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Does your business need a physical office?

By Greg Bell

In the last decade, the way businesses run has changed dramatically. Between laptops and smartphones, coworkers can virtually connect with each other from across the country or around the world. It raises the question: Does your business really need a physical office space?

There’s no one right or wrong answer for every company, so here are a few things to consider if you’re thinking about forgoing an office.

Registering your business to your home

In general, Australian businesses require a registered address, which cannot be a P.O. Box. If you’re working out of an office, your business will likely be registered there. If you decide to eliminate a physical office space, you may register it to your home address. Be aware, however, that this means it will be listed in the Australian Securities and Investment Commission public record so anyone who searches your company can find out where you live. While this may not be an issue for many, the prospect of a disgruntled customer with access to their address may be off-putting for some.

Overhead costs

No longer having to lease commercial property is the most obvious benefit of having your entire company work remotely. In addition to the monthly rent, you’ll no longer have to pay for wireless internet access, electricity, security, and cleaning services that often come along with offices. Even eliminating small expenses like coffee and office supplies can add up to big savings.

Team building

Do you think your team will continue to work and communicate together effectively if they are almost never in the same room? For some departments, there could be little change in how they communicate with coworkers whether they’re 3 metres or 300 kilometres apart. However, some teams thrive in collaborative environments and their work may suffer without regular in-person meetings.

Attracting talent

If you move from a physical to a virtual office space, you may find it’s easier to fill roles in your team now that you’re no longer limited to candidates who are in a reasonable commuting distance from your office. Plus, many employees see working remotely as a major plus when they consider your company.

The right tools

Without the correct tools in place, you may see a major drop in productivity once everyone begins to work remotely. From instant messaging to collaboration technology to video conferencing tools, make sure you have provided your employees with the technology they need to continue to succeed. If you’re considering selling a current space, contact our experienced team today to explore your options.

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