Where are you currently located? How far is it from the nearest metro or bus station? These are some common questions that we often go through before even asking someone to start looking at the other amazing things that we have to offer- shares Harsh Binani, co-founder of the largest Managed Workspace Platform, Smartworks.
Gone are the days when employees can come to the office no matter where they are located, as enterprises are shifting from the traditional model to the modern workspaces’ different workspace options like co-working, and managed workspaces are coming into the picture.
However, as the trend for these workspaces is increasing so is the competition for the providers to stay in the market. Now that the fog of the pandemic is lifting employees are all set to come back to the offices although with a whole different set of needs and expectations. To make sure that you sustain in the market and grow you must adopt some sustainable strategies for your business.
Why Sustainable Business Strategies matter?
Leaders should think about the necessity of prioritising long-term effects over short-term advantages if they want to create enterprises that persist and achieve long-term success.
The impact that a company’s activities may have on the welfare of its workers, the neighbourhood, and the environment is enormous. In the grand scheme of things, the objective is to create an equal, just, and sustainable economy, which calls for a fundamental change in how firms conduct their operations. Harsh Binani believes that there are many ways to make sure that your business can sustain the ups and downs of the business world.
Business Idea
When it comes to ideas, there are plenty that we feel have the business potential to turn into something good. But before going ahead with any idea it is important for you to make sure that your idea has the potential to fly. Harsh Binani suggests that always make sure that your business idea is market-proof. Study your consumer needs and design and re-design your business model accordingly.
Harsh Binani shares that Smartworks initially faced rejection from larger enterprises that were very well set in their traditional ways. Harsh Binani along with Neetish Sarda pivoted again and again to the whiteboard to bring the vision to the office spaces they wanted to create.
Customer needs
Create a business that appeals to your consumers. It is crucial for you to make sure that you sell a solution and not just a product. To make your business idea fly it becomes crucial to press the pain points of the consumer and offer them just the right solution that they are looking for. Whatever idea you have make it customer-centric, keep the basic core same but you can always make some alterations to create something that can appeal to people.
Stating this solution Harsh Binani suggests that your business will grow only if your idea is also changing with the changes coming in the market. He shares that Smartworks spotted the need of the market. There was a considerable gap to be filled between what enterprises are getting in terms of workspaces and facilities and what the market has the potential to offer. Smartworks filled this gap by providing managed workspaces, which were customized to the needs of each organization.
Harsh Binani on Technology Adoption Post-pandemic
Harsh Binani believes that there is no going forward in this new normal without understanding the importance of technology. Because of the COVID-19 epidemic, businesses now depend more than ever on technology. Flex spaces are choosing smart LED lighting since it consumes much less electricity and has a much longer lifespan, in addition to having natural lighting, biophilic designs, and open space.
By altering the lighting and ventilation design, shared workspaces are maximizing energy use and lowering energy consumption per unit. Coworking spaces are taking advantage of the chance for smart, data-driven decisions in every aspect of design and construction, from glass curtain wall detailing to implementing natural daylighting strategies, to prefabrications, raw material procurement, and so on, by using advanced building design software.
Changing Business Needs
Businesses have faced major changes as a result of externalities like the shifts in business needs, the limited supply of resources, and shifting stakeholder expectations in an evolving reality. The standard for measuring company success has, however, significantly changed from short-term profitability to long-term sustainability for stakeholders as a result of the changing business environment.
Environmental, social, and governance considerations and inclusions in commercial real estate deals have increased recently. It is obvious that demand for more sustainable practices and structures is rising, whether we look at investors or occupiers.
Harsh Binani shares that it is very important for the workspace providers to not just accommodate the changing needs of the employees but also the changing needs of the enterprises. Now that employees are looking for spaces which can give a good blend of work and life enterprises are also re-considering their space needs. They are moving towards different work models and hope to see the market accommodate their needs.
Looking toward the Future
Implementing sustainable business practices today is essential for future success for leaders who want to create businesses that last and make sure the communities they serve last.
Crafting a truly sustainable business strategy that integrates the requirements of employees and the environment into an action plan for a company’s development is not just the way of the future but is the best road to it in a world of increased exposure and responsibility.
Numerous employees, especially those on the front lines, are dealing with overwork, burnout, and a high degree of general discontent with their work. Additionally, they are having a harder time connecting with their co-workers in remote and hybrid work contexts.
These elements have increased the importance of workplace culture for leaders who wish to take meaningful steps to solve this problem and improve the working conditions for employees.
Employee sustainability should be at the forefront in recruiting and retention initiatives to overcome this problem. One of the most crucial sustainable business tactics a company can adopt is cultivating a culture of caring where people are encouraged and thrive.
Harsh Binani believes that the crucial part of sustainability is sometimes disregarded and undervalued, yet it is crucial to the organization’s future development and the beneficial effects it may have on the world.