What It Takes To Build a Successful Business, Without Physical Office Space

Over the course of time, it has become evident that things could be managed, even when the team is not present in the same room

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A few years ago, having an office was one of the most important aspects of starting a business. Cut to the year 2020, when the entire world was made to stay at home, coercing enterprises, and firms to manage things online. Slowly and steadily, companies realized that it is no longer essential to have office space. Though initially, they faced some troubles adapting to an online setup. Over the course of time, it became evident that things could be managed, even when the team is not present in the same room.

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Even though with the vaccine rollout, organizations are preparing for return to office, the ‘back to normal’ vision has faded away after the rise of the delta variant. Employers have now realized that nothing is permanent and have given their employees an option to opt for 100 per cent remote work.

Let's look closely at why this is happening and how businesses can operate successfully without a physical office space.

Why do away with office space?

Cost efficiency: Companies, even startups, spend thousands of dollars on rental space. Entrepreneurs and enterprise owners now have an option to utilize the funds spent on office rent more productively.

Hire globally: Doing away with office space can help you hire talent from across the globe. You won't have to limit your investment in human resources geographically.

Flexibility for employees: According to a study by Gallup, 54 per cent of employees prefer to work remotely and would willingly leave their current jobs if given an option. Remote work has made it easier for employees to manage their professional and personal chores in their own time. According to a research by employeebenfits.co.uk, 75 per cent of employees are happier with work from home.

How to run a successful business without an office?

Even though work from home has become a norm, it still requires thorough planning and organization to ensure easy business continuity. An organization needs to figure out the tools they need to invest in, the solutions/services that would help its team connect with each other and address all the roadblocks one might encounter while connecting online.

Companies need to follow the below-mentioned practices to suitably approach any challenge it might encounter while working online:

  • Ensure all team members have suitable workspaces
  • Protect company data
  • Get a virtual business address
  • Invest in communication tools
  • Use an effective project management tool
  • Find meeting/co-working space, whenever necessary
  • Provide remote work training to employees

How to create an effective virtual workplace?

Tools and technology: Finding the right technology to create a virtual office is the key to unlocking your business's potential in a remote setup. Virtual office solutions can elevate an organization's experience by presenting the same benefits as a traditional office without extra cost. There are numerous services designed and altered to suit any company's requirements.

The virtual office is not just about managing video calls; it is about replicating the experience of a physical office as closely as possible. Choosing the right platform for a virtual office can also make the employees' lives easier.

Focus on employees' requirements: Ensuring that the employees have all they need to comfortably work from their homes also adds to the efficiency of operating remotely. From ergonomics, to devices, to setting up a dedicated office space, an organization must take care of all the needs of the workers. Businesses can also invest in project management tools that help employees track their tasks, progress, and build efficiency.

Secure business data: One of the major concerns every company has is cybersecurity. It can become a bigger threat in a remote work environment. Considering that the employees will be using either personal or public Wi-Fi networks, it gets easier to hack data. Businesses should, therefore, wisely invest in solutions that can safeguard their data. These could either be through VPN or VDI.

Virtual business address: Businesses need to create credibility and legitimacy in what they do. To establish their authority, they must maintain a virtual address for their business.

There are three options to procure a virtual business address:

  1. Renting a PO Box.
  2. Sharing an address with a local business.
  3. Buying a virtual address.

A virtual business address provides small businesses flexibility and security. Through this a company can access any mails received on the address online from anywhere.

A PO box or a shared address on the other hand might restrict your mails/suggestions/complaints to one physical address.

Conclusion

One thing that the pandemic has taught us is that it is not impossible to run a successful business without an office space. Organizations have progressed more than expected in a virtual environment by setting the right expectations and taking the right approach.