It’s that time of the year again. The office lease is wrapping up, and your business has to decide whether to extend your contract or relocate.
So, what do you do?
The end of a lease can be instrumental for a company’s structure and business growth. It allows an opportunity to reevaluate and re-align business missions and objectives internally. From an external perspective, a switch-up in the workplace environment, whether that’s through layout, equipment, or design, is just as critical for your organisational productivity.
If renegotiation’s or relocation is on the horizon, it’s better to make the call early. Timing is essential to ensure you give yourself ample opportunity and leverage to make the transition as smooth as possible.
It’s imperative to evaluate how these changes will impact your brand, staff requirements, and overall company progression. We’ve listed our top 3 things to consider ensuring you are making the best decision for your business and the team.
1) Business goals and future aspirations
Now’s the time to ask yourself and your staff the critical questions. Is the current workplace representing the business to its fullest capabilities? Is your business outgrowing the space in size? Are you planning to expand in the next 2-5 years?
A concluding lease offers the perfect opportunity for a workplace refreshment and, in turn, is a critical influence on business performance.
2) Include your team
Your team is the most expensive investment for your company. In a competitive environment, a business needs to recruit and retain the best staff. When considering your options, engage with your team on how you can best support them and let their feedback guide your decisions. It’s essential to understand their needs to build a transparent working culture that will encourage productivity and community.
3) Consult your preferred design and build partner
Ensuring you collaborate with the right design and build partner will guarantee you receive expert knowledge on office evaluation, workplace strategy, and valuable insight on your business needs.
Workplace strategy is crucial in better translating business requirements into a cohesive design that reflects company objectives and culture. Having a design strategy in place will clarify how your new environment can bring productivity and profitability, whether that’s through retaining and refreshing the existing tenancy, or exploring the creation of a new space.
If a new tenancy is the optimal solution, the talented team of interior architects and workplace strategy experts at Concept can help negotiate the best terms for you and your business.
Planning the next move for your company work environment is not one to be rushed. Whether you decide to refurbish your current space or make a fresh start at a new location, the fundamental decision should be based on how it will benefit staff engagement, satisfaction, profitability, and perception from your team and clients. Take these top 3 tips on board to help support your decision-making process during lease renewals in 2020 to ensure you make the right choice!