It is official, we live in the digital age. What does this mean for our traditional offices? Are you considering taking your business out of the physical and migrating to a virtual office? Here is a breakdown of what you need to know about virtual office space, the pros and the con’s.
A virtual office can be as simple as a business address that gives your small business a sense of scale. Some virtual spaces allow video conferencing for employee convergence, while others facilitate collaboration on project-based work, allowing multiple people to edit one project.
The virtual office takes your business out of the physical address and places you in an intangible realm. But is it that simple?
The Lack of Address
The sheer fact that there is no longer a physical workspace to lease, or a mortgage to pay, has significant impacts on the cost base of a business, freeing up capital for other activities.
Many virtual companies tout the benefits of being about to work remotely. Especially in an age where freelance workers are on the rise. There is a flexibility innate to virtual office space that doesn’t exist with the physical. With employees and employers alike often admitting that working from home contributes to their work-life balance.
Even better still, the lack of a set address also means that companies are not bound by a postcode in their hiring decisions. They are not restricted by the search field of their current city or by trying to coax their first choice into moving with a large bonus or paying for their accommodation until they settle into a permanent address.
However, within this notion of working from home, employees and employers alike have to ask, exactly where will you work and how does flexible work affect your productivity?
It is a modern romance to dream of working from your favourite cafe or to even fantasize about travelling the country in a car with a laptop, well, on your lap. Alas, in actuality, it just isn’t that simple.
Employees certainly aren’t going to suddenly just have a spare room in their home to convert into an office now they have a virtual office. Working from the dining table is sometimes possible, but generally an inconvenience for the rest of the family. Similarly, working in public places or on the go just isn’t as productive as having a designated work space.
That’s why virtual offices often also include access to hot desks or meeting spaces that enable people to catch up face to face to resolve business issues. Indeed, many businesses find themselves hiring meeting spaces for client meetings, annual general meetings and other important activities that are best undertaken in person.
Will This Work for You?
A virtual office can be incredibly valuable and practical to modern companies, especially new and small enterprises who focus on digital-related commerce, and start-up companies wishing to convey the impression of being an established business in an established location. The lack of financial commitment to a physical space can give these businesses the leg up they need and set them on the path of growth and expansion much faster.
If you are considering a virtual office space, why not consult a property expert from BTP Services, who can discuss what the Business & Technology Precincts have to offer, and help assess if a virtual office will work for you. Call today on (07) 3368 9099.