To Rent or Not to Rent?

Should you say Goodbye to your Office if your Business is now Remote?

Last year was challenging in more ways than one. Many small businesses had to unexpectedly shift to work-from-home (WFH) models. Our own transition to WFH was rather smooth. With a majority of our staff now working remotely, we even decided to downsize our office space. Thinking about downsizing or relinquishing your office space? Keep reading to see if the change is right for you.

For Kelly and me, it was important that we still have office space available for staff members who wanted or needed a place to work outside of their home. For other small businesses, though, it may make more fiscal sense to do away with your office space altogether. Here’s what to consider:

1. How big is your staff?

Are they content working from home? If you have a larger staff, say 15-30 people, you may opt to downsize instead of relinquishing your office, especially if you plan to open up completely once the pandemic allows. On the other hand, if you only have 2 or 3 staff members who all want to work from home, there may be no point in keeping an office space.

2. Do you NEED an office?

Offices aren’t just a place for your staff to work. You may use it for networking or to conduct meetings with clients. If that’s the case, you may consider simply downsizing to save on costs.

3. How much can I save per month?

Can the money be used elsewhere? For many small businesses, office rent can be a large monthly expenditure. If that’s the case for you, weigh your options and see how much you could save if you downsized. Also, is you use your office less than you used to, consider where else you might invest your rent payment, such as marketing or wages and salaries.

The bottom line.

Choose what’s best for your business. If your business has transitioned fully to WFH, then it makes sense to relinquish your space and put your rent payment towards other ventures. If some of your staff still likes to work at the office, consider downsizing instead. No matter what, do what’s best for you.

As always, if you have any questions, feel free to give us a call. We’re always happy to help.

-Stanley & Kelly