For over a decade, Alliance Virtual Offices has been at the forefront of the virtual office industry, offering flexible workspace and live receptionist solutions to businesses of all sizes. The company’s innovative approach to meeting the evolving needs of the modern remote workforce has fueled its remarkable growth.

Alliance Virtual Offices made its debut appearance at No. 2,136 on the list with 263% growth over a three-year period. Combined, companies on this year’s list have created 1,186,006 jobs since 2020 – a significant feat given ongoing inflationary pressure, rising costs, and a challenging labor market.

Alliance Virtual Offices, which has over 85 team members across North America, Mexico, Europe, and Kenya, provides a global network of flexible workspace solutions, including virtual offices, coworking spaces, and meeting room rentals. With over 1400 locations in more than 44 countries, the company has enabled thousands of businesses to establish a professional presence without the overhead costs of traditional office space.

“We are honored to be recognized as one of the fastest-growing private companies in the US. This achievement reflects the dedication and hard work of our team and our commitment to providing flexible workspace solutions that empower businesses to thrive and grow.”

Frank Cottle, CEO and founder of Alliance Virtual Offices

In an era defined by remote work and changing business dynamics, Alliance Virtual Offices has played a pivotal role in helping companies adapt and succeed. The company’s agile and scalable solutions have been instrumental in supporting businesses during the challenges posed by the COVID-19 pandemic and beyond.

The Inc 5000 list is a prestigious ranking of the nation’s most successful and dynamic private companies, celebrating their outstanding contributions to the American business landscape. Earning a place on this list is a testament to Alliance Virtual Offices’ dedication to innovation, client-centricity, and sustainable growth.

Alliance Virtual Offices is poised to continue its upward trajectory, expanding its global network of flexible workspace solutions to empower even more businesses and entrepreneurs in achieving their goals.

“At Alliance we believe in continuous improvement, and this recognition inspires us to keep learning, to keep raising the bar for our clients, and to keep making a positive impact within our industry.”

Frank Cottle, CEO and founder of Alliance Virtual Offices

For more information about Alliance Virtual Offices and its flexible workspace solutions, please visit www.alliancevirtualoffices.com.

About Alliance Virtual Offices:

Alliance Virtual Offices is a global network of over 1400 virtual office locations across 44 countries, providing flexible Virtual Offices, Live Receptionist services, Virtual Phone plans, Meeting Room rental, and Coworking spaces. With a company address, on-demand professional space, and world-class receptionist services, Alliance Virtual Offices empowers businesses to thrive and grow without the overhead costs of traditional office space. Find out more at www.alliancevirtualoffices.com

The post Alliance Virtual Offices Enters Inc. 5000 List of Fastest-Growing Companies 2023 first appeared on Alliance Virtual Offices.

Our newly added virtual office centers are located in:

• Miami, Florida 
• Kearny, New Jersey 
• Edison, New Jersey 
• Milford, New Hampshire 
• Raleigh, North Carolina 
• Geelong, Australia 
• Melbourne, Australia 
• South Melbourne, Australia 
• Sydney, Australia (66 Clarence Street) 
• Sydney, Australia (520 Oxford Street) 
• Burlington, Massachusetts 
• Shreveport, Los Angeles 
• Lexington, Kentucky 

To learn more about each center or to purchase a virtual office plan, simply hit the link in the bio below or chat online with our friendly team.

Quest Workspaces Miami Tower: Your Gateway to Business Success!

Looking for an iconic business address? You can’t go wrong with Quest Workspaces Miami Tower. Locate your business in a city landmark situated at 100 SE 2nd Street, and benefit from a world-class business environment that’s professionally managed by a friendly customer service team.

Operate your business remotely, safe in the knowledge that your mail will be safely handled and stored for pickup, or forwarded to the location of your choice. Quest Workspaces is a highly respected virtual office operator with excellent onsite facilities including on-demand meeting space, private office space, and coworking, complimented by excellent amenities and beautiful interior design. Grow your business in Miami Tower: your gateway to success! 

