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Benefits of Coworking Spaces

10 Benefits of Coworking Spaces

The rise of coworking spaces is a good sign. It means many are opting to work from a professional space but avoid the overheads, are more willing to network and collaborate and many enterprises are now choosing to work from agile coworking space as it offers business space for rent which is cost-effective than holding an actual office space. Coworking space not only offers a place to work but also provides additional benefits which is exclusive for the members of that space. However, before renting office space from a coworking environment, figure out what exactly you are looking for. Distractions will be present but choosing the right set up will ease the journey and not affect the business environment.

Here are the top 10 benefits of coworking spaces:

Networking

Coworking space increases the chances of meeting like-minded people is a great incentive for your business development. You get to interact with people from various industries and sectors. It only fosters a sense of community, but interacting with high-performing individuals will also boost your own self-confidence along with opening doors for enhancing your service.

Professional Address

Coworking spaces are centrally located within a city, close enough to public transport and restaurants, and also convenient for members to work from. As a business owner, working from home or café might not send the right message to your prospective clients, thus, coworking space offers not only a professional space but also dedicated meeting rooms, cafeteria and coffee zones to help you network better.

Finding Your Spot

A shared space allows a person to move around the workspace to find the best areas for yourself. At different times of the day, your mood might be different and changing spots might improve your productivity. Experimenting with different corners at work, you will find the best spots for yourself. Coworking space is great for people who like to move around while working.

Great Offers and Discounts

Working from a shared office space has a variety of benefits. Such coworking spaces offer a lot of discounts to members. Stay updated with the latest offers make the best use of it. Such offers and discounts are provided to make a member’s life in the coworking space convenient and enhance the work-life balance.

Attend Events

A lot of coworking spaces go to great lengths by conducting events. Be an active participant to such events. It not only helps you learn new things but also provides the opportunity to meet and interact with new people. Events at co-sharing space is a great way to socialise and interact with fellow members which allow for future collaborations. This goes to the first point of networking; attending events opens networking channels and a window of opportunity for new ideas and new clients.

Improve Productivity

Around 68% of people find they can focus better while working in a coworking space. If you prefer to work out of office but yet in a professional zone, renting a business space from a coworking site will improve your focus level. Plus the additional benefits a coworking space provides will always outweigh the cost.

Flexibility

Coworking is about being flexible. Choose the day and time of your work and get there, it’s that simple! Renting office space from an agile workplace offers you the chance to take charge of your own day without the hassle of owning an office. It’s basically, one less key to worry about!

Reduce Operational Costs

For small business owners, having a dedicated private office space might seem costly but working within a coworking space, the benefit of using shared amenities outweighs the cost. Business owners can work within these spaces without having to worry about the overheads such as the internet, electricity, maintaining office equipments, replenishing cups, tea, and coffee to name a few.

Place To Learn

The working environments in a coworking office space allow for interactions with people with a different mindset, skills, and knowledge. This can improve a person’s outlook and provides a learning opportunity to either upskill themselves or improve their own productivity.

Mental Wellbeing

Working in a shared office space is a way to meet new people and increase your own network. This helps in avoiding loneliness, improving interpersonal skills, and many coworking spaces also offer various self-improving workshops which can help in boosting your productivity.

With all the benefits of using shared office space, many businesses are now turning to utilise such spaces. The hassle-free transaction of utilising such office space makes it a worthy investment for small to medium business owners. Other benefits such as open office space, networking with like-minded people, business opportunities are some factors that make this a worthy place to work out from.

Future of Coworking Spaces

The Future of Coworking Spaces

Coworking spaces have transformed the way we work today. It provides flexibility, takes care of the basic amenities such as desk space, electricity, internet connection and all a person has to do is pay for their space at a reasonable price. Unlike the traditional set up with direct to asset purchase and bearing all the overheads that came with it.

It is estimated by the end of the year, there will be over 26,000 coworking space globally. Furthermore, 10% of office spaces are occupied by coworking and are expected to rise to approximately 25% in the next few years.

Plus, the working population today likes to perform to their own timing and there is one crowd in particular that prefers a coworking environment.

According to Forbes, millennials are especially fond of coworking spaces for a few reasons, namely, affordability and not having to worry about the overheads.

However, as the workforce changes, coworking space also needs to evolve itself to remain relevant to the dynamic, new working-age population. Here are some ways, the future of coworking spaces can shape the new-age of work:

Revamp Workplace Strategy

Be it a coworking workplace or an enterprise, the people managing these organisations need to understand the mindset of Gen Z, who are the future of the workforce. Millennials will soon become the new elders and will more likely stick with their existing business. Gen Z, on the other hand, seeks experiences and a better work-life balance.

