7 KPIs to Track in Your Coworking Space
Coworking and shared workspace norms are changing post-Covid. As an operator, you may have requests for more private offices and dedicated desks. You may see a dip in open coworking memberships for a while as people want less Zoom and more private space. Or you may see a spike in virtual memberships and open coworking memberships as the newly-remote workforce moves from their kitchen table into shared workspace communities.
How will these changes impact your business and affect your bottom line? It’s important to clearly understand this.
Enter key performance indicators (KPIs), the metrics you need to regularly review to measure the growth (or not) of your coworking space—and to course correct as needed.
Every coworking space will have different metrics. Having a simple, one-view KPI dashboard showing the metrics you want to track—and to view them over time—enables you to see, at a glance, the most important metrics for your particular business.
The Deskworks KPI Dashboard is a built-in performance tool that helps you measure results and set business goals and objectives like a pro. It’s really a business insights dashboard for your unique workspace or spaces, simplifying comparisons across different time periods, quickly gathering the most relevant data in your business and using your custom KPIs to drive performance.
With the Deskworks KPI Dashboard, you can place “widgets” of your data exactly where you want them on the dashboard, showing data over the time frames you want to regularly view for each one. Once done, just click SAVE to lock in the custom view to see all of your KPIs exactly as you want them—anytime and in real time. Our workspace management software is designed to grow with you and the KPI dashboard offers the same.
Here are seven KPIs to track in your coworking space.
The first thing you want right in front of you is your income, with its changes over time. It’s essential to understand how much you’re bringing in and if that’s growing, shrinking or not moving at all—and if you’re collecting everything you’re earning. The Deskworks KPI Dashboard lets you see, graphically, income over any period, including custom periods. You can lock in the range and columns, so the next time you view, no adjustments are needed.
2. Recurring Billings
Now that you understand your money coming in, you have to go deeper. What’s happening with your recurring billings? Where’s most of your regularly recurring income coming from? Private offices? Dedicated desks? Are you meeting your income goals from open coworking? What about virtual memberships?
Recurring revenue is the core of your business, providing stability from month to month. Make sure you understand the breakdown so you can adjust operations and offerings accordingly.
In a coworking space, recurring billings are just one piece of your income. The next essential KPI to track is the breakdown of total revenue. For example, meeting room rentals, day passes, day office rentals, event space rentals and podcast booth bookings should all be visible in a pie chart detailing the breakdown of all sales so you can understand the relationship between one-time income and recurring revenue.
4. Income Categories
To see the big picture in your business, you have to understand how all of the categories of offerings compare to each other. Your software should let you set up categories to get the information you want. For instance, you may have four or five different types of coworking plans, but you want to group them as coworking plans to get that overview.
With Deskworks, you can set up product categories for your specific business, so you get sub-totals and reports as you need them. The KPI Dashboard graphically displays your revenue in the categories you choose, with your private office plans, coworking, virtual memberships and meeting room rentals grouped in one easy to view graph.
5. Occupancy and Vacancy
What is the availability in your space? It’s essential to track occupancy and vacancy so you can see changes over time, adjust offerings and pricing, market to certain segments and watch for positive and negative trends in the space.
6. Space Utilization
The Deskworks space utilization report is an important one to display on your KPI Dashboard. It lets you dig deeper into your data, seeing what percentage of expected use you’re achieving for each individual type of space. Do you have too many conference rooms? Not enough? How about offices? Should you change your mix?
7. Membership Changes
Is your membership growing? What does the change over time look like? This report lets you look at any time period and track new recurring billings, notices given, terminations and more. Is the trajectory what you want it to be? What’s your average length of membership?
KPIs in Your Coworking Space
The benefits of quick, easy access to data in your coworking space and business can’t be overstated. Deskworks workspace management software and our KPI Dashboard are designed to grow with you and help you deepen your understanding of your business—and to do it quickly—so that you can make good, solid, informed decisions and any necessary changes.
Whether you’re just opening your first space or you’re an industry veteran who is ready to dig deeper into your workspace metrics and data, we’ve got you covered.
Request a demo today to learn how Deskworks can help you run a more profitable and efficient shared workspace.