Thanks to advancements in technology and more businesses being open to new ideas of a working environment, it is okay for a business to have a virtual presence. If anything is to go by, the 2020 financial year has brought about massive changes in the way businesses operate.
Businesses might not be ready to say goodbye to the brick-and-mortar style yet, but the need for some sort of virtual presence or off-site working is catching up. For startups, this comes as a massive plus on its costs.
Whether you are starting a business in 2021 or you are already running a small business, having a virtual business should be a top consideration.
What is a Virtual Office?
It is a flexible working space that provides companies with several services, including a physical location, technology, and administrative services, without the companies having to bear these costs independently. Such an arrangement allows your employees to work remotely while you still have a PO Box address, dedicated fax or telephone number, and a meeting room at a lower cost.
Why Your Startup Needs a Virtual Office in 2021
How much would your startup save if you never had to pay for rental and lease charges? Or other costs like having to buy office furniture, equipment, pay utilities like power and water, office meals for your employees, and insurance covers for property and natural disasters? These costs are significant for businesses, especially startups. To give your startup some survival rate, mostly if you are starting, consider taking your business operations virtual.
Low Employee Costs
Apart from low office overhead costs, a virtual office also enables you to save on employee costs. The first option could be hiring remote workers, like freelancers, to handle particular aspects of your business.
These remote workers are often more affordable than full-time employees, whose costs could include commute allowances, meal allowances, house allowances, health covers, and retirement contributions. Freelancers often cater to these on their own; they can include a small fee in each job to cater to these, but it is still low impact on your end.
The second option could be renegotiating working hours and pay with your employees. Many employees are looking for better working conditions, like working from home and fewer working hours. Even at lower pay, they will go for this option as it gives them more time to spend with their loved ones or do personal development projects like traveling and studying.
Virtual offices help companies improve productivity, with many employees opting to work from home rather than endure long and exhaustive commutes. As long as employees know their deliverables, it doesn’t matter where they work from; they will work towards attaining those goals—allowing them to work from wherever they make them believe that the company cares for their needs.
Are you an Eco-friendly person, or you believe in reducing carbon footprint? A virtual office helps you do this. Consider how much carbon each employee releases when they drive to work every day compared to how much carbon emissions are reduced when they have to work from home and not drive to work other days of the week.
Another way your business contributes to the conservation of the environment is by reducing paper use, which saves trees. You also reduce the amount of power or electricity your business would consume.
With an Eco-friendly strategy, you will also reach a large group of Eco-conscious consumers, which seems to be increasing every year.
Starting or running a business amid a pandemic is not a smooth sailing journey. The most critical strategy for companies now is to save money and keep the business afloat. A virtual office is one of the ways to keep low overheads. Whatever position you are in, starting a business or already running a startup, you should consider having a virtual office. It will save your business a lot of money, make your employees happy and improve their productivity.