A key part to any business is growth. However, many startups and small companies often struggle to grow their business for lack of readily available cash-flow. All companies start from an idea, however in order to grow a company and to ensure its long-term success and competitiveness, it’s crucial that business owners take various things into consideration, other than the products or services it sells.
In order to be competitive, modern companies have to be lean. Lean organizations are organizations that are able to maximize customer value while minimizing their waste (e.g. financial waste, environmental waste, time waste, etc.). This requires that businesses use up less space, less capital, and less time to make, launch, and deliver their core services/products.
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Though it might seem like a hard task, there are various ways to doing this. One viable and effective solution is using a virtual office
Contrary to what many believe, virtual offices are actual physical offices; they’re not offices that exist solely in the virtual world (though we’re sure those types of virtual offices will soon be available with AR and VR).
But, let’s not get off the topic at hand.
Virtual offices can empower a small business for various reasons: they’re affordable, they’re customizable, they’re flexible, and they provide access to various business resources, among other things.
So let’s explore the benefits of virtual offices for small companies hoping to grow their business.
1. They’re affordable
Real estate (office space) is one of the top expenses for companies of all sizes, however professional office space is needed for various reasons: to meet with clients, to present a professional image, to build trust and credibility, and to access business resources (printing, meeting rooms, photocopying, connections, etc.).
Virtual offices can provide small businesses with office space in a renowned address at a fraction of the cost. Moreover, virtual offices are fully equipped, meaning companies don’t have to spend on office equipment, utilities, maintenance, and other costs associated with brick and mortar.
2. They make businesses more professional, credible, and legitimate
Because virtual offices are typically located in prestigious areas, they offer businesses a well-known address, which helps present an image of professionalism and that a business is legitimate.
When people look up and address and it shows up in a residential area or an area they are not familiar with, they might be skeptical about a business’ legitimacy. Having a renowned address can help build trust between a company and its clients/consumers.
3. They offer business support
Small companies can greatly benefit from having the right support and resources available to them. However, these typically cost a lot of money. A virtual office allows clients to customize their membership based on the company’s needs.
Some of the business support services virtual offices offer include: mail handling and forwarding, receptionist services, live receptionist services, live customer support agents, access to meeting rooms, access to office/desk space, VoIP phone system, and local phone number.
4. They’re flexible
One of the greatest benefits of virtual offices is that they are flexible. Companies can hire virtual office services by the month, quarter, or year. Because of this, they are a viable solution to small businesses seeking to minimize their long-term commitments and risks.
Moreover, they are fully customizable, so companies can create virtual office bundles and packages that cater to their specific business needs.
5. They can help businesses offer a better customer experience
One of the most popular virtual office services is live receptionists. Typically live receptionists are trained to always answer calls or chats with a custom business greeting and they can answer common questions, help people book meetings or place orders, and respond to questions about your company and line of business. Some live receptionist services are available 24/7, which means that your clients or customers’ questions can be answered in a timely matter, regardless of timezone or business hours.
6. They make business expansion easier
If you are interested in growing your small business in a new market, virtual offices are a great solution as they enable businesses to enter new markets without having to physically move to another location. And since they provide companies with a local address and phone number, it can facilitate the process of building business credibility and trustworthiness in a new market.
7. They offer access to a wider talent pool
If you are running a small business remotely and it is powered by a virtual office, you will have access to a much wider talent pool as your company won’t be limited to talent available in your area. This can also reduce your costs, as hiring remote talent typically means that companies don’t spend as much money per employee (there’s no need to offer office equipment or commuting benefits).
8. They help make your company environmentally friendly and sustainable
Consumers and clients today are interested in engaging with and purchasing from companies that share their values and purposes. Many individuals are concerned about the environment and running your small business through a virtual office can help your company become environmentally friendly and sustainable for various reasons including the fact that you are sharing resources (real estate, water, energy, waste, etc.) and that you and your employees are not commuting as often as regular office workers, therefore you are emitting less CO2. This can be a differentiating factor among investors and potential clients, customers, vendors, and business partners.
Virtual offices are a one-stop shop for small businesses that want to be lean, resilient, and that are interested in growing without burning through their cash.