There has been a lot of discussion in the business world lately about going virtual, but what is going virtual, and what are the benefits?
Going virtual means that a business operates primarily outside of a physical office space. Workers and employees do their work from home and coordinate through various means like email and teamwork apps like slack. While going virtual is not the best solution for all firms, there are many that can reap benefits. Firms that operate largely online anyway, or divisions of a business that do so, are prime candidates for virtualization.
Advantages of Going Virtual
There are a number of advantages for firms that can and choose to go virtual. The first and most obvious is a reduced overhead. If businesses do not have to provide space and amenities for employees, costs can rapidly decline. A business that employees 25 people, but only needs office space for 3, will have a lower cost of business than firms that insist everyone comes into the office.
Virtual workspaces also foster a greater sense of trust in employees. It is almost impossible to micro-manage someone operating in virtual space, so employees feel trusted to perform their job. This can enhance productivity as well as the quality of work.
Additionally, virtual workspaces cut down on travel and related distractions. An employee who has to spend an hour in the car every day will be more distracted than someone who can wake up and start their day. Moreover, anyone who has worked in an office knows how hard it can be to get work done if coworkers are interested in chatting. While employees having personal relationships can be good for office morale, these sorts of conversations are best saved for after work or company-organized fun time. This sort of distracting side talk does not happen as easily in a virtual workspace, cutting down on distractions, increasing productivity, and thus profit.
Finally, in today’s knowledge driven economy, having access to the top talent is one of the best ways to grow your business. Virtualization of your office dramatically expands your recruiting options because talent doesn’t have to move. This can be especially helpful for businesses that are located away from major metropolitan areas that may have trouble attracting top talent. Frequently firms are left in the position of having to offer to cover moving costs to get the individuals they want to come work for them. Virtualization eliminates this need, which makes onboarding and recruiting even cheaper. As a result, businesses can hire more workers because each worker costs less to add. This can be a great way for a growing business to expand while keeping their costs down.
As you can see, there are a number of benefits of virtualization. If your business can be run online, virtualization may be just the thing you need to increase your profit margins and take your business to the next level.