What is a Virtual office
A virtual office refers to a business location that exists in cyberspace. This is a type of an office that gives opportunity for a business owner and the staff to work from different locations by use of technology. The business owner and the employees work from any location using cell phones, internet access, computers and laptops. This type of office offers high level flexibility and savings compared to the traditional office spaces. With virtual office meetings are conducted through video conferencing and teleconferencing. It is also possible to transit documents electronically. There are some companies in Singapore that offer virtual offices the prestige that is related with physically located offices. Some of the prestige includes important sounding address, expert phone answering service, conference rooms and even occasional rental of office space.
Benefits of a Virtual Office
If you own a business in Singapore, it is important to consider operating a virtual office. You will save a lot of expenses ranging from insurance, bills and stationary. One of the major costs that every business must incur is rent. Rent contributes to a large percent of your business cost, but with a virtual office you can eliminate this cost and increase your profits. Here are some of the major benefits of operating a virtual office.
Get professional address and post handling service
One of the key benefits of having a virtual office is that you get professional address. You get address that can be used on your business mail and correspondence. This will go a long way in reassuring your customers and build trust with your business. In addition, it means that you always get your mails on time because they are also sent virtually. All your employees and customers will also get their mails because you send them through the internet, thus reducing the chances of getting lost on the way like it happens with traditional offices.
Reduce time and cost in commuting
Another great benefit that you get by setting up a virtual office is that you reduce the time wasted in commuting. All your employees will be working in the comfort of their homes. This means that they do not have to travel to the workplace. The serious problem of workers getting late is avoided. This means that it is possible for your employees to work more efficiently because they do not even get tired as they travel to the office.
In addition to saving time, you will also save a lot of cost in the process. This is especially if you pay your employees travel allowances. Since they do not travel to the office, such costs will be eliminated in your business. Your employees will also not strain financially because they have this cost eliminated from their budget. In overall, you have more time to operate your business at a reduced cost.
Low cost of set up
It is good to note that you will need a lot of capital to set up a physical office where you operate. You will need to buy chairs, desks, computers and other equipment required in order to run an office. In addition to this, you might be required to rent a large space especially if your business has a lot of employees. However, by setting up a virtual office, you will avoid all these costs. You do not need any physical space in order for you to operate. You will end up saving a lot of money in the process and it is also cost effective because you can have as many employees as you need. Since the employees work in different areas, you avoid all the costs involved in running a physical office.
You also do not need to rent an office space if you need to hold a meeting. It is possible to conduct meeting through video conferencing, therefore no office space is required. This will save you a lot of money, which will lead to increased profit for your business. In overall, your business will focus more on making money instead of wasting it on such unnecessary expenses.
Offer high level flexibility
Virtual office provides you with high level flexibility. It is possible for you to transact all your business deals at any place you want. Your employees can also handle the needs of clients any time of the day or night because there is no limitation that they face in all their operations. This is unlike if you have a physical office whereby you just have to operate when you are physically present in the office. This means that you will not be able to handle the needs of your clients during the time when it is outside your operating hours.
With a virtual office, you will be able to increase the productivity of your employees. This is because they work at the comfort of their homes or any other place they feel comfortable. In addition, they enjoy the flexibility of working when and where they select. In addition, your employees do not have to worry about having to commute and can set up a working place in their homes. They will be able to balance work and family life, which is a major problem that many employees face in many workplaces. This will definitely have great impact on how they perform the various tasks in the business.
Save money and invest in growth
It is the desire of every business to save as much as possible in their operations. It is the duty of every business owner in Singapore to ensure that they reduce their operations costs too in order to increase profits. This is exactly what a virtual office enables you to do. You do not have to worry about insurance rent, bills maintenance and other costs. So, you can put everything you save towards making your business more success.
