Starting your own business is an exciting time, but also nerve-wracking trying to figure out the best way to build a professional image for your company and drive growth.
Renting out a physical office may seem like the logical step, but the sky-high rent prices – especially in business hubs like Melbourne – can make this option unaffordable for many small business owners.
As an alternative, virtual offices have gained popularity among new entrepreneurs and startup owners.
No matter what type of business you run, a virtual office allows you to work from home or anywhere in the world while still having access to essential services such as mail, phone answering, and meeting rooms.
With all the amenities of a traditional office for a low monthly fee, a virtual office might just be the game-changer your business needs.
In this post, we discuss five important reasons as to why virtual offices are the future of the modern workspace.
Table of contents:
- Cut down on expenses
- Offer employees more flexibility
- Reduce your carbon footprint
- Access the global talent pool
- Keep your business agile
1. Cut Down on Expenses
In this day and age, technology is present in almost every aspect of our lives, revolutionising the way we perform tasks.
Many of the activities that previously required physical presence in an office can now be performed from the comfort of our own homes.
This can lead to significant cost savings since you no longer need to commute to work, provide additional office space for your staff, or pay the high expenses associated with renting commercial space.
For instance, Business Wire reveals that most businesses spend anywhere from 15% to a whopping 46% of their income on office rent.
With a virtual office, you can save tens of thousands of dollars per year in office expenses, while your business address can still be that of a corporate building.
These modern workspaces provide all the perks of a traditional office for hundreds rather than thousands, without the need to cover the expenses of maintaining a physical building and staff.
For example, with a virtual office from B2B HQ, you can access all the necessary resources and support for your business (e.g., business address, meeting rooms, mail handling, etc.) starting from as little as $1.36 per day.
In the early days of launching a business, when often financial resources are limited, the money you save with a virtual office can help you keep your business afloat.
2. Offer Employees More Flexibility
Decades ago, the workplace was a rigid environment where employees were expected to adhere to strict cultural norms, such as working 9 to 5 under the watchful eye of their managers.
After a year of hard work, they would anxiously await their yearly performance review.
Luckily, office cubicles are a thing of the past.
As the workplace continues to evolve, flexibility has become a key factor for modern-day employees.
In today’s agile workspace, people no longer want to be tied to a specific location while working Monday through Friday from 9 am to 5 pm under a manager’s direction.
Instead, they want the freedom to work from anywhere and choose their own work schedule.
This is one of the main reasons why virtual offices have gained immense popularity.
By opting for a virtual office, your business can keep up with modern workplace trends by providing your team with the ability to work from anywhere without worrying about being tied down to a specific location.
This enables your employees to better balance other priorities with work, which, in turn, helps you increase employee retention, reduce absenteeism and boost productivity.
For example, in a Gartner survey of over 10,000 remote employees, 43% of those surveyed indicated that having flexible work hours contributed to increased productivity.
3. Reduce Your Carbon Footprint
The significant economic growth that the world has experienced over the past decades has come with a huge environmental cost.
According to the EPA (United States Environmental Protection Agency), CO2 emissions have increased by about 90% since 1970.
Due to the significant amount of greenhouse gases that are released into the atmosphere, the Earth is experiencing a faster rate of global warming.
If you’re wondering how you can mitigate these issues on a global scale, consider virtual offices as a solution.
Switching to virtual offices offers numerous benefits that can help reduce your impact on the environment.
For instance, reducing paper waste by using online or cloud storage for your files can help maintain a greener environment.
Additionally, virtual offices provide a convenient and eco-friendly space to gather a large number of people without worrying about accommodation, transportation, or travel expenses.
This eliminates the need to contribute to your carbon footprint. By setting up a virtual office, you can also save electricity, fuel, and gas from polluting the environment.
4. Access the Global Talent Pool
Have you ever lost out on major business projects because you didn’t have the right experts on your team?
Finding the right people who are highly motivated and skilled isn’t always easy, especially if you’re looking for talent in your local area.
Not to mention that when your local talent pool is too narrow, you may need to bring in resources from other locations.
This does not only mean that you’ll have to pay for travel expenses but also pay them exorbitant compensation because the cost of living is so high.
Luckily, a virtual office provides a solution by allowing you to access the global pool of expert professionals.
This means that you can recruit the best and brightest talent from anywhere in the world without paying ridiculous employee expenses.
For this reason, hiring offshore workers has become a popular trend among Australian businesses. For example, many local startups and small businesses outsource their work to the Philippines because of the small time difference and cultural compatibility.
Some of them are also developing a mix of onshore and offshore talent in order to bring in highly-skilled workers while also reducing labour costs to support revenue growth.
5. Keep Your Business Agile
Business agility refers to the ability of a business to quickly adapt to changes in the modern business environment.
In today’s fast-paced business world, companies that are slow to adapt can easily get left behind.
But, when a company is agile, it can quickly pivot and adjust its operations to stay ahead of the game.
Plus, when you’re able to respond quickly to market changes and customer needs, you’re in a better position to take advantage of opportunities and avoid threats.
So how can a virtual office help your business stay agile?
Just think – With a virtual office that provides flexible monthly plans (not a commercial lease that typically lasts from 3 to 5 years) you are not tied into an expensive lease.
Meaning, if you have to move your business to a new address and get out of the lease, there are no early-termination fees or lawsuits for breaking the lease.
Plus, a virtual office allows you to easily scale up or down depending on your business needs, which gives you the ultimate flexibility.
The Bottom Line
In an ever-changing business environment, it is important to stay flexible and keep up with the latest trends.
With a virtual office, it’s easy to achieve location independence and work entirely remotely while also establishing a professional presence for your business.
That’s just one of the key reasons why virtual offices are the future of work.
As the world is becoming increasingly digital, it’s crucial for your business to adapt and embrace this trend to get a leg up on the competition and be successful in the long term.
B2B HQ’s virtual offices in Melbourne provide a variety of professional and affordable services to help you ensure your business is keeping up with modern workplace trends. For more information, feel free to contact us.