Various industries have spent the last year tending to their wounds and pondering their next logistical move. The reality of reducing employees, real estate, and benefits has been detrimental to company and employee morale for many.
However, if you’re a small business trying to rebound from this tough era, there are ways to do so without going over budget. What if there was a way for you to have a healthy working environment for your employees that promotes their physical and mental well-being, extends your market scope, and lowers your total costs? This solution may seem to be too good to be true, but it can be found in satellite offices.
A satellite office is essentially a smaller branch of a larger organisation that is based elsewhere. It is not the same as a physical branch office. In reality, understanding the differences between the two offices is important before allocating a portion of your real estate budget to a satellite office.
So, what makes a satellite office different from a branch office?
Your company will benefit from a satellite office space in the following ways:
- More versatility should be included.
- Choose the size of your office and the number of people who will be working there.
- Enable hybrid working arrangements
- Reduce the real estate costs.
Consider it a bare-bones workspace with all of the requisite office facilities, but without duplicating the company’s headquarters staff. Satellite banking is a typical example of a satellite office, which occurs when a bank is unable to locate a local branch.
Despite the distinctions between satellite and branch offices, the two words are often used interchangeably, which can confuse the real estate planning process for a business. Understanding the nuances between the two will help you design your growth strategy in a way that is most suitable for your company’s organisational model, real estate footprint, and budget.
Advantages of Satellite Office:
A satellite office helps your small company to find the right workspace layout for your employees, whether it’s an open office plan with plenty of space for teamwork or private offices for concentrated work. And having a wide range of options is ideal for extending the company’s horizons.
Furthermore, having a location outside of your home base is helpful when attempting to reach out to new consumers and even build a community around your company’s goods or services. For example, a satellite office will help you personalise and enhance your customer service. Jobs can cultivate closer relationships with clients in new areas by getting staff on the ground in various markets.
This is critical when expanding your company, as your client’s perception of you will be the element that distinguishes you from competitors. Customer service is the foundation of any successful business, as studies show that consumers are more likely to try other services or products from a company that provides excellent customer service.
A satellite office can help you not only with your company, but can also help you with your personal life. Getting access to a whole new group of experts in various fields is valuable to any growing organisation because they can provide a diverse viewpoint and expertise awareness of the area as well as what techniques can help improve sales.
Diversity in the workplace entails more than just meeting quotas; diverse teams are 87 per cent better at making decisions. This also avoids the need to move existing employees, which can be expensive and even detrimental to employee satisfaction.
Furthermore, establishing a satellite office will provide you with a familiar virtual office address, which can help you, make an impact in a new market. This is especially important for small businesses in rural towns because getting a prestigious virtual office address will help you easily tap into major metropolitan areas and draw residents to a community they may already know.
It also helps if these places are near resources that your home base may be lacking. Getting a notable address immediately communicates to prospective clients that:
- Your business is ready to expand.
- Your business is dependable.
- Your business needs to instill trust in new customers.
- Within your industry, your business is a worthy competitor.
- Investors want to take the business seriously.
The opportunity to tap into new markets is perhaps one of the most appealing aspects of integrating one of these offices into your company’s growth plan. The expansion of a small company can be challenging, but getting a satellite office can help the process run more smoothly. Setting up an office will help spread the word about the business, as well as increase the number of customers it can serve.
If you’re still uncertain if your company is better suited to serve a new market, a satellite office helps you to dip your toes in the water and assess the feasibility of the new territory. Much of the time, these offices are available on flexible-term leases, allowing you to walk away if a specific sector does not prove to be the most viable aspect of your business’s plans.
But what if you want to break into a new market but aren’t sure how much office space you’ll need? Satellite offices not only offer flexible leases, but also the ability to extend or reduce space depending on your needs. If your company is doing well in a specific market and you want to expand your office, satellite offices make it easy.
Taking this approach to expansion helps you to expand your business and team more sustainably. Although expanding your company will help you increase sales, it can also help you network and build fresh, meaningful relationships with the communities around you.
