WHAT are executive Suites?
Executive Suites is a term used to describe an arrangement in which completely independent businesses rent space and share other resources, such as receptionists, conference rooms, copiers, faxes, etc.. The Executive Suites concept has grown rapidly throughout North America as a way for small businesses to provide a full range of amenities for their client without having to significantly increase their overhead, (and their rates.).
The executive Suites concept
Some point out that when an Executive Suite is set up correctly, it is the greatest innovation in office efficiency since the Post-It. Tenants are able to focus all of their energy on doing what they do best, while someone else handles the details of maximizing client conveniences while minimizing costs. Typically, necessary services such as photo-copying, telephone usage and mail handling are paid on an as-needed basis. On-site and telecommuting executive assistants are available to provide administrative services at a fraction of the cost of retaining full time employees. Thus, tenants are able to provide their clients with value added services without having to increase overhead significantly.
For example, the cost associated with hiring and managing secretarial and administrative support staff is avoided - while the benefits of immediate access to a team of business support specialists are fully realized.
WHAT WE SHARE
While Executive Suites can and do vary widely, typically the businesses within the suite share tangible objects and resources that benefit from usage of the economies of scale, including:
- Common spaces: reception areas, conference rooms, restrooms, break room, etc.
- Common Services: office manger, receptionist, independent contractor support staff such as digital dictation services, etc.
- Common equipment: copiers, printers, scanners, fax machine, kitchen equipment, mail metering equipment, etc.