As the COVID-19 pandemic wears on across the world, we’ve seen the effect of working from home take its effect on businesses. As lockdown went into effect in March 2020 in Malaysia, businesses were encouraged to have their employees working from home to curb the spread of the virus. We saw 67% of the Malaysian population were required to work remotely, however, we also saw the work from home trend taking a toll on businesses where offices were vacant and finances were tied in long-term contracts on traditional Office leases.

During these trying times, businesses need to acquire more agility and the flexible workspace can help meet the demands of a new age of work. If you’re a business that’s been impacted by COVID-19, this article is for you. Here are a few tips to stay afloat during these trying times.

Manage cash flow effectively

In the past, signing a lease for a traditional office space meant that you’re typing your business in for a minimum of three years and your business is basically bounded to that office space until the contract ends. Traditional office leases also give less flexibility for business needs, giving less room for the business to grow and thrive.

Since the COVID-19 pandemic, more businesses are turning towards more flexible solutions (serviced offices, private offices, and hot desks) as companies are unwilling to take on the expense of a long-term lease, or the level of risk that comes with it. With these solutions, businesses of all sizes can look to manage their cash-flows effectively, freeing up cash with flexible workplaces.

To support you on your journey to getting back on track, at Colony, we’ve come up with a solution that gives you up to 2 months of membership free when you sign up with Colony Coworking Space KL.

Be critical of spending during a cash flow crisis

Did you know that 82% of businesses fail due to cash flow issues? As a business owner, you need to scrutinize all the cash that leaves your bank account, and you’ll need to be critical of your business spendings when you’re in a cash-flow pinch.

To do so, it’s important to eliminate unnecessary expenses, identify areas of waste to remove from your operations and focus on operational costs. With office rentals usually taking up the bulk of your budget, maybe it’s time to consider scaling down and choosing a more flexible option.

At Colony, we understand that it’s been a rough year and we want to help you weather the storm. Whether you’re starting a business or reducing costs during MCO, take advantage of our limited edition gift cards and rebates this new year – redeemable online with a one year validity period. From hotdesking to private offices, we cater to everyone with flexible contract terms, helping you be more agile than ever.

Access to all the facilities needed for business continuity

On top of the flexibility of a workspace, at a serviced office, businesses will have access to all the facilities needed to run a business smoothly. At Colony, these are the ways our flexible office can help during the current pandemic:

• Mail scanning and forwarding service: At all our locations, our receptionists receive mail and store it safely ready for collection. Alternatively, we can also forward it to your home or alternative address.
• Videoconferencing: While hosting large meetings in person isn’t currently advised, you can still host videoconferences with your team. At all our locations, we have plenty of meeting rooms available with high-speed Internet connectivity for virtual meetings, online presentations, webinars, and workshops.
• High-speed WiFi and internet access: If your home broadband isn’t up to the demands of your business, we are fully equipped to provide high speed, business-grade Internet connectivity.

It’s also important to note that compared to a traditional office, flexible workspaces can also alleviate financial burdens that are tied to high-end equipment, furnishings, and more as these workspaces come fully serviced and furnished. At Colony, all our spaces are thoughtfully designed for all our users to connect and collaborate. With our wide range of options, we are confident that you will be able to find one that is perfect for your business needs.

Safety in the Serviced Office KL is Colony’s #1 goal

As a leader in the coworking space kl industry, the well-being of our community is always our top priority, hence we have put in place stringent measures to ensure a safe and healthy environment for all our members to work in. Here are the changes that Colony has been implementing since the beginning of the Movement Control Order (MCO) till date:

• Workspace changes: Adjusting seating arrangements, introducing virtual tours, and communicating the latest COVID-19 updates to our guests and visitors.
• Hygiene practices: Increased the frequency and intensity of our hygiene and sanitary measures.
• Partner support: We’ve shifted our entire workforce to work from home policy and ensuring that all our employees and contractors are well taken care of.
• Future events: Making changes to the way we host events and introducing the future of events – webinars.

Get up to 2 months of complimentary Serviced Office KL rent at Colony! 

Looking for a vibrant office space to call your own? At Colony, we provide serviced offices across five strategic locations across the Klang Valley’s most prestigious addresses including Colony @ KL Sentral, Colony @ KLCC, Colony @ Eco City, Colony @ Mutiara Damansara, and Colony @ Star Boulevard KLCC.

You can enjoy your office rentals on us when you –

• Sign up for 6 months and get 1 month free, or
• Sign up for 12 months and get 2 months free

No matter if you are expanding your business or starting anew, with our wide range of options, we are confident that you will be able to find one that is perfect for your business needs. Get in touch with us via our email at [email protected] or at +60 18-213 8086 to learn more about our Serviced Office KL.

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The post Why Empty Offices might be Slowing Down your Business | Serviced Office KL first appeared on Colony Coworking Space.