Image from Michael Jastremski (http://openphoto.net/gallery/image/view/7834)
Knowing the value of financial freedom
Everyone wants to have financial security. Just imagine having the freedom to buy things and still have money in the bank. It would be so liberating to splurge on holidays or expensive gadgets without worrying that there won’t be enough cash left over until the next paycheck arrives.
Unfortunately, majority of the working class don’t make millions annually. The average corporate employee needs to learn savvy saving and investing practices to be financially secure.
In this age of computers and the internet, there are more ways to put money away for the rainy day. Banks, which remain trusted financial institutions, have expanded their services; many now allow clients to do transactions on the web. It’s now possible to make fund transfers or process insurance payments online.
Another good thing about sophisticated technology is having access to a wide variety of information. Individuals seeking to improve their current financial standing can use the net to find tips on accumulating wealth and keeping it. Countless blogs are dedicated to teaching people how to utilize their earnings sensibly. Not only do these resources provide great advice but also have projects that readers can try out on their own. One good example is the 52 Week Money Challenge posted on this blog.
At this point, it’s worth emphasizing that understanding cost is important in financial management. Say you like to purchase stocks without any regard for price. You may end up on the losing end of such an investment. In the same manner, your saving strategy will amount to nothing if you don’t monitor your expenses. If you engage in reckless spending, you might be forced to spend to break open that piggy bank. This is why it’s important to create a budget and stick to it .
Understanding the value of cost in business
Understanding cost is not only important in personal finance. It is also a vital practice in business. This is especially true for start-ups who are still making their own way in the industry. With limited resources, new entrepreneurs need to be more conscious about the expenses that go into starting a business. Doing so will allow them to identify priorities and allocate sums off their capital accordingly.
Now, these priorities are usually the same for those starting a new commercial venture. You have to secure legal permits and look for ideal business premises. The latter usually proves more costly, especially if you opt for a traditional office space. Apart from having to deal with long-term contracts, you’ll have to spend extra for supplies and furniture. Hiring people to clean the place and answer calls will cost money too.
Financial benefits of a serviced office
Fortunately, we live in an era where flexible business centres are available. You can find them in major cities all over the world. In Southeast Asia, you can find a suitable office space in the Philippines or Singapore. The property agencies that run these establishments offer a variety of packages for the entrepreneur. Foremost of which is the serviced office.
A serviced office is a space leased out to corporate organisations. But unlike traditional rentals, it’s fully furnished and comes with the needed equipment. Since the beginning of the article, we’ve been talking about reaping financial benefits. This time around, let’s discuss how businesses can benefit financially from opting for such a facility.
Less upfront costs
Earlier, we mentioned that one of the downsides of renting a traditional workspace is having to furnish it yourself. Furniture and office supplies are overheads you can do without.
In a serviced office, everything is already prepared for your use. You have ergonomic workstations and telecommunication equipment, and maintenance services are included in the monthly rental you pay.
Contracts for such a facility are also shorter and more flexible. Finally, you and your staff can also take advantage of other amenities available within the building.
Ability to pursue opportunities for growth and expansion
A serviced office not only allows business owners to save on upfront costs; it can also effectively cater to specific requirements. If your commercial venture is growing, the operator can furnish arrangements for an expansion. You could relocate to another floor or do a renovation on the existing space. Either way, you won’t spend less than building your own building to accommodate new processes and more employees.
More funds for core tasks
Since you’ll be spending less on the lease, a much bigger chunk of your budget can be appropriated on core processes. With more resources at your disposal, you can then create goods and services that are of better quality and value to customers.
Have a sound business plan in place before you start looking for a serviced office. The specific details included in it will serve as a reference.
About the Author:
Regus is a global company catering to office space needs of clients in almost 100 countries. Apart from having a wide range of suitable workspaces, start-ups can also take advantage of other useful services, such as hot desking and virtual offices.
P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 12 already! Did you deposit the next amount yet?
P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.