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:
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.
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
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.
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
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.