Discover more here: Miami Tower, 100 SE 2nd Street, Miami, FL 

Premier Workspaces Kearny Point: Your Business Oasis in Kearny, NJ

Alliance Virtual Offices is proud to welcome Premier Workspaces Kearny Point, located at 78 John Miller Way in Kearny, New Jersey. Kearny, a thriving city known for its bustling business landscape and strategic location, offers the perfect backdrop for your entrepreneurial journey. 

This professionally managed virtual office center stands out for its cutting-edge technology, contemporary design, and flexible workspace options, including fully equipped meeting spaces, coworking areas, and private offices. Its prime location within Kearny Point ensures easy access to major transportation hubs, making it a top choice for professionals on the go. 

Premier Workspaces Kearny Point is more than just an office space; it’s a dynamic ecosystem designed to nurture your business growth. Explore this exciting addition to our network and discover how it can elevate your business. 

Discover more here: 78 John Miller Way, Kearny, NJ 

My Office Match in Edison, NJ: A Great Option for Growing Businesses 

Alliance Virtual Offices proudly welcomes My Office Match at 6 Kilmer Road, Edison, NJ, into its expansive network of independent centers. 

Edison’s thriving economic landscape and status as a hub of innovation make it an excellent choice for any business looking to expand its horizons. My Office Match offers an energizing blend of professionalism and accessibility, positioning businesses at the heart of Edison’s dynamic corporate community.  

My Office Match represents the pinnacle of virtual office solutions in Edison, NJ, perfect for business owners who demand excellence and adaptability. We invite you to explore the opportunities waiting at My Office Match by visiting the location’s page. Learn how this center can transform the way you do business and join a network that’s synonymous with success. 

Discover more here: 6 Kilmer Road, Edison, NJ 

 
Coworking House: A Friendly, Professional Business Hub in Milford, NH 

Coworking House is nestled at 52 Nashua Street in Milford, NH. Milford, a vibrant city known for its thriving business community and entrepreneurial spirit, offers the perfect backdrop for your professional endeavors.  

We are thrilled to welcome Coworking House to the Alliance network, and here’s what makes this location truly special. With its modern, tech-infused workspace, state-of-the-art meeting rooms, and a dedicated support team, Coworking House provides a professional virtual office environment where innovation and collaboration flourish.  

Choose Coworking House as your business hub and unlock a world of possibilities. Visit our location page now to discover more about how Coworking House can elevate your business. 

Discover more here: 52 Nashua Street, Milford, NH 

Intelligent Office in Raleigh, North Carolina: Discover a Dynamic Business Community 

Discover a professional virtual office at Intelligent Office of North Hills, the latest addition to the Alliance Virtual Offices network. Located at 207 Millbrook Road in Raleigh, North Carolina, this center offers a prime location in a city known for its dynamic business community. We are excited to welcome this new location to our network, giving you access to the innovation hub of Raleigh. 

What makes the Intelligent Office of North Hills unique? It boasts cutting-edge facilities, fully equipped meeting rooms, and a dedicated support team to meet your business needs. Whether you seek a prestigious business address, flexible office solutions, or virtual receptionist services, this center has it all. 

Elevate your professional image and streamline your operations in the heart of Raleigh’s business district. Don’t miss out on this fantastic opportunity; visit our location page today to learn more and secure your space. 

Discover more here: 207 Millbrook Road, Raleigh, NC 

Experience Workspace 365’s Vibrant Business Hubs in Australia 

Alliance Virtual Offices is thrilled to welcome a number of new locations in Sydney, Melbourne, and Geelong in Australia. Operated by Workspace 365, a respected and highly professional provider of flexible workspaces in Australia, we’re excited to introduce the following locations to our global network: 

Geelong: 

Workspace365 Geelong is located at 60 Moorabool Street, Geelong. It offers a fantastic address combined with modern amenities, ergonomic workspaces, and a dedicated support team to enhance your work experience. Nestled in the heart of Geelong, with convenient access to transportation and a vibrant city atmosphere, it’s the perfect choice for business owners seeking a well-connected workspace. 