Collaborative Working Environment

Every professional these days seeks to work in a place that has a conducive work environment with enhanced collaboration and accessibility. This means less silo departments and more collaborative spaces with an employee-centric workplace.

As the way work changes, coworking space should be able to physically change as well. A coworking space that is more collaborative, offering wellness programming or a robust and dynamic design plan that puts employee needs first, without sacrificing productivity, will help companies easily align with the younger generation of workers seeking long-term careers.

Amenities

Most coworking space providers offer a huge gamut of services to their partner companies like crèche facilities, locker rooms, courier services, cafeteria, gaming zones, and gym facilities among others. These amenities help in assisting employees by making all the essentials, available at the click of a button.

Going The Extra Mile

For the younger generation, talking about inclusivity and sustainability is not enough. A business needs to showcase that they can walk the talk.

According to Cushman & Wakefield, 29 percent of millennials rank environmental concerns as their top priority. Whereas, Gen Z has the highest level of social awareness, and that is reflected in their employment choices. Corporate social responsibility, alongside flexibility, is perhaps the leading competitive recruitment strategy moving into the next decade.

Workspace design and setup

A cubicle is a thing of the past and Gen Z will most likely not join a company that still has this type of setup. Soft furnishings that can be changed with the needs of the office and through subscription services are more popular than ever and for good reason. A coworking space that gives people the power to make their own space will be more successful in retaining talent. Business-wise it makes sense as there will be less waste and consumption which allows for more flexibility to create the workspace of the future. Telephone booths, hot desking, an open workspace set-up are here to stay for the long run.

Recreational Events and Corporate Training Workshops

Employees look forward to work in a collaborative workplace with engaging recreational activities. Most coworking spaces have dedicated activity rooms and recreational areas within their campus to help companies keep their employees motivated and engaged.

Some coworking spaces also arrange weekly events like coffee painting, karaoke, Zumba fitness, baking sessions, etc to help employees rewind and relax. Off late, most coworking space providers have started arranging corporate training workshops in the office premises to help employees revamp their existing knowledge and skills.

Such networking opportunities and exposure helps in keeping the employees motivated and increases their productivity.

Coworking spaces need to understand the demands of the modern workforce and continuously innovate to provide state-of-the-art workspaces, adept with all the latest technology, amenities and recreational activities. By providing employees a flexible workplace and a collaborative environment will not only help them learn new skills and grow, but also help companies to grow and retain talent. The future of coworking spaces rests on their relevancy and adaption to the needs of the modern workforce.

Managing A Team In Coworking Spaces

Top 10 Tips On Managing A Team In Coworking Spaces

The days of occupying an entire building by a single company or organisation has undergone a huge paradigm shift with the rise of multi-utility spaces and with it there is a need to manage the team in coworking spaces effectively.

Thus, when it comes to a fully functional coworking environment, as a manager it is important to keep your team motivated and your members inspired. Some of the best coworking space has a well-designed layout, updated communication tools, multi-purpose and dedicated rooms for meetings and conferences, and accessible cafeteria. But to make this all happen, you cannot overlook the people who help you every day. After all, you need them to keep your office space functional and operational.

Here are the top 10 tips for management of team in coworking spaces:

Team Building Exercise

You will be working with a variety of people with different skill sets. Plus they will require to be hands-on in assisting you in managing the coworking space. Chances are this can lead to some form of detrimental productivity from your workforce. Thus, you will need to create some team building exercises to raise the productivity of your team and ensure they feel being part of a work culture.

Fostering Culture

Though it is important to have diversity in your team, it is also important to have some workplace culture. This can help in building your brand and also making your team feel part of a team. Fostering a culture can also be extended to the members where they know the calibre of the people who are running the place and they too are inspired to maintain that professional expectation from themselves. It works both ways.

Sharing Ideas

A great coworking environment is open and receptive to leveraging the benefits of being a community space. This is a good way to find innovative solutions and introducing new ideas to the workspace by your team and members utilising the space. As a manager, you can further enhance the work environment by tagging some of your team members with new people to share new ideas. Also encouraging someone to lead with their idea gives a sense of ownership that can have a positive drive to others.

Encourage Member Engagements

Following from the above point, it is important to have a feedback channel open for members to contribute towards making your coworking space more productive and streamlined. These feedbacks can be about the daily operations, housekeeping, to technical services. As manager of the coworking space, you can take the additional step to cater towards member engagement by social activities and games.

Utilise Digital Tools

Digital tools have become an indispensable part of daily communication. It is efficient and effective. Investing in such tools and platforms can help your team communicate with each other in a more efficient manner. Some digital tools can also assist in the dissemination of updates such as a newsletter, CRM software, or even a simple CMS platform. Furthermore, you can encourage your team to share and collaborate by means of using online platforms for ideation and discussion.

