I *just* wrote an article on Recession-Proofing your Coworking Business https://www.diycoworking.com/blog/2018/10/24/how-to-recession-proof-your-coworking-business
Angel On Tuesday, October 23, 2018 at 5:04:27 PM UTC-6, Carl Sullivan wrote: > > Hey Guys, > > I have seen with increasing regularity, news articles are not being > written daily about the "impending market crash/correction" both in > Australia, in Asia, across Europe and in the US. > > I founded Your Desk in 2011, three years after the GFC hit the world, but > unlike almost every other country, Australia never saw any real negative > effects from that time in history. So it would be fair to say that while I > started coworking in the aftermath of one of the (only) market crashes I > have experienced in my adult life I know there were many others that > successfully navigated that market correction. > > So when the next negative cycle hits the world's economies (and with > Australia poised to be hit harder than almost any other country) I am > curious about how others successfully navigated or pivoted to keep the > business going and support their members? > > The areas I am currently looking at being stronger in are: > > *Community:* > Our community is great, but not well supported right now, with our > approach to date to simply leave them be to do their work. I am looking at > rolling out an internal referral program as both a cheap way to source new > members and as a jump start on those members already having at least one > meaningful connection with another member in our space. > > *Message:* > As we grow and as other coworking spaces set up (weekly) we are going back > to the basics of "what do we stand for". As a suggestion from Alex from > Indy Hall, I will start to do Town Hall meetings with the members to allow > them additional opportunities to voice concerns, observations and > suggestions on how we can improve our ecosystem to best suit them > > *Operations: * > We already have a lean team, and while I will be hiring some (sorely > needed) additions from February 2019, we will purposefully keep our team > small and agile. > > *Finance Operations:* > An initiative by my brother Oliver, we will continue to review every > transaction monthly and ask ourselves if we can reduce the cost here while > maintaining our service, feedback from the Town Hall Meetings will also > help inform this process > > *Business Intelligence:* > I work with a business coach, who monthly comes into our space, review our > finance, operations, team and culture, and asks the hard questions that we > as a team have not yet considered. This process has already allowed us to > grow our profit from 6% to 30% in 1 year, while at the same time growing > member satisfaction (measured through the NPS survey) from bad (NPS of -36) > to great (NPS of 53) > > > What I am most interested in is understanding what other spaces > experienced with member churn, specific way that churns happened and if in > hindsight there was a way that you could have supported that member more to > stay in your community. > > Also any other tips, tricks or observations would be welcomed. > > Cheers, > Carl > Your Desk > -- You received this message because you are subscribed to the Google Groups "Coworking" group. To unsubscribe from this group and stop receiving emails from it, send an email to coworking+unsubscr...@googlegroups.com. For more options, visit https://groups.google.com/d/optout.
