If nothing else, your Business Growth Strategy should focus on retaining and engaging your top talent.
Are you trying to improve your sales culture, retain top production and/or sales talent, or finding that your employees are simply tired of work feeling so much like... work?
Perhaps it's time for a change of scenery... and not just a typical office remodeling or moving to a different location - I'm talking about a complete upgrade into a co-working space like Regus Spaces or WeWork.
Here are 4 reasons why your staffing, accounting, or b2b business will thrive in this new setting, and why you should ditch the old school office concept YESTERDAY:
1. Millennials
Co-working spaces offer SO much more than a traditional office. They're fun. They're built to drive relationships. And they keep the onus of entertaining your employees off of your plate.
And if there's one thing I am certain you struggle with about this generation, it's their inclination to job hop (you're not alone - see the study).
There are many reasons why this happens, but one that really struck me from the study above is that they don't feel emotionally attached to their place of employment.
"Not engaging millennial workers is a big miss for organizations. The millennial workforce is predominantly "checked out" -- not putting energy or passion into their jobs. They are indifferent about work and show up just to put in their hours.
It's possible that many millennials actually don't want to switch jobs, but their companies aren't giving them compelling reasons to stay. When millennials see what appears to be a better opportunity, they have every incentive to take it." (Gallup)
How does a co-working space address this head-on?
Well, I'll share my own personal experience bootstrapping my growth agency - something I've been doing now for over 6 years. There was a point in time when I was ready to give up (something I think most, if not all founders can relate to). But when I moved into Regus Spaces (after test-driving them and WeWork), I realized that I would be giving up too much if I did... working in a normal office was enough for me to stomach the single most challenging point in my business' existence.
Boy, am I ever glad I stuck it out, because it turned out to be a total game-changer for Orange Pegs.
But let's get specific...
My co-working office has 3 options:
- Rent your own office space (typically with glass walls - Regus lets you sandblast for privacy)
- Rent desks in a small room of other desks
- Rent time to only work in the co-working area
Even if you choose options 1 or 2, you should still have access to the co-working space, which, in my opinion, is where much of the magic takes place. If your business isn't completely virtual, you're still going to want to rent a private ofice, so you have some level of privacy, but the common areas are available to all tenants.
Social engagement:
I work exclusively in the co-working space. I find that it's a great place to meet people, share stories, and even bounce ideas off others of when I get stuck on something. I use a noise-cancelling headset with uni-directional microphone to prevent background noise when I'm on the phone, and I actually bring a portable lamp with me to make sure I look good on video calls.
Here's what the view from my usual seat looks like:
I've made some great friends here... folks from all walks of life. I've even gone to Disneyland with some of them and their kids. And when my youngest was born, members of the office staff actually bought me gifts for my little girl.
Additionally, there are a TON of things provided by the office that make social interaction easy. Some days they even feeds us (today being one of those days! In fact, this morning one of my friends from here even brought me protein bar samples that one of her clients sent to her)
We have:
- Ping pong tables (which I suck at, but never let that stop me from picking up a game)
- Pool table
- Outdoor vollyball court
- Basketball court
- Live music
- Inter-company potlucks
- Social cocktail mixers once or twice a month
- Vendors will also come in and give away free stuff (like food and massages)
- Full gym with real equipment and free weight
- Yoga classes on the lawn
- Vegetable garden
- Common lunch area
- Putting and chipping greens
- Beach cruisers if you want to have lunch off campus
- We even have a full bar in the common area outside
Mind you, some of these perks come with working in this particular office park - but Regus sourced this area specifically because they complimented their co-working culture so well, and I believe they even had a hand in some of the planning.
And it doesn't just excite the Millennials. I'm 40, and I take FULL advantage. Here's the spot where I usually get schooled in ping pong (the view out the window behind me):
MORE LIKE THIS:
2. Share space with potential clients
As you know, one of the hardest things to do today is to get around your gatekeepers... the admins screening calls and voicemail inboxes that never get listened to.
But if you share workspace with them, and even signage space... maybe even a game of pool, or sweat with them at the gym - imagine what kinds of bonds your sales team will forge with potential clients.
Our space actually has some big names - and if a staffing agency, accounting firm, or any sales arm to a b2b business were to park themselves here, it's like shooting fish in a barrel.
I have personally put deals together with Orange Pegs through friends I've made. I often find myself conversing with other CEOs and department heads when they ditch their office and set up shop next to me in the co-working space.
It's actually quite nice to know people outside of one's business, and feel like part of a much bigger community.
3. Practice your pitch
Our office lets you book presentations in the lunch area for a small cost. Provide lunch, and you'll have a built-in audience. Some may even buy from you, but at the very least, it's a simple and easy way to practice your pitch among your peers.
4. Completely hands-off
Putting together a culture like this on your own would cost a LOT, and it would take a long time to get to the same place others have achieved after over more than a decade of iterations. Additionally, your existing offices are built like silos. Your office space is YOUR office space, whereas here at Regus Spaces (not to be confused with the old school Regus, which feels like working in a law firm).
One of the most appealing aspects of it is that you don't have to do ANY of it. They have the lobby handled. They can even answer and route your calls. They keep the coffee machine stocked, lead the fire drills, and deal with all of the maintenance. You just give them money, and they do the rest.
DISCLAIMER: Co-working spaces are not all alike, so make sure you do your due diligence before settling on one. Visit them, and maybe do your own test drive.
CONCLUSION:
Setting up shop in a co-working space will give you a MAJOR competitive advantage with very little thought or overhead compared to your alternative options. You'll address major challenges associated with younger generations, and create a working environment that everybody will look forward to.
If there's one thing I know about successfully growing a staffing agency, it's that you need to retain top talent - and this will help you do just that.
Want to learn about other growth strategies that may apply to your business?
Orange Pegs helps business leaders at tech startups, staffing agencies, professional services firms, B2B, and software companies that are investing in business growth, but are frustrated by the lack of fundamental strategy being deployed.
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