How to set up a virtual office in Singapore
Singapore is one of the most conducive countries where you can set up a virtual office. However, it is good to not that there are also rules and regulations that you must follow in order to set up any business in the country. It is vital that you take your time and learn some of the things that you require to have when you set up a business in Singapore. If you are able to follow all the set up rules and regulations, you find it very easy to set up virtual office and succeed in all your business operations. Here are some of the steps you should follow during the process.
Prepare all the required documents
There are several documents that you must submit in order to be given an opportunity to set up a virtual office in Singapore. It is necessary that you have all the right documents in place in order to find the process less challenging. Some of the most vital documents you should have include valid work visa, bank account, registered address, business registration form and many other documents as advised by the different authorities.
Get the best business registration office in Singapore
When you want to register your virtual office in Singapore, you need to make use of the best registration service. This service is very useful to help you create your own virtual office in the country without a lot of stress. There are many reputable services that can provide you with the services that you want. All you need to do is to look for the best services by looking for the one that offers the best deal in terms of efficiency and charges.
Understand the laws in Singapore
Before you can start creating your own virtual office in Singapore, you should understand the laws that govern businesses in the country. It is good to learn all these laws because failure to adhere to them might lead to heavy fines, penalties or even imprisonment. Some of the laws that you must understand include the working laws, immigration laws, living laws and many other regulations in the country.
How to increase your chances of succeeding in the registration process
Just like when you are starting any other business, it is vital to ensure that you go through the registration process successfully. Most of the people who want to start their businesses in Singapore fail because they do not meet the requirements. It is important to ensure that you prepare everything in advance to increase the chances of succeeding in registering your virtual office in Singapore. It might take six to twelve months to complete the process completely. However, this will be highly determined if your hire a registration service to help you and if you follow all the set rules and regulations set by the government.
Tips for enhancing productivity in a virtual office
One of the greatest mistakes that many business owners in Singapore make is thinking that by just having a virtual office, you get instant success. This is not the case, it is vital to apply the necessary strategies to enhance success. It is good to come up with great strategies to manage especially your staff due to the fact that you will not be able to manage them directly like it happens when you have a physically located office. You might also worry that your employees will be distracted by friends, family or other leisure activities. Studies have shown that employees are more responsible and diligent when they work remotely, leading to higher productivity. Here are some tips that will give you the desired success.
Streamline your business communication
Communication is key in any workplace setting, but this is especially more important when you are using a virtual office in Singapore or anywhere else. There is less face to face time between you are your staff and your staff themselves. This means that the modes of communication available must be used in the most appropriate ways because they are very important. Email might seem to be an obvious tool, but it has several limitations. Email inboxes have the tendency of becoming dumping grounds because a lot of people do not read many of their emails. This can be very inconveniencing especially when trying to engage with the employees. Generally, it is advisable to make use of email to do external communication and use other modes when communicating with your staff. Skype acts as one of the most effective mode of communication that enables instant connection.
Audio and video
Tools such as Google hangout and Skype are efficient for holding virtual meetings. Despite that you will not have face to face communication; they will allow you to get closer. The video calls will ensure there is closer communication in your business. It allows you to have more personal touch, see body language and the reactions of other people you are communicating with.
The whole of your business is more important that sum of its parts. This is why it is vital that you continue sharing and collaborating with each other. You should share all your documents communally by use of tools such as iCloud or Google drive. You should send each other links and ensure that there is a steady flow of innovation and new ideas through brainstorming.
Add more flexibility
Despite that flexibility is one of the major benefits of having a virtual office; at times your staff might feel flat. When this happens it is good to encourage them to develop strategies to re-energize themselves. This will make them feel rejuvenated and be able to contribute to the growth of your business even for long hours than they would do if they work from a physical office.
Despite that you might not have face to face meeting with your employees, it is important to ensure that there is good working and personal relationship in your business. Give the employees the opportunity to interact with each other and share great ideas that can help move your business forward. In addition, it is also good to allow them to have personal interactions to strengthen the bond that exists in your business.