With the Covid-19, a lot of businesses were forced to adapt to the environment to continue to work. This is now known as the “new normal,” and business owners will constantly have to scan the environment to pivot at the correct time.
Matt DiFrancesco sheds light on his virtual family office from the perspective of Covid. He discusses the possibility of getting freedom and flexibility by switching permanently to a virtual office. By making this change, business owners can create more value for the clients and save money that goes into brick and mortar spaces.
This rapid change in the operations will have a spillover on the organizational culture. Before you make a move, you can consult a professional who understands the nitty-gritty of the new normal and possesses the experience of working in a virtual environment. So, Schedule a free 20-minute conversation with Matt DiFrancesco from HighLift Financial. It’s better to be well-aware of what “going virtual” brings with it rather than getting surprised afterward.
Benefits of Operating From a Virtual Office
Previously I discussed the three benefits that business owners could get from a virtual family office. The first one was that they get to reduce the overheads significantly. Secondly, they can give themselves more flexibility in their business. We will now move on to the third benefit, which is to create more freedom for yourself.
How Do We Create More Freedom?
When I was in the traditional financial service industry, I had to sit behind a desk and answer my branch manager. While on the inside, I was looking to work closely with clients and develop a personal financial quarterback forum. So, I was aiming to design a business that would give me the freedom and flexibility to do the things that I wanted to do while still serving my clients.
Let’s discuss some benefits of when you have more freedom. The first one is this idea of your customer and client base. With more freedom, you can expand and have an unlimited type of cloud client base. The challenge with the traditional business is physical restraints that limit the number and the type of clients you can serve. In addition, traveling to see clients or customers will increase your cost tremendously. Another challenge is that your systems in a traditional setting may provide inefficiencies to optimize your business.
One great advantage of having a virtual setup is having meetings virtually. I mentioned this point in the earlier episode, “Benefits of shifting to a virtual office.” All communication systems stay in line, and you can reach clients, customers, and employees everywhere. Moreover, it increases the business’s ability to hire qualified and skilled employees from anywhere.
“I think there are some tremendous benefits to virtual meetings. The different communication systems allow us to expand our horizons and help us conduct business from everywhere.”
With a brick and mortar business, we’re required to be at the physical space because of the investment, or the employees may require some babysitting because they’re just used to you being there. However, when a business is able to implement virtual strategies, the business owner can become untrapped from such issues.
Business Owners Should Move Away From the 9-5 Mentality
I’m hoping that business owners are beginning to see that working virtually will make the cream rise to the top. This is because they can now analyze the situation more clearly after Covid-19. For example, if you have somebody coming into the office eight hours a day, five days a week for their 40 hours, are they doing eight hours’ worth of work?
Not only are they taking more time to get the tasks completed, but they are also not realizing that they can use the extra time more productively. But, again, this is because of the typical mindset of “completing work hours” being the job’s purpose.
However, if we review the same tasks that have to be achieved in a virtual setting, the employees can complete the work in five hours. That gives them more time and freedom in life to do other productive things as well. In short, they achieve work life balance. Let’s not forget that these employees are getting more accomplished for the business in a shorter amount of time, which means they will want to fulfill that eight hours at some point.
So, you can continue to give them more, but make sure to keep them motivated. In this way, your business can grow faster because now you have a workforce full of go-getters. They’re more determined to do something quicker, especially since they don’t have a commute.
Another benefit of having a business that is closely knitted with technology is the constant connection, even when you’re away. So, for instance, an automotive business owner who has a physical location and a solid virtual setup can travel around the country and still be able to conduct business.
Virtual Business Owners Can Eliminate Expenses
Imagine eliminating rent, lease payment, electricity, internet costs. How much would that save every month for a business? Probably anywhere between two and $5,000, depending on the size of the company. So if you had an extra two to $5,000 per month that you didn’t have to spend, you could redirect this amount toward a great employee or a couple of great employees. This will make them committed, working hard, and you can trust them so that you can do exactly what you were talking about. It will be a game-changer.
Get in Touch With Matt
Bringing a radical shift in the organizational culture by going virtual can significantly impact business operations. Before you leap, it’s better to consult professionals. You can schedule a free 20-minute conversation with Matt DiFrancesco from HighLift Financial. In this way, you can untie the stress knots that are caused due to the “new normal” and have a clear understanding of the future of your family business.
Furthermore, I want to encourage everybody to download my white paper, the top five things to consider for a more prosperous business and less stressful life. After you download it, review the first consideration about beginning to formulate a vision for what you want your life and business to look like. This was the exact step that my coach got me to do. Answering critical questions like, “if retirement weren’t an option, how would your life in business be different?”. It will revolutionize how you start to think about your business.
Disclaimer
The information compiled and posted here solely represents the opinions and views of the guest. It might not necessarily be similar to the opinions and views of High Lift Financial. The availability of this content only serves educational and informational purposes. It is in no way a substitute for tax or legal advice or professional investment.
Always make sure to consult your financial advisor with any queries related to personal or business planning. DiFrancesco Financial Concierge, LLC. d/b/a HighLift Financial is a Registered Investment Advisor registered with the State of Pennsylvania and subject to the State of Pennsylvania’s regulatory oversight.