Disturbances and Disruptions

The concept of a coworking space is open and collaborative with different work cultures merging into a single entity. This blurring of space can lead to frequent interruptions and disruptions to the normal flow of the daily work. To address this occupational noise, certain rules and provisions must be arranged for your team members ensuring that work gets done along with addressing member queries and issues.

Brand Awareness

A brand is more than a logo. It highlights your company’s character, it builds a persona. Promoting your brand within your workplace will constantly remind your team members about your organisation’s identity and the values it stands for. This will generate a sense of identity and your workforce will feel a part of the team. This can be done by branding your logo on various stationary that can be handed out to your team and members using the space.

Counselling

No matter where you and your team works, stress will be a normal part of the day. However, some may find it difficult to cope with additional stress. This may be due to work or personal pressures or even both. It is important to notify your team that help is available where they can avail of a counselling session to improve their mental well being. It can also be encouraged for your team to attend some daily sessions even if they are fine, as it will only improve their mindset.

Privacy

As part of the team-building exercise, it is also important to know that some will be more responsive to individual talks. This means, as a manager, it is your responsibility to ensure that whatever is communicated or discussed between you and your team member, it will remain private and confidential.

Transparency & Set Timelines

With everything going on, ensure there is transparency in your work. As a manager, everyone will be looking up to you as a leader and therefore you need to adhere to not just the work hours but also lead by example. If a work timeline is set for everyone, the manager is also expected to meet their deadlines too. This encourages others to follow suit and will lead to improved productivity within your team.

Tips to Get Back to Work After COVID-19

Tips to Get Back to Work After COVID-19 Lockdown

As the cases of the COVID-19 pandemic flatten, it is time for businesses and various organisations to start summoning their employees back to the office. Maintaining a healthy work environment will be a key element in ensuring your business can rise from the sudden break and sustain itself in the long run.

It is also imperative your employees do not feel overwhelmed when they return to the office. After all, they have to re-adjust to working from their desks and office space. The lockdown hasn’t been easy on anyone and it is important for companies to make their employees feel valued and welcome at work. Therefore, a smart business would have taken ample measures to ensure that their workforce is motivated and driven to take on their work with full enthusiasm and vigor as before.

Here are some tips to get back to work after COVID-19 to get your team up and improve productivity in the workplace:

1.Plan The Settling In

With the lockdown easing up, many businesses have already put in place safety measures to protect their company and employees. Social distancing has to be maintained with desks and work stations kept at a distance of at least 6 feet from each other. Some are revamping their emergency plan to include this new pandemic for the future. If there is no emergency plan in place, this is a good time to make one for today and the future.

An emergency plan not only outlines the steps a company will take in such times but also the measures to be undertaken for the protection of employees and businesses. It becomes the guide to follow and must include information such as measures to protect employees, emergency contacts, business operations, and any deliverable measures.

2.Rotation Of Duties

The impact of the coronavirus will be here for a while. This means, businesses can no more function as before but take in the new reality in place, the ‘new normal’. This means, where is a space crunch, managers will need to organise a shift based or rotational work policy where a part of the team will function from office and the rest from home. This way, the spread can be minimised and ensure the safety of everyone.

3.Sanitise Your Workplace

With everything going on to ensure employee satisfaction and expectation, businesses will need to fumigate and sanitise the workplace on a regular basis. Establish standard operating procedures for cleanliness and sanitisation. Ensure work desk and floors are cleaned with disinfectants, stock up on hand sanitizers, issue directives and print outs suggesting washing hand techniques and using soap, make sure sick employees stay at home. These are some of the safe bet options.

4.Sensitise Your Team

Remember, not all your employees will feel safe to return to work. Those who do turn up might feel a bit overwhelmed by overthinking the situation. Some might be in denial and proceed without care. All these signs must be taken up at a regular safe space talk/meet individually and assure them of the situation. Highlight the work environment is being sanitised daily, assure them they are taken care of, and create a sense of belonging by acknowledging their fears and concerns. Create a stress-busting activity where they can talk about their feelings, without fear of judgement. Let this activity be non-work related as well.

5.Maintain Social Distancing

While it is important to ensure your employees remain productive, post lockdown, you will have to ensure social distancing is being maintained as part of the ‘new normal’ in running a business. The lockdown may have ended but the disease still remains, therefore, till the time there is no advisory from medical authorities, social distancing amongst the employees has to be maintained. This also includes taking breaks and going for lunches. Stagger your employees for their break, space out the dining area, and ensure food is being handled with protective masks and gloves.

The above are some of the quick measures that can be undertaken by various businesses for the safety and security of their employees. It is important to assure employees that the work environment is safe and hygienic while at the same time acknowledge their fears. Ensuring productivity from employees can occur only when they are settled and feel secure coming to the office every day and businesses must accept the new normal and disseminate the information to their employees and keep them updated with their workplace wellness and readiness measures.

