Every business owner knows that the cost of running a business is expensive, and every business owner is always looking for a way to cut costs and increase profits. One of the best options available today is to ditch the brick and mortar office space and instead opt to use a virtual office.
Between 2005 and 2012, telecommuting rose 79 percent, which means that many companies are now allowing employees to work virtually from home. This not only saves the company on overhead costs, but allowing employees to telecommute makes them happier, which increases production and reduces turnover rates.
So if you currently have a brick and mortar location that’s sucking the money out of your business, the following are a few reasons to make the switch.
It saves money.
As already mentioned, opting for the virtual office will save you money. You already have computers for your employees and all the IT equipment necessary to run your business. You also have a high rent or mortgage payment on top of that. Plus, you have to pay the utilities on your building, and if you pay part of your employees’ transportation costs, that’s money coming out of your pocket too. However, if you switch to a virtual office, you will ditch the mortgage/rent payment, the utility payments, and the travel reimbursement payments. You already have the technology to give to your employees so they can work from home. You may have to invest in some additional technology, or buy a virtual office package from Servcorp or other virtual office company, but it will be pennies compared to what you’re currently spending.
It boosts employee morale.
When your employees are unhappy, your business suffers. Unhappy employees are less productive at work, and they are also more likely to bash the company to friends and family, which will decrease your customer or client base. Most of the time, employees are unhappy because of a long commute, extended hours, or a lack of amenities at the workplace. However, when you allow employees to work from home, you’ll increase their morale. They won’t have to wear uncomfortable business clothes all day. They won’t have to deal with an annoying cube mate. They won’t have to spend hours in traffic. And because of all this, they’ll be happier with your company and willing to work harder for you. You’ll have less HR issues, higher productivity, and fewer turnovers.
It opens talent pool.
When you have a brick and mortar location, you have a limited talent pool to choose from when it comes to employing your business. Chances are you’ll have to choose from someone who lives nearby, and if not, you’ll spend a fortune in relocation costs. However, when you have a virtual office instead of a brick and mortar location, you’ll have access to talent from around the world. It doesn’t matter if someone is located in NYC or in Beijing—you’ll be able to put him or her on your team. Now, you’ll be able to ensure that you hire the people who are truly right for the job, not just right for the job because they live close to the office.
It can make your company global.
With a virtual office, you have access to people from all over the world. Not only does this increase your talent pool, but it also extends your company’s reach. So instead of trying to operate your business from 9-5 EST, your company can operate all day every day from all over the world. This will certainly increase production, and it can even make your company have a global reach instead of a local reach, which will also boost profits.
So if you’re on the fence about what to do with your company, do some research and determine if making the switch to a virtual office is one that makes sense for your company. If it does, then what are you waiting for?