To say that the last year has been a difficult time for small businesses would be an understatement. This is particularly true in the case of fledgling enterprises. If you had the misfortune of opening your first business during a global pandemic, there’s a good chance you’re currently pulling out all the stops in order to stay afloat. Even businesses that are well-established have had to stretch their resources thin in order to remain operational. Enterprises that are looking for simple and effective ways to keep their doors open in the wake of the COVID-19 pandemic would be wise to consider the benefits of remote work. Although many businesses experimented with letting employees work from home during the worst days of COVID-19, keeping this practice going can be a boon to your financial bottom line.
Reduced Operational Costs
Depending on how large a staff you have, your monthly operating costs stand to bleed you dry financially. Between heating, cooling, electricity and various other utilities, keeping a large office operational can cost an arm and a leg. Furthermore, if you provide employees with coffee, snacks and assorted beverages, you stand to add a hefty sum to your already-high operating costs. Conversely, allowing your employees to operate from home can help keep said costs manageable. The fewer people occupying your workspace on a daily basis, the less you’ll need to spend on utilities and refreshments.
Embracing remote work can also be a boon to your monthly rent costs. After all, if a significant percentage of your team members are working from home, there’s no sense in renting a needlessly spacious office. Moving your formal base of operations to a smaller location can help cut your rent in half without forcing you to compromise on comfort. It’s easy to see why so many business owners tend to seek out the roomiest possible workspaces. For some entrepreneurs, large offices represent status symbols and signifiers of success. However, in many cases, such superficiality serves no purpose outside of costing you money. To get a clearer picture of how much money such a move stands to save your enterprise, enlist the aid of high-quality business spend management solutions.
Increased Efficiency
Although some bosses believe that remote work gives rise to inefficiency, this couldn’t be further from the truth. Research has shown that people who are allowed to carry out their job duties from home exhibit a greater level of productivity than people who are stuck in offices. Frankly, it isn’t difficult to see why. Working in a space where you feel completely comfortable and secure is far more conducive to efficiency than working in a space that’s rife with stressors. So, even if you’re not a fan of remote work as a concept, you may change your tune after seeing your team members display heightened efficiency.
Lower Stress Levels
It can’t be denied that most modern offices are breeding grounds for stress. Between getting up earlier than they’d like, braving cumbersome commutes and navigating interoffice politics, many members of the workforce exist in a perpetual state of unease. Even outside of work hours, some of us can’t help but stress over the challenges our next workday has in store. Needless to say, when someone is consistently on-edge, both their general output and the quality of their work is likely to suffer. While telecommuting may not dispel every last modicum of workplace stress, it can make carrying out one’s job duties a considerably less taxing experience.
High Worker Retention
Dedicated employees are an asset to every small business. In the absence of a competent workforce, keeping your enterprise afloat would likely prove impossible. That being the case, it’s in your best interest to retain as many model employees as possible. However, if your team members feel as if their needs aren’t being met, many of them are liable to jump ship at the first available opportunity.
When considering ways to increase worker retention, you can’t go wrong with remote work. Having the ability to work from home will make certain team members less likely to accept offers from other employers, even if higher pay is involved.
Not every business owner is a fan of remote work. Some bosses believe that working from home is conducive to inhibited productivity and reduced focus. While it’s easy to see why certain people might think this, the facts simply are not on their side. Far from being a hindrance to hard work, telecommuting stands to benefit your enterprise in a number of ways.
