Since Trump has taken office, more and more small business owners have turned to using virtual office services. Shortly after taking office, President Trump signed an executive order titled ‘Reducing Regulation and Reducing Regulatory Costs.’ This order was meant to allow for a more flexible operating environment which has fewer federal regulations and the costs that come with regulation. Among other provisions, the order put $0 on costs for new regulations in the coming year. It also stated that for every one new regulation put in place, two previous regulations should be done away with. In effect small businesses will have to observe fewer regulations from the federal government.
What does Trump’s Regulation Order mean?
According to the National Small Business Association, 40% of small businesses feel regulations, in one or another hamper their growth plans. Indeed, small businesses spend an average of $12,000 per year in complying with different regulations.
The executive order gives more leeway to businesses that are planning to start-up or expand in matters of administration. There will be fewer regulations to comply with when engaging administrative staff. This in effect means that small businesses can take advantage of innovations in virtual office services to reduce their overheads in the form of administration costs.
What is a Virtual Office?
A virtual office is one that handles the business routine tasks away from the physical location of the business. Unlike the conventional office, the people who handle a virtual office are not staff of the business. The virtual office is a hired service.
Innovations in internet technology enable a virtual office to handle tasks like customer service, appointment setting, bookkeeping, and even taxes. Virtual office services are flexible in the administrative tasks they can handle according to the budget you decide to allocate.
Advantages of Virtual Office Services
- There is no investment in office space and equipment
- The business does not recruit and hires administrative staff. This takes away the hassles of setting up payrolls, staff remuneration and benefits.
- The virtual office service is a business that is aiming to please and retain you as a customer. This means the level of service is heightened with no complacency.
- The virtual office is open 24 hours. If you are in an online business with global customers, your customers will always get serviced regardless of their time zones and locations. In addition, there are no absences from sick offs or other emergencies that are seen in a typical office.
- Unlike paying full-time staff where the salary is constant, the business will only pay for services offered as needed. This means the business will save when business is slow, and there are fewer administrative issues to handle.
A small business can take advantage of Trump’s regulatory order to save even further and put the much-needed money elsewhere for expansion and growth.