Making your business more resilient

Rigid ways of working and formal corporate structures have fallen down in recent months, leading to longevity concerns even among historic companies. If anything, Covid 19 has shown us we could all be a little more flexible. If you’re interested in making your business more resilient, here are some quick changes you can make that might help.

Have a business continuity plan

Get your senior leaders together and dream up every worst-case scenario from pandemics to IT failures to supplier bankruptcy. Think of how you’d handle each situation and create a business continuity plan. Then conduct regular test runs of the plan so that if the worst should happen, everyone has experienced the following procedure.

Don’t put your eggs in one basket

Develop divergent streams of income. Don’t target all your products or services towards one customer type or industry. That way, if there are economic factors impacting one of your client pools, the others will remain unaffected.

Invest in good quality suppliers

You never want to be your supplier’s largest client. (They’ve put all their eggs in your basket.) Try to find suppliers who can scale with you, are financially stable and have robust growth plans of their own

Give yourself a buffer

Build in financial backstops to cover at least six months to a year of operational and production expenses. This will ensure you can keep the lights on and the presses running through tough times. Don’t forget to apply for any government programmes that can support you should market conditions deteriorate.

Limit fixed costs

Try to sign flexible contracts that allow you to scale up and down as your business responds to changes. That way if you need a bigger warehouse or virtual working, you can quickly pivot. Try not to tie yourself into fixed-term deals that could see you paying over the odds if your business needs change.

Worlds end studios

Resilience is also about having a dedicated team behind you. At Worlds End Studios, our reception and management team are very much apart of the package. We are here to support your business in any way possible. For maximum flexibility our private offices operate on 3 month rolling contracts, which means you aren’t tied down. To name a few, our in house telephone, internet, printing, franking services ensure you do not have to think about remembering to pay extra bills as your services are all billd to you at the end of the each month.

Worlds End Studios is home to over 120 businesses, contact us today on 020 7349 7001 or by emailing info@worldsendstudios.com to let us know how we can help you get started.

Key things to consider when setting new year business resolutions

As each year ends, we consider the progress made and plan for how we’ll do things differently in the new year. There are some key things to consider when setting new year business resolutions, however. It’s likely you’ll be focusing on hard (financial) goals, but perhaps this year is the one to also consider other less-tangible goals. You want to drive sales, sure. But what about empowering your team to make more autonomous decisions? Improving the workplace culture? Bettering customer service? Providing a better work space? Here are some key success factors:

What gets measured gets managed

Peter Drucker famously said this. And it has merit. If you think really hard about it, even soft metrics like employee morale can be measured. So whatever your business goals for next year, make sure you know how you will measure them. Consider the frequency and what benchmarks you’ll compare against before rolling out any new initiatives.

Define what success looks like

For each business resolution, what does success look like? At what point will you say, “we’ve done it!” When you know what endpoint you’re trying to reach, you’ll be able to set milestones along the way. Remember that milestones are important to give that boost of happy chemicals that encourage your team to press on.

Appoint a project owner

Who will be responsible for this resolution? If there’s no one taking accountability for the results, a project will quickly be forgotten. Appoint a champion and make the KPIs related to your business resolution a core part of their performance.

Set rewards for achievement

As with any goal, there should be good things that come from reaching it and consequences for failure. Setting real stakes means that your business resolution will be taken seriously. Depending on the goal you’ve set, rewards may be more effective than punishments (especially if you want to motivate your team to act). But use both; where appropriate, to reach your goal quicker.

WORLDS END STUDIOS

The new year is a perfect time for you to change up your business style. With various packages available at World End Studios be it a bespoke Virtual Services package, Coworking or Private Office, we can guarantee this year your business support will be covered, allowing you the extra time to really focus on your goals for 2021.

Worlds End Studios is home to over 120 businesses, contact us today on 020 7349 7001 or by emailing info@worldsendstudios.com to let us know how we can help you get started.

Different ways to work

Going to work doesn’t have to involve going into the office full time. From fully remote to a private office with a view, there are loads of ways to structure your company and if you’re just starting out, or restructuring your business, you might be interested in different ways of working whilst managing productivity. We’ll explore some of the most popular today.

