Where are you currently located? How far is it to the closest bus or metro stop? According to Harsh Binani, co-founder of the largest Managed Workspace Platform, Smartworks, these are some typical inquiries that we frequently have before even requesting that someone begin looking at the other incredible things that we have to offer.
No longer can employees travel to the office regardless of where they are situated, since businesses are moving away from the traditional model and toward more flexible workplace choices like co-working and managed workspaces. However, as the demand for these workspaces grows, so does the struggle of the providers to stay afloat.
Harsh Binani shares some of the Sustainable Business Model strategies for the co-working space industry and how they can keep serving the evolving needs of the employees and enterprises.
Your business idea
When it comes to ideas, there are plenty that we feel have the business potential to turn into something good. But before going ahead with any idea it is important for you to make sure that your idea has the potential to fly. Harsh Binani suggests that always make sure that your business idea is market-proof. Study your consumer needs and design and re-design your business model accordingly.
Harsh Binani shares that Smartworks initially faced rejection from larger enterprises that were very well set in their traditional ways. Harsh Binani along with Neetish Sarda pivoted again and again to the whiteboard to bring the vision to the office spaces they wanted to create.
Evolving needs of your customers
Build a company that attracts your customers. You must be certain that you market a solution rather than merely a product. It becomes vital to target the customer’s pain areas and provide them with the precise answer they need if you want your company concept to succeed. Whatever concept you have, make sure it is customer-focused. You can always change it slightly to make it more appealing to customers. Harsh Binani asserts in this approach that your company will only thrive if your concept evolves along with the industry trends.
Changing Business Needs
Harsh Binani thinks that without realising the significance of technology, it is impossible to go forward in this new normal. Because of the COVID-19 pandemic, companies rely on technology more than ever. In addition to having natural lighting, biophilic designs, and open space, flex spaces are adopting smart LED lighting since it uses far less power and has a considerably longer lifespan.
Shared workplaces are maximising energy utilisation and reducing energy consumption per unit by making changes to the lighting and ventilation design. Utilizing cutting-edge building design software, coworking spaces are taking advantage of the opportunity for informed, data-driven decisions in every aspect of design and construction, including glass curtain wall detailing, implementing natural daylighting strategies, prefabrications, raw material procurement, and more.
Due to externalities like changing company demands, a finite supply of resources, and altering stakeholder expectations in a changing world, businesses have had to undergo significant transformation.
However, as a result of the shifting business climate, the benchmark for determining a company’s performance has drastically shifted from short-term profitability to long-term sustainability for stakeholders. Recently, commercial real estate transactions have included more environmental, social, and governance factors. Whether we look at investors or occupiers, it is evident that there is a growing desire for more sustainable practices and frameworks.
Harsh Binani believes that while sustainability is essential to an organization’s long-term success and any positive impacts it can have on the world, it is occasionally overlooked and devalued.