Revenue strategy: Why spreadsheets hold coworking space operators back

As a coworking space operator, you’re most likely looking for ways to optimize your space and maximize revenue. You likely have a system for adjusting prices. Maybe it’s a detailed spreadsheet that tracks seasonal demand, offers discounts for slow days, or sets special rates for local events. These manual pricing adjustments are a step in the right direction, but they are holding your business back from its true potential.

Sticking to a spreadsheet-based revenue strategy is like trying to navigate a highway while only looking in the rearview mirror. You are making decisions based on what has already happened, not what is happening right now. This reactive approach is inefficient and leaves significant revenue on the table. It’s time to move beyond the limitations of manual adjustments and embrace a more powerful, proactive approach.

Let’s explore why spreadsheets are not enough and how an AI-powered solution can unlock a new level of profitability for your space.

The limits of manual pricing adjustments

Using spreadsheets to manage your pricing is a common practice, but it comes with inherent limitations that can hinder your growth. You are essentially creating a set of rules—a “happy hour” discount on Tuesdays, higher prices during a local festival—and hoping they capture the nuances of a dynamic market.

This approach often falls short for several key reasons:

• It’s reactive, not proactive: Spreadsheets rely on historical data and assumptions. You might lower prices on a Wednesday because it was slow last month, but you miss the opportunity to capitalize on a sudden surge in demand from a last-minute conference booking nearby.
• It’s inefficient and time-consuming: Manually updating prices across your website, booking platforms, and marketing materials is a drain on your team’s time. This is valuable energy that could be spent on member engagement and community building.
• It lacks granularity: Your spreadsheet might have a “peak” and “off-peak” rate, but it can’t account for the hundreds of micro-fluctuations in demand that occur every day. You miss out on optimizing the price for every single desk and meeting room, every hour of the week.

Ultimately, these manual dynamic pricing strategies are just a more complicated version of static pricing. They do not truly adapt to the live market, leaving you vulnerable to missed opportunities.

Finding the sweet spot: From guesswork to data-driven decisions

The goal of any revenue strategy is to find the perfect balance between occupancy and price. You don’t want empty seats, but you also don’t want to undercharge for a space that is in high demand. Spreadsheets force you to guess where that sweet spot is.

An AI-powered dynamic pricing engine, like Flexspace AI’s SmartPricing Agent, removes the guesswork entirely. It acts as an intelligent, automated team member that analyzes millions of data points in real time to find the optimal price for every booking.

Here is how an AI-driven approach empowers your business:

• Real-time market analysis: AI considers countless factors that your spreadsheet can’t, including competitor pricing, local events, weather patterns, flight schedules, and historical booking trends.
• Automated price adjustments: The system automatically updates your prices across all channels, ensuring consistency and saving your team countless hours of administrative work.
• Maximized yield: By continuously optimizing prices, the platform ensures you are capturing the maximum possible revenue for every single asset in your portfolio, from a single hot desk to your largest conference room.

This is not just about raising or lowering prices. It’s about finding the right price that encourages a booking while reflecting the true market value of your space at that exact moment.

Empower your team to focus on growth

When your team is no longer bogged down by updating spreadsheets and manually processing booking adjustments, they are free to focus on what truly matters: creating an exceptional member experience.

By automating your revenue strategy with AI, you empower your team to:

• Build a stronger community: Spend more time engaging with members, planning events, and fostering a collaborative environment.
• Nurture high-value relationships: Focus on securing enterprise clients and developing strategic partnerships.
• Innovate and grow: Dedicate creative energy to improving your services and expanding your business.

Your spreadsheets have served their purpose, but it’s time to graduate to a tool designed for the dynamic nature of the modern workspace market. Don’t let manual processes dictate your revenue potential.

Learn more about the Flexspace Ai ecommerce revenue platform

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