5 Must Read Books For Entrepreneurs Recommended By Billionaires

5 Must Read Books For Entrepreneurs Recommended By Billionaires

We recently published a few articles on how billionaires across the globe stay productive through the day and what all aspiring founders and working professionals can learn from them. When studying the habits of these successful people, we came across one thing they all had in common: They are well-read.

Successful entrepreneurs are at their best when they squeeze in some meaningful time to read in their busy schedule. Sure you can’t read 50 books a year as Bill Gates does, but you can certainly grab a copy of any book from this handpicked list, recommended by successful people before the year ends.

These books have just the right balance of facts and stories, inspiration and actions that will make you look at things with a new-found perspective.

Built to Last: Successful Habits of Visionary Companies by Jim Collins and Jerry Porras

Recommended by: Amazon CEO Jeff Bezos, Naukri’s Founder Sanjeev Bikhchandani

Bezos once said in an interview that he usually buys around ten books a month.  Aside from sci-fi novels, one of the entrepreneurial books which soon became his favourite was ‘Built to Last’ by Jim Collins. Similarly, for Bikhchandani, CEO of India’s largest job portal site, Naukri.com, Built to Last has been an inspiration to create the business he has today.

The New York Times bestseller, Built to Last, is filled with hundreds of real-life examples and frameworks to help entrepreneurs of all levels build a prosperous organisation. The authors draw upon a six-year research project examining the common practices of the most outstanding companies such as Hewlett-Packard, 3M, Motorola, Procter & Gamble, Merck, Nordstrom, Sony, Disney, Marriott, and Walmart.

It must be worth a read if it helped Bezos become one of the richest people in the world!

Zero to One: Notes on Startups, or How to Build the Future by Peter Thiel

Recommended by: Tesla’s Elon Musk

Authored by PayPal’s co-founder, Zero to one is THE book for entrepreneurs, innovators and doers.

The book explores how companies can better predict the future and take action to ensure that their startup is a success. It forces the aspiring entrepreneurs to think ‘what valuable company is no one building’ and if the company they are thinking of will show a diminishing rate of return or higher rate of returns.

The book also has four interesting rules that are common in every ‘zero to one’ idea.  In Musk’s words, “Peter Thiel has built multiple breakthrough companies, and ‘Zero to One’ shows how!”

Business Adventures by John Brooks

Recommended by: Bill Gates, Warren Buffet

When Bill Gates first met Warren Buffet, he asked for a business book recommendation. Without a doubt, Buffet recommended his favourite book, “Business Adventures,” by John Brooks.

Compiled in 1962, the book has used 12 stories from the world of wall street to describe the success and failures of businesses during that era, which stands true even today. Unlike various business books, you won’t find any listicles in Brook’s book. The book consists of long articles that frame an issue, explore it in-depth, introduce a few compelling characters, and show how things went for them.

Although the 12 tales date back to the early days of wall street, it remains to be the best books for entrepreneurs as the rules for running a strong business and creating value haven’t changed much at all.

Autobiography of Yogi by Hindu guru Paramahansa Yogananda

Recommended by: Apple’s Steve Jobs, Games2Win’s Alok Kejriwal

During Steve Jobs memorial service in October 2011, each attendee received a brown box as a farewell gift. Inside the box was a copy of “Autobiography of a Yogi” by Hindu guru Paramahansa Yogananda.

This acclaimed autobiography presents a fascinating portrait of one of the great spiritual figures of our time. The book is a beautifully written account of an exceptional life and a profound introduction to the ancient science of Yoga and its time-honoured tradition of meditation.

Instead of business, numbers, and profits, the book emphasises the importance of ‘Self-realization.’ Translated into more than twenty languages, it’s a modern spiritual classic and must-read book for entrepreneurs who deal with stress, confusion, and aloofness on a daily basis.

Gandhi: An Autobiography by Mohandas Karamchand (Mahatma) Gandhi

Recommended by: Apple’s Tim Cook, Former USA President Barack Obama

First published in installments in the late 1920s, the book recounts the life of Mahatma Gandhi, as well as how he developed the concept of civil disobedience.

While for Obama this book is his most famous forever favourites, Cook got interested in the book when he visited a museum during his trip to India.

According to Cook, this book has helped him to grow Apple’s business. Another business executive who’s a fan of Gandhi’s autobiography is Siemens India CEO, Sunil Mathur. Mathur said that the book had inspired him “to run a value-based business that is sustainable.”

No matter how crazy the schedule, one can always find time to delve into the depths of a good book.  Do drop in a comment here after you read any one of these. Or just tell us about any books for entrepreneurs that have had the most profound effect on your thinking.

Happy reading!