Virtual & remote working

Growing in popularity, more organisations than ever are going fully remote. You might even call it the new normal. As part of your business registration, you’ll need to provide an address but you don’t want to provide your personal address for safety and security reasons. So, it’s great to look for a virtual service provider who can take mail, receive calls and offer some basic business services like meeting rooms for a low fee. That way, you’ll have all the legitimacy of a private office address without the high associated costs. You can work from anywhere you like, knowing your communications are in safe hands.

Coworking dedicated desk

Coworking space in Chelsea

Coworking allows you to share resources, space and key office equipment for lowest cost points. Even large businesses recognise the positive environmental benefits of coworking on ideation. But beyond the savings, there are great opportunities to collaborate and learn from loads of other professionals. Most coworking venues offer mixers and social events to foster a strong creative environment, perfect for growing businesses. Coworking, is definitely here to stay.

Private office

When security and IP privacy are real concerns, a private office is a perfect solution. When you need to have discrete client conversation or protect business-critical innovation, a private office is essential. Floor to ceiling partitions and noise-cancelling glass are important elements to consider when sourcing a private office. Because you’ll pay quite a bit more for the dedicated space, it’s essential that it meets your exact requirements. Don’t be afraid to ask for changes if your prospective space is not quite the right fit as is.

Recognising that times are changing quickly, at Worlds End Studios we pride ourselves on being able to offer everyone a service. Irrespective of whether you are a virtual client or physically based in our coworking space or a private office, we can guarantee you will receive the same level of expert service.

Worlds End Studios is home to over 120 businesses, contact us today on 020 7349 7001 or by emailing info@worldsendstudios.com to let us know how we can help you get started.

The Benefits of a Business Centre

When we think offices, we tend to think of an isolated and perhaps boring business space. As the owner of a business it’s a good idea to have an office base, but this doesn’t have to be in a traditional sense.

It is so important to find a space or service which compliments your business style. Shared office spaces and Business Centres are often overlooked but can provide everything you need, if not more, to ensure your office runs like a well oiled machine…

Here are a few reasons why you should consider their next office to be within a Business Centre community like Worlds End Studios.

A bit of your personality

Often like furnishing a new home, decorating your new office is an exciting project. Let’s face it, you’re likely to be spending most of your days in this space so why not make it beautiful! Unlike some other business centres, we love to see our clients decorating their offices. We see it as an expression of your character! Think of your space as a blank canvas. So hang that wacky light fighting, paint that feature wall! (Just make sure you paint it white again when…or if you move out, ok?)

It’s not what you know, it’s who you know

Okay well that’s not entirely true…

Of course what you know is important in business, but networking and making connections is too.  Another great benefit of using shared office space is that you are surrounded by likeminded people, who knows how you can help each other. This is why twice a year we produce the WES Client Directory. You might think of this as your networking encyclopaedia, every page is dedicated to one of our clients and includes their contact details and company profile.  The directory is a great resource for old and new clients and it has never been easier to connect with someone. If that wasn’t enough, Worlds End Studios boasts 3 bright and beautiful court yards, an onsite café and a great break-out space so you can set up a meeting and sit down for a collaboration coffee all within the space 5 minutes.

Flexibility to scale to your businesses needs

Signing even a yearlong lease can feel like huge commitment because as we know, lot can change in 12 months. However, our private office agreements are renewed every 3 months, which puts you in control of when you want to leave and there’s no pressure to commit big.  Isn’t that a relief! If renting an office space feels a little premature for the current stage of your business venture, or even just unnecessary, you should think about renting a desk in our co-working space. You can be a part of the WES community, enjoying all the perks but without the associated overheads. We are happy to accommodate you whether it’s on a full or part-time basis. You will also be pleased to know if that is also too much then there is always our virtual services. It really is up to you!

the power of logistics

Worlds End Studios are dedicated to providing the best service possible. If there is anything we can do to make your working life easier, we’ll support you in any way we can. We can provide you with stationary for your office from our onsite stock or we can place orders on your behalf. We can give you that single pen you lost on your travels or organise a local or international courier. As one of our clients you’ll also benefit from our onsite postal services, which means you’ll never be pressed to make it to the post office. Moreover, whether you’re registered client or not we have conference rooms available for hire, so you can conduct your meetings in a brilliantly professional space. Nothing’s too big or small and whatever it is, we often have a stress free solution – now that’s logistics!

