How Virtual Teams Can Increase Profits

Business realities are undergoing tremendous changes lately. The way we approach business processes is way different from how we used to do it back in, let’s say, 5 years. Globalization is changing the market and makes it a bit more challenging for companies to stay relevant. However, at the same time, it is opening new opportunities, such as outsourcing, that allow those companies to stay not only competitive but also significantly reduce their expenses and improve their overall performance.

Virtual Teams: A New Solution?

One of the biggest challenges companies are facing these days is how to stay relevant without investing too much financial capital into it. One of the answers to that question is virtual teams. Usually, they consist of workers, dispersed all around the globe, who report to one manager. All the communication is done through technological tools, and in some cases, you may see your remote team once or twice during the whole time of your cooperation.

Benefits Of Having a Virtual Team

Getting yourself a remote virtual team might bring you a number of benefits:

• Cost reduction. One of the main reasons companies turn to outsource, and virtual teams is that this option provides a chance for a significant cost-cutting. By hiring members for your remote team from a country with lower rates, you can get the same work done for lower pay.
• Talent pool expansion. One of the greatest features of hiring a remote team is that you are no longer limited by your country’s borders and can start looking for specialists, who will be a perfect match for your project in other regions.
• Time savings. Remote teams are usually (but not necessarily) assigned with tasks that are the most time consuming, leaving company owners the time and resources to take care of urgent issues, such as internal management.
• 24/7 business processes. By hiring your remote team from another time zone, you are getting an opportunity to actually increase your business’s effectiveness by providing your services 24/7.

Hiring a Virtual Team: How To

Obviously, setting up a virtual team can be highly beneficial for a business. However, it is only so if you do it right. Getting the team together and knowing how to manage them properly is 80% of the success. So if you want to increase your profits by hiring a virtual team, you might want to pay attention to the following tips.

Do Not Hire Just Anyone

Finding the right people is crucial if you want your team to function at the maximum of its capabilities. The two most important skills you should pay attention to are their communication abilities and professional knowledge. It is always a good idea to hold an interview by yourself and in person. Also, do not hesitate to ask to take a look at their portfolio.

Meet Them Before the Start

Do not treat your remote team as ‘someone out there, doing the job for you’. For maximum performance and the best result, they should feel just as much of a team as those people, who work side-by-side with you. So take some time to hold a personal meeting with these people to make sure that they are a great match for your project. Also, never neglect a proper onboarding process, all members of the team must meet each other at least through a video conference for better mutual understanding in the future.

Provide Communication Channels

As we have mentioned previously, in the case of virtual teams, all the communication is being typically done through video chats, phone calls or messengers. “We often receive inquiries for corporate solutions, it is convenient for a company to create a separate channel of communication for its workers, ensuring data safety as well,” — says Ben Grant, one of the marketing managers from Magenet, a website where you can earn money from ads. Regardless of which solution you will pick, make sure that it is reliable, has great customer support, and provides the opportunity to have video calls as well.

Keep It Small

The big team does not necessarily mean that it is going to be an effective one. In fact, recent studies show that smaller-sized teams are more productive and deliver better results. The optimal size for such a team would be around 10 members or even less. This way, workers will put all their dedication into the result without hanging around and loafing, hoping that someone else will do their job.

Share Your Vision

It will be hard for your remote team members to perform well if they lack certainty in why they are doing it. Try to explain as thoroughly as possible the purpose of the project, how you see the results, and what your employees’ roles are. This way, you will avoid confusion and will boost their ambitions. Do not forget to discuss deadlines and penalties for missing them. However, if you want an even better result — implement incentives for an excellent performance as well.

Set Leadership

All your team members should report to one person who will carry the role of a mediator between you and your team. It should be a responsible person with at least a few years of prior similar experience. Make sure everyone on the team knows their roles and duties. Also, support open communication — your employees must know that in case of emergency, they can come to you or their direct manager and get help instead of punishment.

Final Thoughts

Without a doubt having a virtual team for your project is rather a necessity these days. Due to globalization, your workers can now be located in any part of the world. It is a perfect way to add some international expertise as well as cut some costs. Keep in mind, though, that it is a complicated process that, if executed correctly, can be highly beneficial for your company. Just follow these tips and gain profits in no time!