A Core and Flex Model: the Right Workspace for Businesses Experiencing Hypergrowth
What is Hypergrowth?
Hypergrowth is a phase where companies experience exponential growth. According to the April 2008 issue of the Harvard Business Review, hypergrowth occurs when a company experiences a compound annual growth rate(CAGR) of 40% or more.
Although hypergrowth is something that all businesses want to achieve, it does come at a price. Companies experiencing hypergrowth will face a set of tough challenges, and one that is relevant to our topic is how to accommodate these rapid changes in the workspace.
What are Some of the Challenges?
If not managed accordingly, hypergrowth can tear apart your business as quickly as growth itself. The challenges of rapid changes are maintaining growth, scaling your business operations, and many others. But for the sake of our topic, we will focus on how the right type of workspace can help manage the challenge of your business expansion.
If your company is experiencing fast growth, it’s vital that you have a workspace that can accommodate these rapid changes. So an office specifically designed for your ever-growing business is the solution. This is where the core and flex space model comes in.
Core and Flex Space to Support Hypergrowth
The main features of core and flex space revolve around lease terms, flexibility, and space readiness.
If you’re experiencing hypergrowth, you want an office that offers flexibility. Not to get mixed up with an office flexible strategy, a flexible office is those spaces that provide some flexibility for tenants with short-term leases and the option to acquire a new or larger space within the same property. This is vital because you need flexibility around your space that complements your core space. In other words, both core and flexible spaces need to go along with each other as needed for this model to work.
Having a short-term lease means you can expand or move to another space when the situation requires, such as when experiencing a hypergrowth business. Just imagine being stuck in an office that no longer fits your business. Having the option to expand within the same property also makes your life easier. You don’t need to think about relocating, and all that comes with it, like making sure the surrounding area has the complete amenities and the building itself is safe and can handle your business operations.
To recap, here are the essentials of a flexible space:
- Short-term leases
- Has more space to grow your business
- Equipped with basic facilities and amenities
With a core office space, you need to set up an office ready for growth. So ideally integrating different areas for the different types of working styles. Achieving this optimum office requires thorough office space planning. This is a crucial step as office space planning can help successfully deal with hypergrowth when the time finally arrives.
Below are some of the essentials of a core office space:
- Collaborative spaces for group projects, teamwork sessions, and breakout rooms to unwind and recharge.
- Individual areas with various seating styles for employees who prefer working privately and rooms for a quiet session.
- Strong and cohesive branding across the space that emphasizes the company identity and culture.
- Optimised for client and visitor experience.
Key Takeaways
The challenges of running a business in today’s world are adapting to the changes that are brought by the new normal and having the right tools and options to grow your business.
Although there are no one-size-fits-all designs, a core and flexible space is one of the best choices to go for, especially if your company is still young and has plenty of opportunities to grow. You need to ensure that your office space can respond to the different working styles of your employees so that they can work at their best. Moreover, having some flexibility around your property is crucial so that when there’s the need to upgrade or expand, you don’t need to spend more money and precious time.
This is where our team at SORDC can help. It’s crucial that you hire the right team to prevent a costly project and unwanted outcomes. Creating a core and flex space requires meticulous processes that include office space planning and office interior design. We have deep experience in office renovations in Singapore and the right people to help bring about the best office space for your company to grow and march forward successfully.