People are asking, “How much office space do service providers need these days?” But perhaps it is more appropriate to ask, do service providers really need office space at all anymore?
Since the shift to remote work, it seems everything from making introductions and generating quotes to signing contracts and conducting client meetings can be done virtually now. With that in mind, many services companies are left wondering if they even need their office space these days. As a result, they are leaning on their CFOs (Chief Financial Officers) to do the cost analysis required to determine if they should keep their existing office space, downgrade to a smaller space, or forgo having a centralized office entirely. Where service providers do retain their office space, a CFO’s job is not done. In these cases, service companies are relying on their CFOs to re-negotiate office leases and make leasehold improvements to help improve their cost efficiency in today’s tight economy.
To keep the office or not keep the office – that is the question. What should your business do?