The rocketing costs of inflation in the UK are an increasing threat to small businesses. Almost a fifth of UK business owners says inflation and the rise in living costs will have a worse impact on their business than the COVID-19 lockdowns.
In times of crisis, small business owners have to find practical solutions. Downsizing the payroll is the typical go-to strategy. However, these days, small businesses do not have to downsize their workforce to save money, you can downsize your workplace.
Virtual offices and co-working spaces provide small businesses with cost-effective and viable solutions to significantly cut down on costs. Either option enables you to work from home or pivot to a hybrid work model.
Downsize Without Losing Customers
Small businesses that can adopt a permanent remote working model eliminate the cost of leasing office space. However, the risk here is that the lack of a physical office can have a negative effect on your ability to acquire new customers and grow.
Credibility plays a central role in developing a brand image that consumers trust. There is a question of trust when it comes to faceless businesses – and with so many bad actors kicking around, it’s hardly surprising there is an element of consumer distrust when purchasing goods and services from brands that do not have a physical presence.
A physical address can have a positive impact on a consumer’s purchasing decision – especially virtual office addresses in prestigious locations in central London. Let’s say, for example, you don’t display an address on your website. How does this look to consumers? Can they trust you as a brand?
Bear in mind that Google ranks businesses with a physical address you can pin into Google maps. However, if your address is a residential home, street view and Google Earth reveal this to customers. Will they trust that you are a real brand?
A virtual office in London resolves all these issues. Any business can legally register its office with a virtual office provider and display it on its website and other marketing materials. This gives you all the advantages of a physical office without the expense.
Hot Desks, Private Offices and Meeting Rooms
Some virtual office providers also provide office space you can rent when you need it. Serviced offices give you access to everything you would expect from a fully-functioning office without the expense involved in furnishing, running and maintaining an office.
This gives you and your employees the opportunity to meet in an office environment and take advantage of the amenities. Serviced offices are typically equipped with photocopiers, projectors, scanners, TV/audio equipment and a telephone answering service.
The business model we have at Low-Cost Letter Box is designed to help start-ups and small businesses keep costs to a minimum. If you need to downsize but keep up the appearance you had when you leased office space, our virtual office address in central London is a practical solution.
In addition, we don’t tie you into monthly or long-term contracts like most virtual space providers. We offer a flexible and cost-effective pay-as-you-go solution which gives you more control over your spending.