Even as employees rave about the benefits of working from home, employers are still on the fence about running a completely remote business. They share numerous concerns such as collaboration and communication issues, productivity drops, poor logistics handling and more. However, more businesses are adopting a successful hybrid remote work model now than ever before.
The benefits that it offers far surpass the issues and concerns related to working from home. These aren’t just limited to providing comfort to your employees but also providing benefits for your business. Plus, any concerns can also be solved with simple solutions. Here are ten reasons why working from home is better for your business.
10 reasons why working from home is better for your business
Reduced and eliminated office space costs
If you choose to go fully remote, you can save up a lot of money that would have otherwise gone in office rent, electricity and Wi-Fi bills. This reduces your accounts payable and enables you to keep more cash within the company and improve your cash flow. Even if you choose to go remote in a partial capacity, you can still shift to smaller office space and save up.
Cost reduction concerning office supplies
Paying utility bills isn’t the only way one maintains an office space. Furniture, photocopy machines, printers, stationery, coffee machines and refrigerators are just a few examples of the many office supplies that a business needs. With a remote business model, you can save up on all of these office supplies or even eliminate their costs altogether.
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Superb tax benefits
When you run your business from home, you are eligible for a home office tax deduction. This means that the cost of any space in the house that you use to run your business can be written off as a home office expense. Doing so allows you to deduct your expenses and pay taxes only on the net income generated. However, doing this legally can be a tricky act, so we highly recommend getting in touch with a tax expert.
Your employees will put in fewer leaves
Working from home allows your employees to multitask. They can now run a quick errand while they brainstorm on a project. They could even go for a doctor’s appointment or pick up their kids from school without having to take an entire day’s leave. This way, your business’s productivity and work efficiency always stay high with more productive work coming in every day. It has also been found that increased employee satisfaction also results in reduced employee turnover.
Team meetings become more efficient
When meetings are conducted in a physical office space, one often tends to derail from the topic at hand. Team meetings are notorious for being a massive waste of time. However, working from home enables your business to hold more efficient team meetings. One no longer wastes time on mindless chatting. Instead, a meeting agenda is set, docs and comments are shared in real-time and effective problem-solving becomes faster.
Global talent acquisition is made possible
Running your business from one single office space limits your capability to hire global talent. Businesses often have to let go of talented individuals in exchange for local candidates who can commute to the office daily. However, if you run your business from home, you can hire your talent from anywhere in the world. Your office location would no longer keep your company from growing.
Optimised business insurance coverage
Even when you are running a business from home, you still need Business Insurance. However, in such a scenario, you can enjoy the benefits of an optimised business insurance coverage. Instead of covering office inventory, office space, you can opt for a business insurance plan that helps you only take care of damage payments related to lawsuits filed against you.
Better work-life balance
Working from home allows you the luxury of setting your own office hours. You no longer commute to work and thus have ample time to begin your day at a later hour. This allows you to use the extra time for other activities or simply relax. Plus, once you are done for the day, you can spend more time with your friends and family.
Possible good PR
Instituting a Work From Home business model can bring your company a lot of good PR. With satisfied employees and productive work, your company is sure to enjoy the benefits of creating a positive space in the market. Some of these benefits include enhanced customer engagement and increased sales.
More time to learn skills
Working from an office often stops senior leadership from developing new skills since they are constantly in someone else’s presence. However, running your business from home gives you the luxury of dedicating more time to learning new skills. Whether you want to learn gardening or be a better business manager, working from home allows you space and time to pursue anything. Read more interesting news from The Right News Network.
It is a tough time. There is no doubt about that. But with the black comes the white. Use this lockdown time to give your business a new face. Grow your online presence. And, undoubtedly you will get some new horizon. For this purpose, we discussed the reasons why working from home is better for your business.