In today’s rapidly evolving business landscape, agility and adaptability have become the keys to success for SMEs and start-ups. The availability of flexible payment options is a significant factor that can empower these businesses. In this article, we will explore the numerous benefits of flexible arrangements and shed light on how they can be an opportunity for growth. Furthermore, we’ll discuss the potential Australian recession and why coworking in a place like WOTSO is a no-brainer for your business in times of uncertainty.
SMEs and start-ups face regular financial challenges as they navigate the early stages of their businesses. At WOTSO, we aim to help these enterprises get closer to their business goals with flexible month-to-month agreements and no lock-in contracts.
Matt Purcell, Founder & Creative Director of KYU Media (EST 2019), an SME that specialises in Content Marketing, Production and Branding services decided to make the move from the traditional office space to our WOTSO Pyrmont office suites about a year ago. We chatted with Matt about how working at WOTSO has helped his business and here’s what he had to say: “I believe having a flexible coworking office is a smart choice. It offers our team perks similar to those provided by big-budget corporations, granting us access to other WOTSO spaces when we travel for work, all while maintaining a predictable monthly price. The month-to-month agreement provides peace of mind, allowing us to easily scale up to a larger office if needed or downsize to a smaller one when necessary. It’s a smart way to do business.”
Flexible leasing provides many benefits to business owners, such as financial flexibility, access to premium services and amenities, scalability, risk mitigation and networking opportunities.
Financial flexibility is a dream come true for most entrepreneurs and business owners, eliminating the burden of long-term commitments and providing them with the ability to scale as required. Avoiding hefty upfront costs or long-term leases means resources can be allocated more efficiently.
All businesses want to put their best foot forward when inviting clients for a meeting and WOTSO spaces are designed to impress. Our spaces foster collaboration, professionalism and innovation. A vibrant ecosystem is essential for businesses to thrive, with access to state-of-the-art meeting rooms and event spaces at a discounted price for all members, WOTSO gives you and your business access to premium spaces and amenities. High-speed internet, printing, cleaning, electricity and security are all included in the price of your monthly bill. In addition, there are also cost-saving perks for members such as free tea/coffee, fruit and snacks daily.
Scalability and expansion can be tricky to navigate in the early stages of business growth. With WOTSO looking after your space and the aforementioned necessities, your resources can be allocated elsewhere, whether it’s investing in new markets or expanding your product offerings. Adapt and grow with ease and without fear.
Networking opportunities are another benefit of FlexSpaces, placing your business at the centre of an inspiring community of entrepreneurs and professionals. Spaces like ours can bring together like-minded individuals from various industries, fostering collaboration, partnership and knowledge sharing. Meaning if you’re just starting out in the business world WOTSO can open the door to a wealth of expertise, insight and opportunity for you and your business.
Risk mitigation is something all businesses need to think about. The ever-changing market we are living in poses significant risks. Economists have just reported that Australia is facing a 50% chance of a recession in the next 12 months. New Zealand has just entered a technical recession, following two quarters of negative economic growth (Wedesweiler, 2023). Recessions often result in; increased unemployment rates, businesses struggling to keep up with finances, and markets losing value. For example, the last Australian recession, which occurred from 1990 to 1991 saw unemployment rise to 10.8% and GDP fall to 1.7% leaving interest rates/inflation at an all-time high (Meacham 2023).
FlexSpaces provide an exit strategy for businesses when circumstances change, whether they are due to internal factors such as ventures not succeeding, or external factors such as times of economic crisis. Having the freedom to adapt without being bound to contracts minimises financial risks for businesses, ensuring long-term sustainability.
The financial world can be unpredictable, and choosing a coworking space with no lock-in contracts and flexible payment options enables businesses to test new markets, experiment with different business strategies and expand without long-term commitments.
With 21 locations in Australia and 1 soon-to-be opening in New Zealand let us help ease the stress of the ever-changing market on you and your business. So why wait? Unlock your business’s potential by embracing the power of flexibility and collaboration in a coworking space tailored to your needs.
