, due to comes into play in 2019, all that changes.

What does this mean for my company?

IFRS 16 has the potential to increase your company’s liability in several ways, as you will suddenly see a significant jump in total assets as a result of having to recognize a right-of-use asset and a lease liability. For a new company that is trying to stay lean, this could present problems.

Having fixed office space can exacerbate this issue. What, then, is the solution?

Should I buy my office space?

If you can afford to buy your space and turn it into a permanent asset, perhaps that is an option for you. However, there are probably just as many reasons not to buy. The added expense of upkeep and the depletion of your working capital, combined with a sudden inflexibility of a fixed location might not be the best decision for you.

Consider flexible office space as a viable option. It’s cost-effective, it’s agile, and it won’t tip your balance sheet in the wrong direction.

Do I really need fixed office space at all?

With the millennial trend toward remote working, many offices remain empty for the better part of the week. If you’re not using it, the money you are investing in square footage is being wasted on an unnecessary expense. By eliminating the workstations and offices you are not using, it solves several problems: it helps you reduce your dependence on fixed office space, reduces your monthly spend, and protects you from potential liability issues from IFRS 16.

Flexible office space solves the problems that fixed office space represents. It reduces monthly expenditures and supports workforce agility and productivity. Plus, your flexible office space agreements are, well, flexible.

The Benefits of Flexible Office Spaces

By implementing a short-term philosophy, it opens you up to other options as well as keeping your physical office space off the balance sheet.

Take a good look at how and where your workforce is spending their time, and consider what a flexible office space could do for you.

In general, companies are seeing a marked increase in flexible office space. It provides them with the ability to scale along with their company’s needs and gives them on-demand access to the services they want when they need them most.

Office Suites Strategies: flexibility when you need it most

If you’ve been considering shifting to a more flexible office environment, there is no time like the present. With IFRS 16 looming, being ahead of the curve is never a bad idea. If you would like to learn more about how flexible office space can benefit businesses, contact us today.