When entering a new market, it’s crucial to develop a network of local businesses with whom you can create strategic alliances that will help you grow your business while also contributing to the local economy. It’s easier to take advantage of collaboration opportunities when the brand is spread through many locations.
Cost-cutting thus improving the employee experience:
Although running a small business can be rewarding, many people find that controlling costs and expenses is difficult. This is especially true as the economy as a whole continues to recover from the impact of the pandemic.
Satellite offices, luckily, provide a way for companies to reduce costs without compromising their image or operation. The cost versatility for these spaces has a positive impact. But how does a satellite office assist companies in cutting costs?
Your company will benefit from a satellite office in the following ways:
- It costs less to open a new location than it does to open a full-fledged new location.
- Operating expenses have declined.
- Just paying when the room is used
- Leaving the office unoccupied and relying solely on the prestigious address
- Term agreements that are flexible to suit your budget
Satellite offices are perfect for workers, particularly if you’re working with a dispersed team, in addition to saving money. Long commutes have been related to higher levels of stress, which can have a direct effect on the quality of work produced by workers, according to research. You will make life simpler for your team members by establishing satellite offices.
Not only is this more convenient, but it also helps them to use the time they would have spent commuting to work to enhance their work process. More importantly, that travel times means a happier workforce, and happy workers are the cornerstone of a productive work climate.
Think it like a rippling effect:
Employees are more involved in their work when they are happy with their jobs. Employees who are engaged are more likely to remain at their jobs longer and deliver higher-quality work. Higher sales, more clients, and, most importantly, a supportive business atmosphere are all benefits. In recent years, the employee experience has become an increasingly significant aspect of a company’s operations.
This entails more than just satisfied employees; it also influences how you maintain and attract talent, as well as your credibility with consumers. The majority of today’s consumers continue to help businesses that are committed to enhancing the employee experience and contributing to the common good of the world.
According to research, businesses with actively engaged teams are 21 per cent more profitable. If that isn’t enough to persuade you, remember that shorter commute times mean lower carbon emissions, here India against pollution link can be given which can help the business become more sustainable and environmentally friendly, which is something consumers trust in the businesses they support.
What to Think About When Selecting a Satellite Office?
There are a variety of reasons to consider integrating a satellite office into the business’s operating plan, but the majority of companies do so to extend their operations. As a company owner, you know how difficult it is to keep growing your brand and reaching out to new markets.
Which Approach is the Best?
Companies also suggest using versatile spaces to act as satellite offices. These workspaces, also known as co-working spaces, are managed and run by a third-party firm but provide the team with a completely dedicated space that can include your branding. Although you may believe that embracing one of these spaces requires you to relinquish control over how your organisation is run in some cases, doing so allows you to focus on other aspects of your business that need to be changed.
When you use a Coworking space as a satellite office, you won’t have to think about:
- Office Management and Maintenance
- Technology Infrastructure
- Utility Costs
With a flex room, the constant annoyances of getting a physical office are no longer on your plate and are taken care of by a third party. Furthermore, many of these facilities have a plethora of additional benefits such as collaborative spaces, complimentary refreshments, on-site gyms, cafes, and a sense of community, all of which contribute to a worker’s overall well-being and job satisfaction.
A safe work environment like this is not only perfect for a driven, committed employee, but it is also important for a company’s bottom line. Employee involvement is at the heart of the workplace, as the pandemic has taught us. Without it, your company’s credibility, income, and ability to compete with other businesses in your industry will suffer.
If you own a small business, you know that you can’t afford any extra expenses that might stifle your expansion. As hybrid and remote working become more common, and workers work from different locations, one of the best ways to start improving is keeping employees engaged. In addition to keeping your workers involved, getting a run office as part of your arsenal will help you save money on real estate.
You can easily grow your business without making a potentially risky investment because most flexible office operators do not require you to sign long-term, costly lease agreements. The third-party operator handles the office’s expensive management needs, such as internet connectivity and other facilities, and lets you keep the costs down while you seek to grow the company’s brand in multiple markets.
