Revenue is a core concern for every flexible office space provider because of the constantly changing nature of the business. There are a number of ways that implementing a good space management software (SMS) can help to improve revenues and reduce waste. These range from optimising the utilisation of available space and enhancing the customer experience to potentially expanding the services you offer in your office. We’ve pulled together several different ways that deploying a good SMS could help.
Data-Driven Insights: Almost every good space management system can be integrated with the various data sources in your space to deliver unique insights about how your space is being used. Whether that is by identifying underutilised areas or by giving you the ability to make informed decisions about reconfiguring or repurposing areas. You can find out more about how integrated data sets can help you here.
Flexible Layouts: Your SMS should also easily allow you to reconfigure office layouts based on changing tenant needs. This will keep your internal floorplans accurate to the space – improving your understanding of desks per office and occupant preferences. This flexibility will also allow you accommodate a variety of new client requirements by giving them a data-based understanding of how their space was being used previously.
User-Friendly Booking: By ensuring that your SMS provides a user-friendly and efficient booking process, you are removing one of the biggest barriers to meeting rooms and AV suites being booked out. Ensuring that it is easy for clients to reserve spaces or additional services improves booking rates and revenue per occupier.
Access Control: With access control systems directly integrated into your SMS – not only are you able to provide seamless, secure, and convenient access to clients, you are able to ensure that you are billing for every occupier that needs access to their office. This also helps to ensure that unpaid occupiers are not able to access the space unfairly.
Community Building: You can use your SMS to facilitate member interaction and engagement, fostering a sense of community. Combining an office with an easy recruitment of talent improves tenant retention as well as referrals.
Targeted Marketing: Your SMS can be one of the most valuable sources of potential leads for your office spaces. By leveraging current and previous client data stored in your SMS – you can build personalised marketing campaigns. By using targeted promotions, discounts, and loyalty rewards, you can build an automated renewal process that improves retention as well as automated recapture campaigns to target those that have left your offices previously.
Referral Programs: Your SMS can also be used to create referral programs that incentivise existing clients to refer new tenants. If you are proud of your space and have high occupancy satisfaction, your current clients are potentially your greatest source of free marketing around.
Streamline Operations: Your SMS should be core in your efforts to automate administrative tasks such as billing, invoicing, and maintenance requests. This reduces labour costs and increase efficiency – leading to fewer issues with occupiers and a reduced reliance on out-of-hours maintenance calls.
Resource Management: You should also be using your SMS to manage internal resources like meeting rooms. Ideally, your rooms should be available whenever a client needs them but with minimal downtime to maximise revenue.
Add-On Services: Your SMS can also be used as a channel to offer and bill for complementary services such as virtual offices, mail handling, reception services, or event spaces. These secondary sources of revenue can help bolster each individual space without requiring a physical presence in the space. You can also build on the community you have developed to deploy these services for occupiers that have already left your space.
Cater to Specialised Needs: With access to all of your data you are also able to identify niche markets or industries with specific requirements, and customise your offerings accordingly.
Ultimately, it’s important that you are getting the most out of your space management software. The goal should be to adapt the tech to you and your business in order for you optimise your operations, attract more clients, and ultimately increase revenue in a competitive market. Even if you aren’t doing all of these things, ensuring you are attempting to monetise your space through better utilisation and data-based analytics should yield positive results.
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