Elevate your business with Workspace365 Geelong, where you can enjoy the benefits of a prestigious address and a dynamic work environment. Don’t miss this fantastic opportunity – explore all that this center has to offer by visiting our location’s page today! 

Discover more here: 60 Moorabool Street, Geelong 

Melbourne: 

Looking for a prestigious company address in Melbourne? 333 Collins Street in Melbourne won’t disappoint. Considered a top address in the Melbourne CBD, Workspace365’s professionally managed virtual office center provides everything a growing business needs to thrive. 

Located in the heart of Melbourne’s central business district at 333 Collins Street, this iconic space offers more than just an eye-catching address. Enjoy the convenience of flexible on-demand access to private meeting rooms and modern workspaces, complemented by attentive support from professional onsite staff. Impress your clients with meetings in the heritage-listed lobby, and meet productively in one of the center’s prestigious meeting rooms or boardrooms. 

Discover more here: 333 Collins Street, Melbourne 

South Melbourne: 

Workspace365 South Melbourne is located at 72 York Street, South Melbourne. 

This professionally managed virtual office center offers a superb blend of modern amenities, ergonomic workspaces, and a dedicated support team to enhance your work experience. Situated in the heart of South Melbourne, with easy access to transportation and a dynamic city vibe, it’s the perfect choice for business owners seeking a well-connected workspace. 

Elevate your business with Workspace365 South Melbourne, where you can enjoy the benefits of a prestigious address and a dynamic work environment. Don’t miss this fantastic opportunity – explore all that this center has to offer by visiting our location’s page today! 

Discover more here: 72 York Street, South Melbourne 

Sydney: 

Workspace365 Sydney 66 Clarence is situated at Level 11, 66 Clarence Street, Sydney, and offers an enticing blend of modern amenities, ergonomic workspaces, and a dedicated support team to enhance your work experience. Nestled in the heart of Sydney, with convenient access to transportation and a bustling city ambiance, this virtual office is the perfect choice for business owners seeking a well-connected workspace.

Elevate your business with Workspace365 Sydney 66 Clarence, where you can enjoy the prestige of a prime address and a dynamic work environment. Don’t miss this fantastic opportunity – explore all that this center has to offer by visiting our location’s page today! 

Discover more here: 66 Clarence Street, Sydney 

Sydney: 

Another jewel in Workspace 365’s Sydney crown is at 520 Oxford Street, Level 23, Bondi Junction, 2022. This vibrant virtual office center is right in the heart of Sydney’s thriving business district. 

Workspace365 Bondi Junction offers a unique blend of stunning city and ocean views, modern meeting rooms, ergonomic workspaces, and a dedicated support team. With easy access to transportation, shops, and a bustling cafe scene, it’s the ideal choice for business owners seeking convenience and connectivity. 

If you’re looking to elevate your business with a prestigious address and all the amenities you need, Workspace365 Bondi Junction has it all. 

Discover more here: 520 Oxford Street, Sydney 

Boston Offices Burlington: Where Success Finds Its Address! 

Strategically positioned at 10 Burlington Mall Road on the 3rd Floor, Burlington, MA, this superb virtual office stands at the crossroads of business excellence and New England charm. 

We’re thrilled to welcome Boston Offices Burlington into the Alliance Virtual Offices network. Venture inside and you’ll find a perfect blend of cutting-edge facilities paired with an inviting ambiance. Supported by a friendly, professional team, this center ensures your business objectives are met seamlessly. 

Discover more here: 10 Burlington Mall Road, Burlington, MA 

Explore Lafitte Investments in Shreveport, LA 

Located at 400 Texas Street Suite 202, this virtual office center boasts a prime base in the bustling heart of Shreveport, LA—a city celebrated for its thriving business landscape. 

This location offers a prime business address, top-notch meeting spaces, and contemporary amenities with timeless design, all supported by a dedicated team ready to assist. Equip your business with a prestigious address and work flexibly with the help of Lafitte Investments’ professional virtual office in Shreveport, LA. 

