Looking for new growth opportunities for your remote business? The idea of running and managing a remote business would have been laughable before COVID-19. If the pandemic had hit in the 2010s or earlier, before providers like Charter Spectrum enhanced and expanded their coverage footprint, this disdain would be justified.
While many aspects of the workplace are fluid and continue to evolve, conventional hierarchies within organizations have remained rigid and resistant to change. That includes the conventional physical workplace model. The COVID-19 pandemic has proven just how redundant this business model is. At the same time, it has opened up new opportunities for growth during this time. Read on to find out more.
Growing a Remote Business – A Few Helpful Tips
Whether you’re remotely running an e-Commerce business or a tertiary services provider, the nature of your business determines the extent of how successfully it runs with a remote workforce.
For example, a medical and healthcare service provider cannot operate without a physical workforce, or essential staff and frontline healthcare personnel at the very least. But exceptions notwithstanding, it is obvious that conventional work models are not suited to operating under the current conditions.
Most businesses only had remote working privileges prior to the pandemic, at best. However, the nature of how the virus infects a host and spreads to new hosts obviously throws most conventional work models right out of the window.
Yet the shift to a remote model was a lot easier than a lot of people anticipated. This makes you wonder why businesses never considered moving to a remote working model in the first place. After all, we already have the digital and cloud service infrastructure needed for it. The virus only made the shift unavoidable. Yet, this may have opened several new doors to tap into crucial growth for your remote business. See the following examples:
Saving Money on Otherwise Unavoidable Costs
Businesses have significant expenditures, many of which directly relate to their functioning. For example, every conventional business requires floor space on a rented or owned premises. This is followed by heat, electricity, and water expenses.
Then you have the cost of buying and maintaining hardware, equipment, and so on. You may also need to hire custodial staff to clean the building and manage waste removal. That’s not to mention the need for security personnel to prevent break-ins after business hours.
The list just keeps on growing when you have a conventional model. But all of these expenses become redundant when you’re not in a physical workspace. You don’t need to pay rent, bills, or cleaning services. You don’t need to spend on the repair and maintenance of equipment or hardware either. These represent significant cost savings that flesh out the retained profits once all other costs have been paid.
Reinvest Savings in Capacity Building
Anyone with even the most basic understanding of cost management can tell you cost savings are good for a business. Generally speaking, the more costs you save, the leaner and more efficient your business becomes. At the same time, net profitability shoots up. You now have more money left over after deducting your business expenses from your gross revenue.
Now, you could choose to use this money to buy yourself that shiny new convertible you’ve had your eye on. Or, you could choose to reinvest the extra profit from these savings back into your business. With strategic capacity building, you can increase your ability to earn even more profits. Who knows, maybe you’ll end up buying an even newer and even shinier convertible next quarter.
Expand Talent Acquisition Beyond Local Candidate Pools
You’re not the only one working remotely. Millions of workers, both within the United States and overseas, are doing the same. Workers no longer need to be present in the physical workplace. That means you are no longer restricted to your local talent pool.
Instead, you can expand your talent acquisition to a near-global scale. With the added diversity of world-class talent from anywhere in the world, you could position your business for growth and success. Especially if you have the right talent on your payroll to manage and adapt to change.
Improving Data Security and Protection with Cloud Services
Finally, data security and protecting privacy are always key concerns with most businesses. A data breach can be a catastrophic loss, in terms of both sensitive and valuable information as well as your business credibility. But with purpose-built remote working platforms like Microsoft OneDrive, you have far less to worry about.
Sure, you and your workers still need to be vigilant and cautious. But the cloud service and hosting company remain responsible to maintain security and encryption standards. That means you not only spend less on data security, but you also get an improved version of it.