Helpful Tips

5 Life-Saving Tips for Digging Your Small Business Out of Debt

It can be expensive to run a small business, especially during the first few years when you are working on building up a customer base to make the business self-sustaining. It is not uncommon to get into debt while trying to launch your business. Fortunately, there are several ways that you can dig your business out of debt.

Raise More Revenue

As a business, you have the potential to increase your bottom line by selling more products or services and adding more customers to your base. You may be able to raise some extra cash by running low-cost promotions, having a sale or selling inventory. Increased revenue is often possible when your team is more productive. Many business owners and other professionals report that working out of virtual offices makes them more productive.

Cut Overhead Costs

The best way to pay off debt is two-fold: increase revenue and cut expenses. Small business owners can significantly cut costs by decreasing the amount of money that they spend for such expenses as rent, administrative staff, phone service, IT equipment, utilities and other expenses associated with a traditional office. Virtual offices provide all of the important technology and access without all of the associated costs.

Retain Employees

If your small business has employees, it is important to select the right people for the job and to retain them. Employee turnover can cost small businesses thousands of dollars a year, which could be better applied to paying off high-interest debt. It can be difficult for small businesses to offer employees some of the coveted benefits that larger employers can, such as high salaries or comprehensive benefit packages. However, small businesses may be able to offer potential employees greater flexibility by having a virtual office. Employees often appreciate the increased flexibility virtual offices provide, along with the ability to save time and money by reducing commuting time. Additionally, virtual offices allow small business owners to connect with qualified employees who may not be geographically close to them but who are the best qualified for the position. Virtual offices allow business owners and employees to work out of these offices as much or as little as desired.

Collect Receivables More Quickly

Even though the amount of your accounts receivable can help make your balance sheet look better, money that other people owe you is not that helpful if it is not liquid. If you have customers that are constantly behind in paying you, establish an automated system to help you collect on this debt more quickly. You may be able to automate this process by using accounting software and sending invoices out of your virtual office by traditional mail or through email.

Sell Assets

You may be able to free up some much-needed cash by selling off unnecessary assets. You may have equipment that is obsolete or that you can manage without. You may have a business vehicle that is not necessary or computer equipment that you can get rid of while transitioning to a virtual office.

Virtual Office Solutions

The Most Common Working from Home Problems and Virtual Office Solutions

Many people today want to shed the corporate environment in exchange for a more flexible option like working from home. This option often helps individuals achieve a better work/life balance and increases overall productivity and happiness with a job. However, working from home requires discipline and may pose potential problems, but there are solutions to them. Some of the most common work from home problems and ways to solve them include:

Too Many Distractions 

Probably the most lamented work-at-home problem that people cite is that it is too distracting. Professional office spaces usually attempt to maximize productivity, but this can be difficult to achieve if your main office is at home or in a coffee shop. Additionally, people may attempt to impose on your time more because they perceive you as not being as busy because you are not going to a traditional office environment. Virtual offices can allow you to focus on your work and schedule your time in an efficient manner so that distractions are kept to a minimum.

Not Being Taken Seriously 

Professionals may be concerned that they are not taken seriously if their business address is their home address or customers do not have a good point of contact for face-to-face meetings. Some people may associate people who work at home as not being serious professionals. These misperceptions can tarnish your professional reputation and make your credibility suffer. Virtual office space can allow you to protect your professional image. You can set up a professional phone number, business mailing address and a professional receptionist to answer calls dedicated to your business. You can receive many of the same benefits as you would by leasing professional office space at a fraction of the cost.

Lack of Technology 

While many tasks can be completed with a smartphone and a laptop, professionals may need access to more technology. They may need professional phone lines, fax service, printing service or mailing service options. These are not typical concerns for a person working in an office who may have access to a technical team who can set up and keep updated all necessary devices. Additionally, problems may arise with a person’s home Internet service or other technology and no troubleshooting team is available. A virtual office provides all of the technological needs of a startup or other business without charging the high overhead costs and technology investments that are associated with leasing office space.

Staying on Schedule 

Because work and personal lines may blur when working at home, a person may get behind schedule while trying to handle a multitude of responsibilities. Virtual offices can help professionals stay on track. A receptionist can help keep appointments. Structuring a routine in which a person sets specified office hours also helps professionals stay on track.

Lack of Space 

In a busy city environment, there may be minimal space to work. There may not be enough space in a home environment to place a desk, office supplies, devices and other work needs. There also may not be enough space to have meetings with clients. Virtual offices can provide the space you need.

Business Benefits of Being Listed

Business Benefits of Being Listed on Yelp, Facebook and Google Maps

Yelp, Facebook and Google Maps can be free marketing tools that can have a powerful impact on your business if you know how to properly leverage them. Having listings on all of these platforms can provide the following benefits to your business:

Increased Opportunity to Convert 

Google Maps is optimal for local searches. When a user keys in a type of business and the location, your business may pop up. Since many of your customers or clients may be local, having a Google Maps listing is a great way to convert people looking for your services in your community into a new customer or client. A Google Maps listing is particularly helpful for people who are looking for your kind of business on a mobile device. When people search for your business, they may see your reviews and star rating, which can influence them to investigate your business further.