Discover more here: 400 Texas Street Suite 202 

Grow Your Business in Lexington, KY, with Fusion Workplaces! 

Fusion Workplaces Lexington is strategically located at 1795 Alysheba Way, Lexington, KY. Nestled in the bustling heart of Kentucky’s business-friendly environment, this center offers entrepreneurs and established firms alike a prestigious location in Lexington’s thriving corporate landscape.   

At Fusion Workplaces Lexington, clients are greeted with a suite of top-tier services, including high-speed internet, fully equipped meeting rooms, and customizable office spaces to suit varied business needs. The emphasis on flexibility ensures that whether you are a freelancer, a growing startup, or a multinational corporation, the workspace can be tailored to fit your trajectory.   

Fusion Workplaces Lexington offers a fantastic opportunity for businesses to set their roots in a location synonymous with growth and prosperity. Discover the potential of your business at Fusion Workplaces Lexington by visiting the location’s page and take the first step towards redefining your professional presence in Kentucky. 

Discover more here: 1795 Alysheba Way, Lexington, KY 

The post Introducing the Latest Virtual Office Centers to Join Alliance’s Network first appeared on Alliance Virtual Offices.

• What are your options for mail forwarding?  
• Why premium mail forwarding is standard  
• The benefits of mail forwarding  

Q: How does premium mail forwarding work? 

A: Premium mail forwarding is a virtual office service that automates the process of receiving business mail. Rather than going to pick up mail yourself, the mail is received on your behalf and forwarded to you, wherever you are. It’s a core component of the virtual office service that enables entrepreneurs to manage their business mail in a more efficient and simplified way.

Did you know that 128.9 billion items of mail were sent through the USPS last year? 

It’s clear that even though we live in a world dominated by technology, postal mail is still an integral part of our daily lives. 

It’s also an integral part of operating a business. 

That’s because some things are too important to be emailed. 

Think business permits, checks, training certifications, IRS files, trademark documents, and so on. Original and important documents such as these are sent and received through the postal service. 

That’s why a reliable business mail system is essential. And that’s why services like premium mail forwarding exist. 

Mail forwarding ensures your business mail reaches you safely, wherever you are. 

In this guide, we’ll explain how mail forwarding works, why you might need it, and how to obtain a regular premium mail forwarding service for your business. 

• What are your options for mail forwarding?  
• Why premium mail forwarding is standard  
• The benefits of mail forwarding 

What is Mail Forwarding? 

Mail forwarding is a virtual office service. Your virtual office staff receives mail on your behalf and dispatches it to your preferred location. 

This might be your home or another place of work. 

Through Alliance Virtual Offices you can choose to have your mail forwarded daily, weekly, biweekly, or monthly. 

It’s a convenient, safe, and cost-effective way to ensure you always receive mail according to your schedule. 

Who Uses Mail Forwarding? 

Entrepreneurs use a business mail forwarding service to automate the process of receiving mail. 

It’s a core component of the virtual office service that’s designed for entrepreneurs who would like a more efficient and simplified way to manage their mail. 

Mail forwarding is frequently used by: 

• Busy entrepreneurs. Business owners prefer to have mail forwarded to them as it saves time and hassle driving to their virtual office center to collect their mail. 
• Businesses with multiple office locations. For simplicity, entrepreneurs may only want to receive mail at one address. With a forwarding service, the mail is conveniently received at the same place. 
• Home-based business owners. A mail forwarding service means entrepreneurs who operate their business from home don’t need to make their home addresses publicly available. 
• Digital nomads and mobile entrepreneurs. People who are frequently on the move need to ensure they consistently receive mail wherever they are. 
• Businesses that are relocating. Moving is difficult enough without the worry of mail going missing. A mail forwarding service safeguards mail during this time of transition. And if the move doesn’t go to plan, or takes longer than expected, extending premium mail forwarding is quick and easy. 

Next, we’ll take a closer look at Alliance’s mail forwarding process and how it works. 

