Running a business can be extremely costly, particularly as you start to grow and scale. It can be a costly exercise, especially for the unprepared! Between staff costs and taxation, not to mention things such as stationery, marketing and signage, there seems to be no end to the costs incurred by running a business. One of the main costs that are associated with running a business is the office! Renting or leasing a place can be one of the most expensive things a business can do, and can often eat into the businesses’ bottom line! This is often wasted money that could be invested back into the company with more staff to do the jobs that often go missed, or with more marketing efforts to continually revitalise the businesses’ cash flow. Using a virtual office can be one of the biggest money savers for a business that is looking to find a way to reduce their costs, and finding a virtual office can actually be quite easy! Virtual office services from Servcorp will save your business more money, and time!
The financial benefits of using a virtual office should not be underestimated. Here are just a few of the reasons why using a virtual office can be the best thing for your business, and will make your accountant sing with joy!
In the business game, overheads are like those whackamole games. Just when you think you have one knocked on the head, another pops up somewhere else! It can become costly – and exhausting – for business owners. With no physical office space, you are reducing costs of the office lease, utility payments, hardware and all of the other costs that come along with having a physical space you have to manage yourself, particularly when you are sub-leading or have entered into a lengthy contract. This means you have more money to spend on getting more business!
2) Reduce technology costs
There are many co-working spaces, or virtual offices, that offer a technology package for you to run your office. Many companies are stuck with hundreds of different paid programs and softwares that are chewing away at the bottom line. You should look for a company for your virtual office that has a technology package that includes everything you need to keep your operation running. Don’t worry about the cyber risks, most of these companies have plans prepared for these situations. The best thing is, because of economies of scale, you will always be able to get the most updated software.
3) Increases in productivity
When people are coming into an office where they are surrounded by other people, they are more likely to get distracted, or take that extra long, long, long lunch break. This eats away at productivity. If employees work remotely, this should increase productivity and decrease turnover as they are more motivated.
4) Tax deductions
Depending on your jurisdiction and what the government says in your local area, you are eligible to claim tax deductions on your principal place of residence if you are doing majority of your business from there. Working from homes turns your mortgage into an asset! It helps to get a great accountant to help you out with this and make sure you are on the right track.
When you do decide to go virtual, it is important to consider things that the company can offer such as call handling, receptionist services, a virtual address to make your business appear legitimate and virtual meeting room facilities. Going with a quality provider can means all of these questions are answered for you!