How much can your business save by moving to a virtual office?

How much can your business save by moving to a virtual office?

Virtual offices may have seemed like a far-fetched idea two decades ago, but today, their popularity has become widespread. The rapid evolution of technology has made virtual offices a more feasible concept. Furthermore, implementing virtual offices offers a host of benefits to many businesses.

What is a virtual office?

A virtual office is a business arrangement that enables individuals or companies to have a physical mailing address, telephone services, and, in some cases, meeting spaces, without the need for a dedicated physical office space. It is a flexible and often cost-effective solution that leverages technology to provide essential office services while allowing employees to work remotely or from various locations. Virtual offices typically offer services such as mail handling, call forwarding, and access to meeting rooms or coworking spaces on an as-needed basis.

What are the benefits of a virtual office?

Moving your business to a virtual office can give you the following advantages:

Lower real estate costs

With a virtual office you no longer need to pay for a physical space for your workers, which means no more expensive leases and property taxes. However, because virtual offices usually offer meeting spaces you can use on an as-needed basis, you still retain access to physical space when you really need it.

How much you will save depends on how much space you need, and the rates charged by your virtual office provider. Nevertheless, the vast majority of companies that switch to virtual offices report significant savings on real estate, with larger corporations saving millions of dollars.

Reduced operating costs

Membership fees to the virtual office usually cover utilities, office supplies, internet bills, snacks and coffee, bathroom supplies, and more. Your savings from virtual offices will vary based on your usage, but the monthly operating costs will often be merely a fraction of the cost of running a traditional office.

Improved credibility

Some business partners, especially those with no virtual working experience, might be wary of working with your business if you lack the elements of a traditional business (i.e., receptionists and mailing addresses). However, with a virtual office, you can enable remote work arrangements without sacrificing the professional appearance of a physical location. Virtual offices have a mailing address, receptionist, robust phone systems, and board rooms to conduct in-person meetings.

Higher productivity

A report from the Society for Industrial and Organizational Psychology included a survey that asked participants how they think working remotely increased job satisfaction and lowered work-related stress so drastically. In addition to a preference for working from home, workers cited the following reasons to explain their increased productivity:

  • No commute
  • Fewer distractions and less office drama
  • Comfortable and personalized working environment
  • Flexibility to work when most productive

Furthermore, the benefits don’t only apply to workers. With a virtual office environment, businesses experience less absenteeism and lower turnover thanks to high job satisfaction, which all translates to higher productivity and revenue. Your employees also still have access to a serviced physical space when needed, improving productivity even further.

Access to a bigger talent pool

If you are operating in a virtual office environment, you’re all set up for remote work capabilities. This means that the talent pool you draw your hires from isn’t limited to people within commuting distance and you don’t have to provide relocation assistance. You can hire from all over the nation, or even the globe, depending on the particulars of your business and applicable regulations. This in turn gives you more opportunities to find the right people for the right positions in your company.

Want to learn more virtual office setups and how to move to one? Contact Fidelis today.

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