Part VI of the free eBook: The Key Metrics for Workspace Success

Very often shared workspaces operate on a limited budget which means the center manager ends up wearing multiple hats and has few tools or resources at his or her disposal. When it comes to the finances, if you’re not an experienced CFO, financial controller or bookkeeper, the task can become daunting. In this article, we referenced the top tips for workspace financial management: automation, integration, real-time information, data integrity and tracking services and payments. 

Part III of the FREE eBook: The Key Metrics for Workspace Success

In Part III of our Metrics for Success series, we're taking a look at the Sales, Marketing and Customer metrics that operators can measure to evaluate customer value and ROI on marketing initiatives. For many operators, putting a dollar sign over every members' head seems wrong, for some even sinister. Yes, establishing a community of collaborative members and delivering more than a workspace is important - especially for creating a pleasant vibe, member experience, and retaining customer retention rates. But, at the end of the day, you're running a business that must be profitable in order to sustain itself in the hopes of growing. 

BY JUSTIN HARLEY, VP INTERNATIONAL BUSINESS DEVELOPMENT, ESSENSYS

Part 9 of the free eBook: The Complete Guide to Growing Your Flexible Workspace Business

Cash collection is what all shared workspace operators are working towards. It is the primary objective of your efforts and is what defines how you manage your overhead, reinvest in your workspace and grow your business. What many operators don’t define prior to opening a space is how they will manage the debt collection process or even what it entails.

Payments are collected via credit card, recurring bill payments or autopay. There is more to it than meets the eye. If you prepare well it can be a very simple process, and if not, debt collection can become a monthly recurring obstacle. Here’s what you need to know.

BY JUSTIN HARLEY, VP INTERNATIONAL BUSINESS DEVEOPMENT, ESSENSYS

Part 8 of the free eBook: The Complete Guide to Growing Your Flexible Workspace Business

Thus far, our Lead to Cash series has highlighted the importance of lead generation, the sales processes, services offering, member management and core IT services in the shared workspace. There are a few recurring themes that facilitate efficiency across the board, and these are automation, self-service and integration.

To sum it up, running a sustainable and profitable shared workspace largely depends on reigning in your processes and simplifying your life as an operator with a platform that supports each and every key pillar of your business.

In this 8th chapter of the series, we'll look at the single most important part of running any successful business, assuming you want to be profitable: invoicing and billing.