How Does Premium Mail Forwarding Work? 

Mail forwarding is a core part of the Virtual Office service. It’s a simple 3-step process: 

1. Sender dispatches mail to your virtual office address 
2. Onsite staff receives your mail, stores it securely, and sends it according to your schedule 
3. You receive mail at your designated address 

Here’s an example. 

Let’s say you’re a business consultant operating from home. 

You have a virtual office for two reasons: to shield your home address and to receive mail. 

You don’t want your home getting bombarded by junk mail, but you do need to publicize your location for marketing purposes. 

You publish your virtual office address on your website and marketing collateral to attract local clients. All business mail is directed there. 

You rarely visit your virtual office in person, since most consultations are carried out through video or phone calls. Plus, your virtual office is in town, so traffic and parking are a problem. 

To avoid the hassle of driving to pick up your mail, which takes around an hour, your virtual office receives and forwards all business mail on your behalf. 

You have a biweekly mail forwarding agreement set up at a basic rate of $20 per month. 

Mail is stored safely at the center until it’s time to send. Every other week, your mail is sorted and dispatched directly to your home address. 

Rather than driving to the office center to collect it, this saves a massive amount of time, cost, and hassle. 

Your hourly rate is $75, and it takes at least an hour to drive into town, find a place to park, collect your mail and return home again. 

In comparison, $20 per month is a small price to pay. 

You’re protecting your home address in the process and safeguarding your mail, too. It’s a win-win. 

What are Your Options for Mail Forwarding? 

Every Virtual Office plan from Alliance plan comes with a variety of options for mail forwarding. 

This allows entrepreneurs to customize the service depending on their individual needs. 

Here are the frequency options and the mail forwarding prices offered by Alliance: 

• $10.00 per month for mail forwarding once a month 
• $20.00 per month for biweekly forwarding    
• $30.00 per month for weekly forwarding    
• $70.00 per month for daily forwarding   

Postage costs apply. Some centers have slightly different pricing than those shown above. Any differences in pricing are shown clearly in the online booking process. 

We always recommend taking out a monthly mail forwarding plan as a minimum. 

That way, for just $10 per month, it ensures all your mail reaches you safely. 

Or, you can pay a little extra and get your mail more frequently. 

Not sure how frequent or how long you’ll need the service? 

Simply get in touch and we’ll adjust your service according to your needs. That goes for increasing or decreasing the frequency of your mail forwarding plan. 

If you’re wondering how to extend premium mail forwarding with Alliance, that’s easy too. After the initial 6-month term of your Virtual Office plan, you’ll move to a month-to-month agreement. 

The mail forwarding service remains with your Virtual Office plan as long as you like. Or you can simply cancel it and pick up the mail yourself. 

Whether you want your mail daily, weekly, every two weeks, or monthly, there’s a plan to suit your business needs. 

Why Premium Mail Forwarding is Standard 

You may be wondering: if mail forwarding is such an integral part of the virtual office service, why is it charged separately? 

Why isn’t it included with the basic virtual office plan? 

The whole point of a virtual office is to provide entrepreneurs with flexibility. 

By offering four different mail forwarding options, entrepreneurs can customize their virtual office according to their needs and their budget. 

Some entrepreneurs might not need mail forwarding at all. 

This may apply to those who live or work just a few minutes away from their virtual office or who pass it regularly while meeting clients or running chores. 

That’s why we refer to it as premium mail forwarding. 

Now let’s ask another question: why pay for a mail forwarding service? 

Why not just drive to your virtual office and collect it yourself? 

Think of it this way. 

The prime feature of your Virtual Office is your address. 

You can – and should – publicize your business address. That’s what it’s there for. 

Your address gives you a place to do business, a location for business permits and licenses, and a contact address for LLC and tax documentation. 

Putting it on your website, business cards, and social media tells current and future clients that you’re a professional entity with a reputable business location. 

But what good is an address without a mailing service? 

Without a forwarding service, your business mail is left to stack up at your Virtual Office until you go to collect it. 