Opportunity to Review 

When you have a Facebook page, Google My Business page or Yelp page, you can collect reviews from your customers. Having these reviews increases your credibility. Sometimes customers are wary about using a business that has no reviews. Additionally, many customers rely on reviews before they make a purchasing decision. When customers are able to review your business, you have the option to get meaningful feedback on your business. You can respond directly to customers or clients. You can also address any noted issues so that you can show this customer and others that their satisfaction is your top priority.

Higher Google Rankings 

Businesses with more reviews and higher quality reviews tend to appear higher in search rankings. Being listed higher in searches can help your business be more visible and more likely to be selected over your competitors.

More Connections 

For social media platforms, having a business listing allows you to easily share information about your business with customers and potential customers. Additionally, you can use the platform’s ad services options to target a certain demographic so that other platform users will be able to see these ads when they are logged onto their page. Additionally, social media platforms may collect extensive data so that when a person searches for a similar business, your business may pop up in their results.

With Facebook in particular, customers may be more likely to consider reviews on this platform because these are their friends whose opinions they trust. Additionally, they may be based on more local business with the company, so they may be seen as a credible assessment of the business.

Help with Narrating Your Story 

When you are on these platforms and claim your listings, you get to help narrate the story of your business. You can ask satisfied customers and clients to write positive reviews that highlight the value of your goods or services. If someone leaves a review that does not reflect well on your business, you have an opportunity to address the situation, rectify the underlying problem and prove your commitment to customer satisfaction.

Benefits of Executive Office Suites

Understanding the Benefits of Executive Office Suites

Executive office suites allow you to have a professional office when you need it, and you only pay for the services you need. There are many benefits to using executive office suites, including:

Budget Friendly 

Rather than being tied to an expensive office space of your own that you pay a large rent or mortgage, you can rent out executive office space for a fraction of the cost. You can start your business establishment with low startup costs because your office contains all of the important characteristics of a professional space, including a fully furnished space. This makes this option particularly suitable for small businesses and new start-ups. You have the ability to control costs during this pivotal time in your business while also having the flexibility to later scale up your business. If you need additional space, you can secure it down the line without having to change your business address.

Flexibility 

Executive office suites provide you with great flexibility. At Alexa’s Workspaces, we can provide you with a professional office for as little as a month or more than a year. You also can use the building’s front desk receptionist so that you do not have to be concerned about staffing hassles, or you can add on additional secretarial support to suit your needs.

Professional Meeting Space 

While many workers today work virtually, a common problem they have is not being able to meet clients or customers in a professional setting. They may meet at a coffee shop where their conversations do not stay confidential. Executive office suites allow you to have an office in a prime location with a professional and upscale environment. You also have access to the conference room or professional meeting room. You have all of the benefits of renting out professional space without the added costs of doing so independently.

All-Inclusive Package 

Our full-time offices come equipped with an all-inclusive package, which includes everything that most businesses need in a professional office, including phone lines, high speed internet, security and a fully furnished office. You have access to your office 24/7 and to a bilingual receptionist who can answer your calls during regular business hours. We also provide copier services, access to a fax machine and unlimited beverage service.

Time Savings 

The building takes care of it yourself. You do not have to worry about aspects of the business like maintenance, cleaning, administration or IT security, so you get to use your time productively to manage your operations and grow your business.

Networking Opportunities 

Because many companies can operate next to each other in executive office suites, business owners and staff have the opportunity to network with other professionals in the community. A core value of many office suites is working together in a collaborative manner. Open floor plans encourage mingling, which allows for potential networking between businesses. Executive offices may help businesses find work from each other.

Disadvantages of Working Remotely

The Disadvantages of Working Remotely

With the advance of technology, many individuals create their own virtual jobs by using their cell phone and laptop.  While working remotely can provide advantages like lower overhead costs and convenience, it also poses several disadvantages, including:

No Dedicated Work Space

Many remote workers do not have a dedicated space where they can work.  They may try to work from home, but their office space may simply consist of a desk in a corner.  They may not have a home office.  They may try to work from an internet café or other location, but this space is often undependable.  Working remotely can be complicated when there is no dedicated work space.

No Confidentiality

Because work space may be limited and work may occur in front of family members or strangers, there may also be a lack of confidentiality.  Remote workers may find it difficult to have a confidential conversation with a customer or client without someone else overhearing.

Limited Services

If a worker works remotely, he or she may have limited access to common office equipment, such as copy machines or industrial scanners.  This may make it difficult for him or her to provide typical office services for customers or clients.  An executive office allows workers to use these common technologies and provide a more professional look.

