Businesses have been impacted by the pandemic in a variety of ways. We are seeing tech companies experience an expedited growth cycle and businesses unfortunate enough to be in the events industry struggling for survival as a return to a reality where large crowds can gather seems more and more obscure with each passing day. As many workers adapt to remote working, and permanence being the likely outcome, the question of how the introduction of flexible workspaces affects growth becomes intriguing.
A digitalisation of modern commerce operations has been fast-tracked in recent months as businesses come face to face with a very real adapt-or-die scenario. Cloud-based computing systems, as well as online collaboration software, are no longer a luxury enjoyed by the S&P 500 elite but are now a mandatory part of the infrastructure for any business hoping to survive this tidal wave of lockdowns implemented across the world to stem the flood of the Covid-19 virus.
“Office headquarters, satellite offices, flexible workspaces and home offices will coexist, resulting in a hybrid office model”
Flexible workspaces offer companies a unique opportunity to accommodate worker demand for increased freedom and remove the need for them to set up at home. Costs are drastically reduced as long-term commercial leases become almost an archaic remnant of our pre-Covid reality. The traditional office space has been swiftly replaced by a more hybrid model, built to accommodate a more diverse mix of workers.
“Many flexible workspace providers were quick to adapt by converting their spaces to be COVID-19 compliant, allowing their members to preserve their capital and minimise overheads. At the same time, this allows companies to better focus on their business operations.”
Growth is generally determined by different elements of a company’s performance, with the chief indicator being the gross revenue, followed closely by the profit margins/ the bottom line. With a drastic reduction in overheads, businesses are seeing increased cash flow is freed up to invest in streamlining operations and channel emphasis on increased productivity and speeding up the process of acclimatising the workforce to be just as efficient outside of the office.
With cloud-computing CRM systems such as Salesforce and Hubspot thriving during the pandemic, businesses are learning to fire on all cylinders without those responsible for the large-scale strategic elements of business to even see each other face to face. There are teething issues, and there are aspects of an office environment that may get left behind, but with overall productivity remaining relatively stable, such tech companies are licking their lips at the growth prospects as we creep towards the year 2021 which is a year with more pressure to hold positive experiences than any year that has come before it in recent history.
There is one thing that is crystal clear. Businesses are implementing flexible work policies, and they are continuing to grow. Is this a direct correlation? Perhaps. As cryptic as the future appears, it remains evident that it is the large tech companies that are showing no signs of slowing down.