Worlds End Studios is home to over 120 businesses, contact us today on 020 7349 7001 or by emailing info@worldsendstudios.com to let us know how we can help you get started.

Thinking of starting a business?

We know it can be a challenge figuring out what is best to do when it comes to starting up your first business. The majority of our clients start off as small businesses and grow over time. We’ve had an influx of start ups ready to take the leap so this blog post is for anyone who isn’t quite sure where to start. We have put together 10 of our best tips for starting up a business.

1. What Makes You Different From Your Competitors?

So you’ve got an idea for a business but it’s nothing new…well the fact is, it doesn’t have to be! It’s hard to think of a completely innovative idea. There are a lot of people doing the same old thing but to be successful you need to understand how and what makes you different from your competitors, and why this makes you superior. Maybe your service is highly personalised, or maybe it’s your company’s philanthropy and culture that sets you apart.  Whatever it is, own it and make sure your customers know about it! It could be the difference between choosing them or you!

2. Be The Solution

If you are entering a market which is already pretty saturated, think about a specific problem you encounter which other people might also encounter. Doing this can help you to identify your target audience’s challenge and address it head on. There’s no point jumping in at the deep end and then having to wait for someone else to cash in on fixing the problem. Let that person be you.

3. Understand Your Market

Focus group

By understanding who your clientele are you can better position yourself within the market. Market research is very important. Who is going to use your product and why? Some points to consider might be the lifestyle habits of your customers, their age and purchasing power. Think about how all of these factors translate in your products or service.

Once you have established your target market conduct your own research. It’s all very well pulling facts and figures about similar products from the internet, but make sure you test the waters with your own, focus groups. This will give valuable insight into how people will react to your product, what works really well and could be better.

4. Knowledge Is Power

The phrase ‘no one likes a know it all’ does not apply here! There’s no point going to a business blind-sighted. Make sure you have thoroughly done your research as it can help to identify and minimise risks, identify your competitors and find your place in your sector.

5. Find A Mentor

Don’t be afraid to reach out to others in your field who have been successful. We wouldn’t recommend choosing a direct competitor, but by contacting business leaders in the same industry you might gain valuable insight into your market. You can also learn from their mistakes so you don’t have to make them! If you’re not the type of person to reach out yourself, have a look online for future industry events; that way you can be sure that everyone attending is looking to network and you can build relationships without feeling like you are stepping on someone’s toes.

6. Learn From Your Mistakes

Make all the mistakes you can while starting out. When you’re just starting out come to terms with the fact that some things won’t turn out the way you plan. Suffering a setback can be disheartening but remember that perseverance is key. When something goes wrong turn the experience into a positive one! By focusing on WHY something went wrong you can learn HOW to make sure it doesn’t happen again. 

7. There’s Always Room To Grow – Focus

Thinking about the next move

Don’t spread yourself too thin as it could result in making silly mistakes you’ll later kick yourself for. At the beginning of your business venture it’s best to stay focused on one or two things you are really good at. Having too much on your plate can become overwhelming. So once you’ve got these elements down there’s always time to branch out.

8. Work On Your Digital Presence

This is the digital age! Your company’s online visibility will be an important part of your success. Social media platforms like Facebook and Instagram will be valuable in gaining a loyal customer base. Thinking of weekly media content might be difficult in the moment. One way to get around this would be to plan a time each month where you schedule things for the month ahead. Also, think about how to increase your following and page’s traffic. For example running a promotion where a participant enters a prize draw by following your business account, liking and sharing your photo. The reward might be that one participant wins something.

9. Know Your Costs

Be sure to budget and keep tabs on your spending. If you have a set amount which you can afford to spend, try to come in under budget so you have room to make some mistakes. Understand that sometimes it doesn’t pay off to go with the cheapest option. Your brands reputation is important and while you can probably get away with cutting some corners others you definitely can’t, so invest in yourself.

10.Be Consistent

Develop a theme for your brand and be consistent, perception is everything. Choose a colour scheme, logo and visuals which are both professional and representative of your brands identity. All of these elements are integral to the authenticity of your brand which is valuable in gaining trust of prospective customers.

Worlds End Studios is home to over 120 small businesses, contact us today on 020 7349 7001 or by emailing info@worldsendstudios.com to let us know how we can help you get started.