Should you institute a remote work model in your business?

Remote work describes work that is not performed in a typical company office. Remote workers can do their jobs anywhere in the world and this flexibility is a huge part of the appeal for a lot of people.

Here are some pros and cons of doing business remotely to help you decide if remote working is right for you and your business.

Pros of Running your Business Remotely

The biggest remote working advantages for employers revolve around employee well-being, daily operations, and revenue. Here’s what remote working can do for your business.

●      Increase productivity

Often, organisations notice the improved performance when employees are allowed to work from home, even when it’s just for a few days of the working week. According to a Stanford study, employees actually worked more when at home compared to in an office. The key reason they cited for their improved productivity was a less stressful environment.

●      More efficient communication

Thanks to different project management tools, it’s easier to get everyone on the same page. Keep all correspondence, and documents in one easily accessible place to eliminate time lost searching for each individual’s emails and folders.

●      You’ll cut costs

Another major advantage for any organisation contemplating going 100% remote in the long term is the money that could be saved from not having to rent a large office space to accommodate the full staff.

Rent or mortgage payments, services and associated expenses, such as insurance and maintenance costs, add up rapidly, reducing growth opportunities and income.

Now, there will still be costs while remote working as your business will still need to be protected, so things like business insurance would still be needed – in fact, it may be more important than ever to insure your business when remote working as you have files and data that is being accessed outside of your secure office location. So, this means you mat needed that protection more readily than you would when not working remotely.

Cons of Running Your Business Remotely

Having a virtual office and running your business remotely come with several advantages. But there surely have to be some disadvantages, right? Well, there are, indeed, some downsides to remote business.

●      Absence of a physical office

The biggest and most obvious con for a remote business is the absence of a physical office, and it is something that business owners have to consider in their business plan.

The nature of your company will ultimately decide if a virtual office is right for you. If space is required later, virtual offices may not be worth saving upfront costs.

●      Less community

Lessened interaction with colleagues can lead to a feeling of isolation and loneliness within an organisation. Face-to-face interaction provides a feeling of companionship and confidence that is hard to recreate in a virtual workplace.

For a company owner, you can still continue to cultivate a community of communication and interpersonal relationships, even though you use a virtual workplace.

Building culture with a remote team is challenging, but not impossible. There are several office communication tools that can create channels for informal interactions.

At the end of the day, whether or not to work remotely really comes down to the needs of your business. Consider what your business needs and how it will operate to determine whether running it remotely is the best option for you.