The Strategic Value of a Virtual Office Space

The Strategic Value of a Virtual Office Space

The advent of virtual office spaces has revolutionized working experience for employers as well as employees. Remote working is gaining popularity, with estimates suggesting that almost 70% of the workforce globally works remotely at least once a week, part time or otherwise. The sector seems poised for exponential growth, with an increasing number of professionals preferring to work from virtual spaces. It saves time, commuting stress, and offers flexibility for the employees, simultaneously affording many strategic advantages to employers. Some of the biggest advantages are-

Cost Benefits

Virtual office spaces are a great way for new corporations and startups to cut costs on office spaces. Businesses often spend upwards of 10% of their expenses on permanent addresses at premium locations, with costs skyrocketing as urban regions become more commercial. A virtual office space cuts the majority of this expense and saves money which can be invested again into the core business. They also reduce costs for employees, as they save on commuting expenses. This is a major advantage in attracting prospective employees. Additionally, virtual offices are also available for time periods ranging from one month to many years. Taking long term plans could fetch you discounts providing cost benefits.

Easy Expansion

This is one of the major advantages of virtual office space. For a developing business, it enables employers to test prospective markets without having to physically invest at the location. It is also a hassle free alternative to traditional expansion, as often businesses need to overhaul completely in order to move to a bigger location. Virtual offices eliminate physical office space as a limiting factor for any business, and saves both time and money. They are particularly helpful for freelancers and bloggers who need regular access to business locations in major cities, but only for a short time period.

Better Business Support

Virtual office spaces often come with loads of extra benefits, like remaining operational 24/7. This allows operations to be flexible with brands like iKeva providing access to a trained IT team, mail handling, professional call answering and complimentary access to coworking spaces at reasonable prices. These perks streamline administration and customer service, and are essential to building a good brand image or kick-start new businesses on the right note.

Flexible Access to Desks & Meeting Rooms

A virtual office doesn’t have to remain strictly virtual. The offering is often bundled with crucial supportive services like access to meeting rooms or even desk space whenever required. Client meetings, or team sprints therefore, are unlikely to run into any challenges.

Better First Impressions

The location of a business plays a big part of its first impression. A prestigious location not only increases credibility, but it also lends brands a professional and legitimate image.

It imparts trustworthiness and allows businesses to have a physical address in major cities while paying significantly less than rent for an office space. This marketing strategy has been endorsed in various business circles, as major locations are easier to find in big cities.

This provides a distinct advantage to the business.

Access To Talent Pool

It’s no secret that employees form the core of any business. The productivity and efficiency, both key factors for any business, can be elevated with a more talented pool of employees. Virtual office spaces provide access to a larger talent pool, as location ceases to be a factor while hiring. This not only attracts the best talent regardless of location but ultimately enables businesses to thrive. For instance, if you have a virtual office in Chennai, you can hire people from Bangalore. As more and more people are preferring to work from home, virtual offices have a clear advantage of hiring from a bigger talent pool.

Conclusion

Perhaps the best part about virtual offices is that they are suitable for almost every business; be it a freelancer or a startup, whilst having most of the features of a physical office and more. The coming years are likely to witness major growth in virtual offices, replacing traditional offices for smarter solutions. With such a large number of strategic advantages, it is only wise for any upcoming or existing business to invest in virtual offices.