Many business owners fall for the misconception that bigger equals better — if you want your business to grow then surely you need to be looking for a physical office or aspiring to bigger premises? Wrong. If the last few years showed us anything, it was that having a physical space for a business is way less important than we thought, and that many businesses can thrive remotely.
If you’re hanging on to a commercial space you no longer need or have been considering downsizing to a smaller property, here’s why it could be the best growth decision you’ll make.
Has Bigger Become A Burden?
Owning commercial premises isn’t just a question of meeting mortgage payments, there are all kinds of other costs that go with it, like rates, utilities, insurance — the list goes on. If you work out the total, you may be surprised at just how much it’s costing you.
All of these costs eat into your profits and mean less money for development and expansion.
How much lighter would you feel without these regular financial commitments? What freedom could the extra profits give you to grow your business in new directions?
How To Minimize Impact On Operations
Many business owners worry that a big change can mean interruptions and uncertainty, but it doesn’t have to be. If you’re thinking ‘how do I sell my commercial property without impacting operations?’ then non-traditional methods of selling online offer some options. It’s possible to receive cash for your premises in a guaranteed and secure timeframe, meaning that you can plan exactly how to work around the move without any of the uncertainty of selling in the traditional way.
What Downsizing Can Look Like
Downsizing doesn’t have to mean giving up your dream office for a laptop on your kitchen table, there are loads of different ways that it could work, depending on the nature of your work. Options might include:
- A simple downsize to smaller premises serving the same function but at a lower cost
- Implementing a remote working model so that employees all work from home
- Joining a co-working hub to benefit from meeting space and a business address without the overheads
- Flexible short-term leases on business premises
Talk to other business owners in your industry to get inspiration about different working models and what might work for you.
The Upside Of Downsizing
The key benefit to downsizing is that you free up resources — both financially and mentally — which can be used for other projects and for further growth. All of that money you save can be spent on more exciting things like product development, marketing, or even team wellbeing initiatives to improve job satisfaction and, ultimately, output.
You may also find that changing the way you work has unexpected benefits. A change is as good as a rest they say, and a new environment can often mean a refreshed and inspired workforce, fresh ways of thinking, and new ideas. Having a smaller physical footprint also has a positive environmental impact.
Give it some thought and remember, bigger doesn’t always mean better.
