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Working from home has become a buzzword, though it's still somewhat controversial for small business owners who weigh the costs involved. Still, if you want to understand how remote work saves money for small businesses, taking a closer look can tell you a lot.
Is this a great choice for your company in today's fast-paced environment? If you have a few beloved employees yearning for a work-from-home option, consider the tips below to use that shift to your advantage.
Lower Overheads For Your Operation
What's the most obvious way that allowing your employees to work from home can save money? Lower overheads come to mind. For example, you won't need as much office space, and you can enjoy spending less on rent, utilities, furniture, office supplies, and workers' compensation claims.
As a small business with limited cash flow, does having an office space even give you a return on your investment? When you encourage employees to work remotely, you can reinvest this.
Increased Productivity For Businesses of All Sizes
Remote workers frequently offer companies better productivity than office-based workers.
A 2021 working paper by Barrero, Bloom, and Davis covered 30,000 remote workers. It reported that they were more productive on average, and their efficiency increased to 5%. In addition, they found that many employees working at home start earlier and end later of their own volition.
Streamlined Processes Your Business Can Leverage
One major factor in how remote work saves money for small businesses is how it streamlines workplace processes. Opening, running, and securing an office takes time that you can save if you have at-home workers already set up.
Small businesses may shun automation because why automate when you can leverage a human? However, automation almost always saves money, reduces mistakes, and increases productivity. Could allowing your people to work from home be the push your business needs to innovate?
Improved Talent Access To Help Your Business Thrive
Many employees want flexible working options, whether that's a hybrid solution or a complete work-at-home package. When an employee knows they have a lot to offer, leveraging their choice of workplace feels good. If you want to attract top talent from a wider pool, your business may need to provide the option of working from home.
Why restrict your business's options to within an hour's radius of your location? Draw on talent from all over the world!
Greater Employee Satisfaction Many Businesses Couldn't Offer Before
Don't remote workers have a better work-life balance, greater loyalty, and that feeling of being in control? Higher satisfaction with their jobs seems inevitable, increasing their productivity and improving your business's retention rate. That's a great solution if you're looking for cost savings to mitigate the frequent hiring and onboarding of new workers.
