Things to Consider When Running Your Business from Home and Managing a Remote Team
Managing a small business from home is tricky at all stages. From the outset, you are faced with the challenges of learning business management whilst also delivering the service or product that you aim to provide. Then, as your business grows, it becomes less and less manageable to complete all of the work you need to, which brings on the new test of finding staff that suit your business’ needs.
For many small business owners that operate out of their home, it makes sense to hire remote staff and work together virtually. Not only can this save money on a physical premises, but it can also allow for the inclusion of staff all around the globe, enabling smaller organisations to viably tap into high talent pools without competition from larger local businesses.
The only remaining challenge after developing a remote team is managing them effectively, which is what we aim to address in this short guide. Whilst there are countless details to keep in mind when managing a remote team, we have selected three that are particularly important to consider as your organisation develops and grows.
Payment and reward systems vary wildly from sector-to-sector and business-to-business but their goal always remains the same. Payment is designed to incentivise staff and leave them satisfied, and it becomes even more important when you have a remote team.
Whilst conventional business owners can improve their team’s quality of life through physical amenities like sofas, free tea and coffee or snacks, remote business owners are unable to do this. As a result, monetary payment is the only benefit that displays how much the company values its staff.
With this in mind, it’s essential that the salary offered to your remote team is fair and matching market standards. This is the best way to attract new talent and keep hold of what talent you do have, which is even more important in small businesses where a single departure can cause serious problems.
Additionally, consider the type of software used to pay employees. When working with staff around the globe, different methods of living can lend themselves to different payment styles. Ask your team whether they would like to be paid weekly or monthly and embrace their required flexibility. Similarly, consider the cost of oversees transactions in your payments.
Incentives and Bonuses
Building on the previous point about payment, it’s important to make a special point of looking at additional incentives and bonuses. As mentioned, physical incentives aren’t possible due to the nature of remote work, but other bonuses and advantages can still be incorporated into your remuneration system.
From a monetary perspective, simple annual or quarterly bonuses can have a big impact on staff loyalty. The scope of this incentive will vary and calculating bonuses for UK staff, or those further abroad, is one of the most difficult aspects about implementing the system. If done successfully though, bonuses can have a big impact on employee retention and talent acquisition.
Other added benefits like health insurance, technology upgrades, holiday time and public positive recognition are also great methods of improving remote employee satisfaction.
Tools and Reporting
Finally, another key consideration for any business that utilises remote staff is the need for effective reporting tools. Task management is something that every organisation needs to look at pragmatically and organise effectively, as this is the best way of not only making sure work gets completed but identifying how productive your team is being.
There are a host of different task management tools available out there, some with strict pricing structures and others that begin completely free. Each business has different processes that demand different things form a task management system, so don’t’ be afraid to try a few different options before settling on one.
These key considerations are essential for promoting business growth and success within your remote team. A company is nothing without its staff, so if you treat your employees as prized possessions, they will naturally help your organisation grow and succeed.