News & Blog

Lessons from an Entrepreneur: To Renew or Not to Renew …. the Lease, That is.

News & Blog

It feels like everything is changing at a quick and steady pace this year.  We have all had to adjust our lives and I feel like it’s created more camaraderie between most of us.  Everyone is looking at everyone else to see what the standard is (today) and how we can adapt our lives to those standards.

It feels like, kind of the opposite of “hurry up and wait”.  It’s more like “wait, and then wait a little longer, and longer”.  And that mantra is tough.  In mid-March, we were all hoping six weeks, max.  Then it turned in to another, and another and here we are, almost six months later and now the rumblings are 2021.

And then what?  This has been going on for so long now there is no “normal” to return to.  So while we have to make small changes on a daily basis, what are the big changes we need to make?  Who’s to say this won’t happen again?  Shouldn’t we be better prepared for a potential “next time”?

Web Teks is extremely lucky in that we all know how to work from home and that isn’t anything new for us.  We have all of the technologies needed to communicate throughout the day.  We have scheduled meetings to cover various topics on a weekly basis.  A few of us have gotten together for one reason or another, but for the most part, this hasn’t impacted our ability to be productive.

It’s now inconvenient to go to the Office

No one has been working in the office, for the most part, since March.  As a matter of fact, because we have all taken all of our equipment home, it’s not convenient to go to the office.  So, now what?  Do I buy equipment for everyone at home AND at work?

I have to let the leasing agent know soon what my plan is and if we want to renew for another year, or another five, or not at all.  I’ve had the conversation with him on what the options might be:

  • Renew and hope for the best?  This is certainly the most optimistic option.  I would only have to renew for one year, which might make more sense.  That at least gives us more time to plan for the next steps.
  • Ask for more time to decide?  This would be ideal.  If I could extend the decision deadline to maybe, the end of the year.  That would give us time to see what is going to happen with the world.
  • Break the lease?  Not my style.
  • Try to negotiate a lower rent?  It would certainly make more sense to keep our space full, at a lower rate vs. empty, right?  That’s assuming they weren’t able to fill the space right away.
  • Make the space smaller?  This would reduce the rent but would also put us into a position where we have to rotate our schedules so we aren’t all in the office at the same time.  Not because of germs, but desk spots.
  • Not renew and figure it out?  What does THAT mean?  That feels like keeping things the way they are for the unforeseeable future.  It would mean trying to sell all of our furniture, appliances, and some equipment, or putting it in storage.  We would likely have to find a place we could use occasionally for a meeting.  And if we decide that the situation isn’t working, find a new office.  That’s my least favorite option.

My agent said none of his property owners have expressed concerns about their future or their properties being vacant, or having to reduce rental rates.  I find it impossible to believe the discussions haven’t happened.

I have plenty of other things to be worried about, but this is a big one for me.  Since moving out of the house and leasing office space, Web Teks has taken on an identity of its own.  Reversing our situation just feels, wrong.  That doesn’t mean it’s not the right thing to do.   I’m having the conversation with as many people as possible, hopeful a light bulb will go off or better yet, I wake up from 2020.

If you are struggling with the same challenge, I would love to hear how you are handling your situation.

Until next time,

~dyanne

Contact us today if you need to chat about your tech stack, website, apps, drone tech, digital transformation, or just need some tech guidance in your business! Or if you just want to chat with me about running a business, entrepreneurship, etc.

We take processes apart, rethink, rebuild, and deliver them back working smarter than ever before.