Numerous small businesses across the country are experiencing hard financial times right now. As we start to normalize following the events of the past year and a half, companies are still grappling with getting back on their feet and bringing in enough revenue to sustain cash flow. One thing the pandemic showed us was that going remote was feasible. Yes, it took some adjusting and, yes, it took some getting used to, but ultimately companies managed to pivot effectively in this capacity. Going remote proved a boon for many organizations as they made it work quite well for their particular business model.
Some smaller businesses discovered that going remote and thus saving on office overhead and accompanying expenses could prove a major cost savings—money that could then be used elsewhere. In this article, we take a look at some of the benefits of giving up those office rental costs by going remote.
High Office Rental Costs – Can You Really Afford It?
When looking at your budget, one of the largest expenses many companies tend to have is rental fees associated with an office space. There isn’t simply the rent itself; there are also utilities, insurance, the cost to furnish and maintain the office, tech and wi-fi expenses, you name it—the list is pretty long. This is all money that you may not have at the moment given the current climate.
One thing you might consider is to go remote. We’ve all done it for some time. Most companies managed to master Zoom along with the other platforms and systems that enabled communication for team members based in their homes or some other such out-of-office space. Continuing to go remote will not only help you avoid substantial office rental costs, but you now have additional money that can be used in other areas. For instance, you might consider passing it forward to employees. In what ways could you provide something of value to your employees and thus show them how much they do mean to the business? Some bosses have gotten creative here and offered gym memberships, tuition reimbursements, and enhanced benefits packages.
Among the other benefits of going remote are:
1) Promotes better work/life balance
While in the early stages of the pandemic, there were some kinks to work out. Ultimately many companies were indeed able to navigate their way. And what happened was that employees became more productive in the long run. Why? Many cite the fact that it was because there was enhanced work/life balance in the virtual working scenario. Commute times can be fairly extensive for some; remote work gets rid of the commuting factor and thus gives an employee more time with their family—among other ways it promotes a healthier work/life balance.
2) Extends your company’s hiring reach
When you adhere to a remote work model in an effort to cut office rental costs, you have the ability to hire from a vast talent pool. You can pretty much hire team members from anywhere. With labor shortages hitting certain areas harder than others, being able to extend your hiring reach is a very good thing!
3) Make a positive environmental impact
In the early months of the pandemic, it was discovered that air pollution significantly decreased, especially in major urban hubs. When you opt to go remote, you do have somewhat of an impact as far as cutting down on the number of drivers there are on the roads. As they say, every little bit helps.
4) Enhanced worker performance
One notable effect of switching to a remote work climate was that many businesses found that employees performed better and their productivity was up. One of the reasons experts suggest that that was the case is that employees were able to design their own office space within their homes. Customizing an office exactly to one’s specifications and likes can have a huge impact on how productive you are. Employees are able to make it work as they need it to; there’s a great deal to be said for the increased comfort that comes from working from a home office.
5) More time for physical activity and healthier eating
One notable effect of switching to a remote work climate was that many businesses found that employees performed better and their productivity was up. One of the reasons experts suggest that that was the case is that employees were able to design their own office space within their homes. Customizing an office exactly to one’s specifications and likes can have a huge impact on how productive you are. Employees can make it work as they need it to; there’s a great deal to be said for the increased comfort that comes from working from a home office.
First Union Is Here for You!
If you decide to move forward in promoting a work-from-home culture, you are potentially saving funds that can be reinvested in your company. There will be times when excess funds are needed to fuel other business-related initiatives. Choose First Union to help you gain the working capital needed to enhance your small and growing business. Our Funding Specialists are waiting on standby to help our small business clients thrive and grow. Our loan programs are designed to be fast and flexible—some receive the funds in as little as two days. Call today and let’s get started!Published in