Due to the Covid-19 pandemic, more businesses are working remotely than ever before. And it turns out that small businesses are immensely benefitting as it has reduced infrastructural costs and increased productivity. CoSo cloud survey shows that over 75% of employees working from home have reported higher productivity.
Given the current circumstances, remote working is no more a trend but a necessity. Small businesses around the globe are adapting to the remote work model to stay open throughout the crisis. Though some may have struggled first to adjust to the change, many are now reaping the advantages of remote working – which may soon become a permanent working condition across industries.
So how could a small business benefit from adopting flexibility and giving its employees the freedom to work remotely? In this blog, we’ll break down the benefits of remote working and how it can boost small businesses.
1. No stressful commute
Whether it’s an hour train ride or a 30-minute drive, commuting can get pretty stressful and unpleasant. Regular commute tends to take a toll on the health and wellbeing of your employees. But when they are working from home, there’s no dealing with rush hour traffic. They can start with a fresh mind which results in more productivity and less absenteeism.
2. Better employee connections
Like you, many small business leaders fear that remote working will reduce personal interaction. If you are hinting at missing out on the chit chat sessions at the cafeteria, there are various solutions to overcome such challenges.
Using good project management software and tools will help you keep your team connected and coordinated. Regular interaction and team meetings via video conferences will allow you to get one-on-one time with your employees and keep the workload in check.
3. Advanced customer support
If companies and entrepreneurs choose to change their business operation tactics, it would be for improving customer experience. Due to the easy availability of communication, small businesses are now adopting advanced strategies to build better communication.
Most companies are switching to VoIP phone systems to replace landlines, and allow their agents to assist their customers every day. Additional features like video conferencing, call recording, and more help to improve internal and external interactions.
4. A vast pool of talents
Younger generations consider workplace flexibility as a crucial factor while evaluating a new job role. Offering remote working facility helps small businesses to attract young and high skilled talents. Remote working also allows you to hire talented employees who are beyond the regular commuting area.
It will particularly prove to be beneficial as small businesses can widen their network and work extensively with highly qualified experts, regardless of where they are from.
5. Increase in employee retention
Small businesses cannot compete with the big firms when it comes to big salary package and other benefits. That's why you must take advantage of the resources you do have. Most workers in large organisations crave for freedom which small businesses can give. Working from home provides a worker with the flexibility he/she needs to balance work-personal life.
6. More productive employees
Giving your employees the liberty to work in their own space improves productivity. Not all employees perform well under the traditional business model. Some like to work in a spotless environment, while others prefer to curl up on the sofa with coffee and laptop.
Even if there are guidelines, working from home gives your employees the freedom to build a suitable work environment and schedule, which allows them to perform at their best.
7. Lower office expenses
Most small businesses rent office space which can be expensive. It is one of the highest fixed costs of your business. Allowing your employees to work remotely and operating a hot-desking policy will help you cut down your office space.
Not to mention, you will also save on social events such as holiday parties or office parties and instead utilise the money in some other business area. Yes, you may have to invest in digital tools to remain virtually connected, but a much nominal amount than what you would have spent on various office activities.
8. Reduced wage bill
No, no employees would opt for pay cut for flexible workplace practices. Yet the study shows that over 35% of the employees would choose to work from home over an increment. That means small businesses could reward its employees with the flexibility to work from home that a minimum increase in salary for good performance. This strategy will help to minimise your wage bill and boost your cash-flow so that you can take advantage of the upcoming opportunities.
In the age of innovation, small business owners are continually looking for ways to improve their position in the market. Shifting to remote working can give your business a competitive advantage. Employees can work in their convenience, which will increase productivity, improve work-life balance, keep them fit and healthy and reduced costs which is mutually beneficial.
Jennifer Stevenson is a management professor at an A-tier university in Australia. She is also a certified essay writer. When not working, Jennifer likes to assist students with their academic queries through MyAssignmenthelp.com, an MBA, Law assignment help service provider in Australia.