Understanding the ROI of Your Office Space
Great offices can go beyond simply providing workspace to employees if you understand how the space affects your bottom line. They can produce revenue, save time, affect branding and drastically improve employee productivity. While some coworking or hotdesking spaces may be sufficient when your business is starting up, once you've outgrown these workplaces, having additional space and resources can help keep your business profitable.
If you're a facility manager making a business case for an office upgrade, or trying to optimize your current space, here are some of the ways your office space contributes to your productivity and ROI.
Reflecting your company culture
Your office can be used as an asset for attracting and retaining clients. Depending on your industry, you may have many meetings in-house—you want your space to reflect the ease and convenience that you offer to your customers. Having an easy-to-navigate space with clear wayfinding, comfortable meeting rooms and innovative technologies can express your company values and brand to clients. While you may not be able to measure the exact benefits of each in-house meeting, your office can help retain clients and encourage prospective clients to do business with you. Providing your clients with a great in-person experience can help solidify positive working relationships and encourage continued business.
Running an office can be costly. Equipment must be maintained, rent must be paid and resources like energy must consistently be used. Thankfully there are many opportunities to minimize the impact these costs have on your bottom line.
As a facility manager, you should track your office's space and energy use.
Managers can use space management tools to find unused square footage that can be put to better use or to support a decision to downsize. Energy costs are a significant expense that can also be addressed with a sustainable office design. Using data and visuals from a workplace management system can help you understand where your office can reduce internal costs.
Recruiting top talent
Talent scarcity is one of the most prominent challenges facing workplaces around the world today. Younger generations in the workforce have a new set of needs, and many of them are opting for jobs that promise flexibility, strong culture and alignment with their personal values. Facility managers should understand that their office can be a powerful recruiting tool by reflecting these central values.
An office's layout affects many cultural components like corporate hierarchy, flexible work styles and team interaction. Being aware of the values an office reflects to potential hires, can help FMs and other managers make sure their office is attracting the best talent.
There is already strong evidence behind the relationship between office design and productivity, and there are many ways FMs can optimize a space to improve office output. Companies can improve creativity and wellness by adding natural light or biophilic design to their space, which have been linked to higher cognitive function in employees. Providing opportunities for personal customization in the office can also boost overall productivity and sense of autonomy. Facility managers should be sure to measure the impact of office changes to better pinpoint how the office is affecting productivity to ensure that all changes are benefiting their employees.
A great office space can move the needle on a whole host of business goals. From recruiting top talent to ensuring office-wide productivity, your physical office can greatly benefit your business. Facility managers that can align their office space with overarching business goals have the opportunity to create a more efficient environment with a higher return on investment.
Learn more about how OfficeSpace software can help you to optimize your office space.
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