Virtual office space is a type of flexible office which provides businesses with a registered business address and professional services without having to pay for the physical space. Suitable for businesses of all sizes and sectors, a virtual office provides a flexible office solution that can help support growth for your remote business. Let’s take a look at the advantages of a virtual office in more detail:
- A prestigious business address
- Reduce rental costs
- Greater flexibility
- Cut down your commute time
- Increase team productivity
- Reduce overheads
- Tap into a wider talent pool
- Take advantage of business support
- Benefits for small businesses
- Build Your online presence
A Prestigious Business Address
A virtual office enables you to take advantage of a prestigious business address without paying for the physical space. An address in a sought-after location will help boost your brand’s professional image and credibility, helping build trust with potential clients. It will also keep your residential address private. Depending on your agreement, you can meet potential clients at your virtual office instead of your personal office, reflecting a more professional image and providing a more convenient meeting location.
Reduce Rental Costs
A virtual office provides a cost-effective solution in comparison to renting a physical office. Aside from saving money on rental costs for the actual space, you will also reduce running costs, such as utilities, maintenance and any other cost associated with a physical office. This budget can then be used elsewhere to support business expansion or show appreciation to your team.
More Flexibility
Similarly, a virtual office offers greater flexibility than a traditional office since your business is not tied down to long-term lease agreements. Likewise, your business is free to downsize or expand at will since there are no limiting factors, such as space. You simply pay for your virtual office package as and when you need it, without risk.
Cut Down Your Commute Time
Renting a virtual office offers you and your employees the flexibility to work from anywhere, be that your home office or a local coffee shop. As a result, you will no longer need to spend your mornings and evenings stuck in rush hour traffic or cramped on public transport, nor will you have to pay for the privilege! Not only does this cut down on time spent travelling but frees up more time to get work done or do more of the things you love and helps you reduce your carbon footprint, too.
Increase Team Productivity
According to a recent survey by CIPD, approximately 71% of employers report that having their employees work from home either increases productivity or has very little effect, and are in full support of remote working arrangements. A key player in greater productivity is a better work/life balance. Working from home, employees are generally less stressed and have more flexibility to make time for personal commitments while still completing their day’s work. In fact, a PGI study reveals that “82% of remote workers report lower stress levels and 80% said they had higher morale when working from home”. As such, a virtual office can support a more flexible way of working, help to improve team productivity and foster greater business success.
Reduce Overheads
There are lots of costs associated with running a business, such as technology, furniture, insurance and much more. Setting up a virtual office is a great way to reduce overheads and save more money to invest back into your business. Firstly, by eliminating the cost of a physical office space, you will remove one of your biggest overhead expenses: rent. With this, you can also reduce the cost of office furniture, internet providers and other office supplies.
Tap into a Wider Talent Pool
Without a physical office, your teams can work from anywhere in the world meaning you can hire the finest talent, no matter where they are located. Tapping into a wider talent pool can also enable you to build a diverse workforce with a range of skills, languages and perspectives. Your company will thrive as a result. According to Boston Consulting Group, diverse companies have on average 19% higher revenue and are leading the way to innovation.
Take Advantage of Business Support
Similar to a serviced office, a virtual office includes a selection of additional services, such as a concierge team to answer your telephone calls, handle post and deal with any other administrative tasks. These professional services support your business and help keep operations running smoothly. If your remote office is located nearby, you can also make use of co-working spaces and meeting rooms on an ad hoc basis. This is ideal if you need to host occasional meetings, conferences or interviews.
Beneficial for Small Businesses
If you’re a small business or start-up company, you may not have the budget for a high-spec office in a central location but this doesn’t mean you can’t make your mark across the world. A virtual office provides you with a reputable business address anywhere you like, helping you enhance your brand image and access exclusive markets. This is particularly beneficial if you work in the finance or legal sector and want to have your business address in a recognised business district. So, although you may work in your office basement, your business address could be a prime location in London, Leeds or Manchester!
Build Your Online Presence
Another benefit of a virtual office is that it provides you with a registered business address for clients to find you online using the ‘near me’ feature on Google. Without a well-placed business address, your target clients may not be able to find your business location online or it will be evident that your business is run from your home, which could seem unprofessional depending on your clientele.
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The original version of this article was published in blog.orega.com