Covid has transformed our lives in many ways. The idea of virtual working is well-spread. Business owners are still sticking to this form of work as it is beneficial on multiple levels. Since this has generated enough buzz and people are trying to adapt to the new normal, it is important to discuss its real benefits.
Matt DiFrancesco sheds light and shares insights about working virtually. He goes over the impact that online work has on his meetings, travel, and business operations.
If you are currently working virtually or are thinking of shifting your operations online, then keep reading. You will discover some tips and ideas that you may have never thought about before.
Furthermore, if you are also looking for someone to assist you in your financial matters, schedule a free 20-minute conversation with Matt DiFrancesco from HighLift Financial. You can discuss the details of your family business model along with opportunities that you can avail.
Let’s Go Over the Benefits of Operating From a Virtual Office
After covid, businesses were forced to adapt and operate under what we now call the “new normal”.
To match the pace of the changing consumer behavior and business environment, they had to learn new processes and systems.
I have been working virtually for six and a half years. So, I want to share the three lessons or benefits that I have learned and practiced to help me conduct a successful virtual business.
Shifting online:
- Reduce overheads
- Provides flexibility
- Frees up time
Virtual Operations Provide Flexibility
We talked about how a virtual office helps decrease overheads previously. So, let’s move towards the “flexibility aspect”.
“I wanted to create a practice that would allow me to help my clients, in a way that they achieve their ultimate business success.”
I work with smaller family businesses that can’t afford to hire a traditional family office. By going virtual, I was able to reduce costs and made my financial office affordable for them. These are the same services that large family offices provide.
Moreover, it gives me the freedom and flexibility to do things that I want while still serving my clients. In addition, I believe that it opens up many opportunities that previously business owners were not considering. Let’s go through them one by one:
Efficient Meetings
By going virtual, you no longer have to travel for meetings. In-person meetings consume a tremendous amount of time and preparation, and probably more so in gathering participants. For instance, I am on a Foundation Board. We cover the Diocese of Altoona Johnstown, which is a large area. We have trustees from different counties. So to come together, we gather at a central location. For me, it takes an hour to drive there.
“Time is money! Travelling to meetings is a pure wastage of time when you can simply jump on a quick zoom call!”
Plus, let’s not forget travel constraints that may inhibit some people from attending. These can include traffic jams and mechanical problems. So, if everyone isn’t at the meeting, you tend to lose the essence of the culture. For me personally, when I travel to meetings, my day is shot. By conducting virtual meetings, we can eliminate a lot of that travel, and people can meet in the convenience of their homes.
While working with family businesses, my prime times to talk to clients are usually in the morning and the evening. I have noticed with the virtual meeting that we can accomplish much more in less time and that too, efficiently. However, I do want to stress that FaceTime is important. Usually, I break my meeting processes into three reviews throughout the year. One of them is in-person.
The Virtual Storefront
As a virtual business owner, you need to have strong relationships with your staff and clients. This is one of the key components that act as the foundation pillars of your business. Remove this, and the business will collapse. The reason behind my point is because you do not have a storefront, right? So you are not paying $2,000 to $3,000 a month. Instead, you are utilizing these savings to pass on to your clients.
“You need to grow your business by relationships, whether it’s referrals or general word of mouth, as you don’t have that storefront to do it for you.”
One lesson that Covid taught us was that “networking was a big prospecting tool in businesses“. So, if you cannot go anywhere, you cannot network with anybody. We all should understand that being “static” and waiting for things to slide back to how they were before covid won’t do any good.
Shift the tools needed for networking. We have to keep exploring our options to adjust and prosper in the “new normal”. Here are some ways, try:
- Podcasts
- Emails
- Social media posts
- Newsletters
- Tweets
In short, engage people! All the above will help people get to know you and your business. So, online operations provide flexibility in how you want to portray and position your business. It provides you with a virtual storefront!
Reduced Paperwork
One of the challenges businesses face is tons of paperwork! When I had to work with paper, it consumed a lot of my time and money. I received huge piles of paperwork that I had to fill in. These had to be mailed back. Even trying to arrange a time to get together with the client to get a wet signature was overwhelming.
In short, paperwork is cumbersome for everybody. Also, that paper file takes up space, and it can be subject to being compromised in case of misplacement or a theft disaster. I have had clients before that faced either flooding or fire cases. Due to the absence of any electronic backup of that data, they faced major losses.
So, whether you are an automotive business owner or a lawyer, shift to electronic documents! It will free up tons of office space. Plus, with virtual staff, they can access all the documents at any time. I also recommend using a backup server or even just a backup hard drive to be on the safe side.
Here are some great apps that can add extra horsepower to your business engines:
- DocuSign: Electronic document signing
- Laser app: Financial forms
- Dropbox: Cloud services
- Google Drive: Cloud storage
- Meta Spark: Employee productivity
- Zoom: Virtual meetings
Apart from these tools, did you know that you need to have an external team? It consists of 15 different people who play crucial roles and can quickly assist you when a unique situation arises.
As an automotive business owner who wants to secure generational wealth, you should look in every direction and grab opportunities that will take your business one step ahead in the developmental sprint.
Why Reach out to Matt?
Matt has dealt with many family businesses. By reaching out to him, you can ask how you can follow his steps to operate efficiently and effectively from online space.
Moreover, you can go over your current financial standings. It is always better to discuss than to keep dealing with never-ending issues.
Do you feel stuck in a whirlpool of family business problems? If yes, then Schedule a private consultation strategy session with Matt.
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.