You can still enjoy the advantages of every other workplace, such as having a branded office designed specifically for your staff, without having to run your budget dry. Check out O LaunchPad best co-working space provider in Bhubaneswar Odisha. Find a new place that fits your small business if you’re interested in adopting or renting a controlled office space outside of your company’s base market to act as a satellite office.
Once you’ve decided to open a satellite office. Now comes the tough part: determining where you want your satellite office to be located. When it comes to expanding your sector, selecting the right city and community should be a top priority. This is understandably daunting, given the vast number of choices available.
Another factor to consider is that recent evidence suggests that the pandemic is driving many professionals to secondary cities and suburbs. This is attributed to both recent remote employees who choose to stay at home in suburban suburbs rather than commute to the big city, and others who escaped city life in search of lower housing costs and more open spaces.
Overall, it’s fair to assume that these sectors are experiencing explosive growth. Since we are experiencing new economic developments, it is important to research the best location to relocate your company. It’s also important to consider how to open working in a satellite office would be for workers when deciding on a new venue.
Take into consideration the following aspects:
- Is there going to be a lot of traffic in that area?
- What kinds of services are available in the vicinity of the office?
- How convenient is it for your employees to commute?
- What public transportation options are available?
Employees’ perspectives on what they require from their workplace have been completely transformed as a result of the pandemic. If it used to be catered lunches and the like, demand has shifted to an emphasis on health and wellness. And, to satisfy these new employee needs, it’s important to provide them with a workplace that’s surrounded by facilities that help them achieve a better work-life balance.
Check to see if the satellite office you select provides members discounts at nearby gyms or dry cleaners, for example. Staff would be able to maintain a healthy balance between work and home duties as a result of this. It’s also worth remembering that working from home can have a positive impact on employee mental health and productivity. You will pick the best place for your business after you’ve discussed all of the different aspects of getting a satellite office.
How to Operate a Satellite Office?
As more people work from home, one of the most important lessons learned over the past year has been the importance of contact between workers at all levels. The same can be said for your main office and satellite offices.
Having a direct line of contact between headquarters and satellite offices means that all workers are on the same page and that they can continue to work on big-picture ventures and uphold company culture. This is critical since 86 per cent of executives and workers say inadequate communication and teamwork are to blame for workplace failures.
It will take some tinkering, but finding out the best strategies for making your company run smoothly in all markets will set you apart from the competition. Establishing a fool proof operating strategy is important not just for today and tomorrow, but also for the near future of your organisation and all of its locations. So look for ways to keep your branding consistent in all locations, make sure you keep track of it so you don’t lose sight of your goals as you broaden your company.
Choosing to grow your business is a bold move, and getting the right tools on board will assist you in this new venture. A satellite centre will help you make this transition, whether you’re a small business in a rural town looking to expand your services to city dwellers or a large corporation looking to better serve growing suburbs.
Finding the right market to expand into can be difficult, so having a versatile space as a satellite office allows you to quickly test the waters to see how your company can fare in this new market.
The good news is that you won’t have to consider:
- Costs of construction
- Connectivity, technology, and other workplace facilities are all integrated.
- Furnishing the space
- Hiring managers to maintain the office
All of the time-consuming aspects of running an office are taken care of by a third party, allowing you to focus on making sure the company and its goods or services are the best in the industry. Fortunately, we’re entering a period in which dispersed teams are becoming more popular. As a result, locating a satellite office that can handle all the employees need for the best possible workplace experience is important. O LaunchPad Bhubaneswar is one such place that has great experience and expertise in the field.
Not only is it easier to find the best space for your team now, but it’s also less expensive. Rather than signing a costly, long-term lease during these uncertain times, you can take advantage of a workspace that lowers your total costs. Best of all, having one of these offices outside of your home base allows you to interact with the local community and other like-minded business owners, helping you to expand your branding in a more personal way.
Building a sense of community within an organisation ensures that employees are more engaged, and when employees are more engaged, the company and its future are more likely to succeed. For any coworking space-related queries please contact us at firstname.lastname@example.org.