Cut Office Rental Costs – Go Remote

by | Nov 24, 2021 | Small Business | 0 comments

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 immensely 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 significant cost saving—money that borrowers can use elsewhere. In this article, we 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 most significant expenses many companies tend to have is rental fees associated with an office space. There isn’t simply the rent itself; utilities, insurance, the cost to furnish and maintain the office, tech and wi-fi expenses, you name it—the list is pretty long. Given the current climate, this is all money that you may not have now.

One thing you might consider is to go remote. We’ve all done it for some time. Most companies managed to master Zoom and 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. How could you provide something of value to your employees and thus show them how much they do to the business? Some bosses have gotten creative 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. 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 that it was because there was enhanced work/life balance in the virtual working scenario. Commute times can be pretty 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

You can hire from a vast talent pool if you adhere to a remote work model to cut office rental costs. You can pretty much hire team members from anywhere. With labor shortages hitting certain areas harder than others, extending your hiring reach is an excellent 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 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 increased. One of the reasons experts suggest that that was the case is that employees could design their own office space within their homes. Customizing an office precisely to one’s specifications and likes can hugely impact 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 of 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 increased. One of the reasons experts suggest that that was the case is that employees could design their own office space within their homes. Customizing an office precisely to one’s specifications and likes can hugely impact 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 of working from a home office.

First Union Lending 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 Lending 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!