Co-working spaces can help SMBs grow and prosper: Aditya Verma, The Office Pass

financialexpress.com:

SMBs find it difficult to hire and retain talent. They lose business and are unable to grow. Co-working spaces can help these SMBs find high-quality yet affordable offices — so they can grow and prosper, says Aditya Verma, Founder & CEO of The Office Pass (TOP).

In an exclusive interview with Sanjeev Sinha, Mr Verma talks about the growth prospects of India’s co-working industry, how it can help other segments, and the challenges being faced by it. Excerpts:

What changes are SMBs (small and midsize businesses) undergoing currently? How can co-working address these changing trends and enable SMBs grow faster?

Small and medium-sized enterprises are swiftly formalizing their businesses, driven by key factors such as demonetization in 2016, the introduction of GST in 2017, and widespread adoption of UPI payments. A record number of SMBs are opting for GST registration, which is a healthy sign for the industry as a whole.

A formal office for Indian SMBs is a large and untapped opportunity. These companies are hungry to make their presence felt in the formal economy and are also greatly aspirational.

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Indian SMBs currently work out of homes, basements, and unauthorized colonies because of cost pressures. They experience poor quality basic infrastructure like water, internet & power. Building maintenance is sub-optimal and office interiors are poor and unhygienic. Thus, SMBs find it difficult to hire and retain talent. They lose business and are unable to grow. Co-working spaces can help these SMBs find high-quality yet affordable offices — so they can grow and prosper.

With the pandemic, co-working and hybrid work models have gained wider acceptance. How do you