Too Many Distractions

Remote workers often work from home or other environments where there may be many distractions.  Children may cry or get loud throughout the day.  Coffee shops may be busy and have loud noises that can make it difficult to keep focuses on work.

Separation Challenge between Work and Life

Remote workers often have blurred lines between their work life and personal life.  Remote workers may not have defined hours.  Remote workers may continue to take phone calls or emails well after the business’ typical hours.  Some remote workers may have difficulty starting work duties when in a personal environment.  It is important to make clear distinctions between work and home life, and an executive office helps accomplish that goal.

Lack of Meeting Space

It is likely that there will come a time when a remote worker will have to have face-to-face contact with a customer or client.  Remote workers often do not have a suitable place to meet someone in private.  Executive offices have conference rooms and other meeting locations available for use when in-person contact is necessary.

Complete Dependence on Technology

Remote workers have to rely exclusively on technology such as email, smart phones and laptops.  If this technology fails, there may be no other efficient way to stay in contact with clients.  An executive office provides answering services, copy services and other services that can keep a business productive even if there are problems with technology.  Since things are hard-wired, there is also less susceptibility to technological problems in an executive office.

Remote work provides many distinct advantages, but it also has some drawbacks.  An executive office often serves as a solid middle ground, creating the best of both worlds.

Executive Offices

Welcome to Executive Office Suites

A wide array of workplace options designed to meet your needs and exceed your expectations

Executive Office Suites

Welcome to Executive Office Suites

Alexa’s Workspaces specializes in luxurious, all inclusive office space for any and all professionals

virtual office fort lauderdale

The Top 5 Benefits of a Virtual Office

More and more professionals are seeking flexibility and the ability to work virtually. Virtual offices meet this need, providing professionals with such benefits. Here are five other benefits of having a virtual office.

Decreased Overhead  

Virtual offices allow professionals to work where they are without having to move into a traditional office space. This allows them to avoid hefty expenses such as monthly rent or mortgage payments, utilities, staff pay, paid commute time and other common business expenses.  You can also save on technology costs since your employees may be able to bring their own technology to their jobs. Saving on these costs helps you to increase your margins and profitability.

At the same time, virtual offices provide a more professional look. You can work from home while having a legitimate physical business address. If you need to meet clients in-person, you can use the conference rooms available from our a la carte program at Alexa’s Workspaces. This option allows you to have the professional appearance of a corporate office at a very affordable rate rather than having to pay for this convenience every single day.

Convenience  

virtual office space ft lauderdaleVirtual offices allow you to work where and when you like. You can work from home or wherever you have Wi-fi while our in-house staff takes care of all the tedious administrative duties. This means no more sitting in traffic or waiting for the bus or train. No long, exhausting commute, plain and simple. At Alexa’s Workspaces, we can handle some of the typical office-related tasks for you, such as answering calls, forwarding messages, copying, faxing, notarizing, mailing documents and other administrative processes.

Increased Productivity 

Because virtual offices allow professionals to work from the comfort of their own homes or any other secure location, workers are often more productive.  They do not have to spend hours stuck in traffic. Many professionals prefer flex-work so they feel even more attached to their employer.  

Turnover rates are often decreased when companies provide more flexible options, so productivity also realizes an increase due to happier employees and more seasoned employees that do not have to invest time in training another round of new employees. Many employees prefer virtual offices and feel that this work arrangement instills trust in them and will likely work harder to prove this confidence is well-placed.

More Employee Options 

By allowing employees to work remotely, you can tap into worldwide talent.  By not being dependent on proximity, your business opens itself up to the potential of working with experts in the field, skilled independent contractors and prestigious employees who happen to be in other states or countries.  You can use a virtual office to set up a satellite office so that you can freely communicate with others around the globe. Virtual offices also allow you to work with people from other countries and cultures. Our offices hire bilingual staff who can help you communicate with your customers and clients in real-time.

virtual office in ft lauderdaleExpanding Is Easy

Freelancer or not, having a virtual office allows you to expand your business incrementally, and as is needed for the way it’s growing  This is a lower cost and stress-free alternative to traditional expansion which often require relocating to a larger office and paying even greater rent prices that may hurt productivity and increase overhead in ways that make your business unsustainable. Furthermore, familiarizing yourself with a virtual office can make expanding nationally and internationally much easier and less daunting.

Reap the Benefits of a Virtual Office with Alexa’s Workspaces

Whether you’re a small business that functions with low overhead, a corporation looking for a new location in Ft. Lauderdale, or an individual entrepreneur with a game-changing vision, if you would like to learn more about the many benefits that virtual offices provide, contact Alexa’s Workspaces at your convenience. An account manager can explain what you have been missing, and show you just how we have the sorts of office spaces that will work for you. Contact us today at 954-745-5800 to get started.