You can collect it yourself during business hours. But your time as a business owner is extremely valuable. 

Each hour of your day has a monetary value. Time is money – and your time is essential to your bottom line. 

Why spend billable hours driving to pick up your mail? 

When you’re busy building your business, every hour you work on your business is an hour spent generating more revenue and growing. 

You shouldn’t have to interrupt your workflow to pick up your mail. 

The fewer tasks that rely on you, the more valuable and sustainable your business becomes. 

What’s more, the cost of mail forwarding is less than your hourly rate as a business owner, and you probably spend more than an hour each month picking up mail. 

The Benefits of Mail Forwarding 

Now that we’ve covered the essential elements of a premium mail-forwarding business service, let’s take a closer look at the benefits: 

• Save time. Driving to pick up mail doesn’t add value to your company. Instead, it takes up time that could otherwise be spent earning revenue or drumming up new business. Mail forwarding frees you up and eliminates one more item off your to-do so you can invest your time into growing your business. 
• Save money on parking and gas. Based on the IRS standard mileage rate of 60 cents, driving 5-10 miles costs approximately $6 – $12 for a round trip. Add parking costs, plus your time and hassle, and the costs quickly stack up. A monthly mail forwarding plan costs just $10 (plus postage), which effectively pays for itself once you factor in your gas and driving costs, and your time. 
• Receive mail consistently. Mail forwarding delivers your mail on a regular, routine basis. Depending on how frequently you need to receive your mail, a mail forwarding service ensures you get your mail on time, according to the schedule you want. This can be daily, weekly, biweekly, or once per month. You gain reliability and dependability and can rest assured knowing that your mail will always get to you. 
• Reduce hassle. Picking up mail is an annoyance. Going out of your way to drive to the center, find parking, pick up mail, and drive home is a hassle. Mail forwarding cuts that inconvenience out of the equation. There are plenty more ways you can use that time to add value to your business. 
• Reduce mail-check calls. When you want to check for mail, you need to call Alliance who then checks with your virtual office center. We call you back as promptly as possible, but making constant calls like this can quickly become a distraction. 

Mail forwarding is a core feature of every Virtual Office plan. It improves your experience, saves valuable time, and simplifies your day by automating the process of receiving mail. 

Conclusion 

Mail forwarding unlocks your virtual office’s full value. 

Without mail forwarding, you have your virtual office, but it’s missing a key component. 

Think of it this way: 

A Virtual office without mail forwarding is like a cell phone with no service plan. You get some useful features, but you’re not making the most of your purchase. 

Virtual offices are designed to help remote entrepreneurs operate their businesses flexibly and cost-efficiently. Our mail forwarding service is a valuable feature that aligns with this mission by helping entrepreneurs save time, reduce distractions, and streamline the process of receiving mail. 

Further Reading

• How We’re Improving Mail Forwarding Standards, One Letter at a Time 
• Get a Virtual Address for LLC Registration 
• How to Hire Employees for a Small Business 

Why not try it out for yourself? 

It’s quick and easy to set up a mail forwarding plan with Alliance. 

If you’re buying a new virtual office, simply choose your mail forwarding frequency during checkout. 

If you already have a virtual office and you want to add mail forwarding, simply chat with our team online or contact us by phone or email. 

We’ll set up your mail forwarding and have it ready to go, usually the very next day. 

The post Why Our Premium Mail Forwarding Is Standard first appeared on Alliance Virtual Offices.

A new year brings celebration and a fresh start. But for many small business owners, 2023 has started with cash flow worries and recessionary fears. 

Inflationary pressures are pushing up the cost of doing business, resulting in steeper-than-usual gas prices, higher supply chain costs, and rising labor expenses and shortages. The resulting squeeze on margins is prompting business owners to find cost savings wherever they can. 

One area that’s particularly expensive is commercial real estate. 

In October last year, a survey from Alignable, a small business referral network, found that 37% of small business owners were unable to pay their rent. What’s more, 51% of small business owners faced higher rents last year, which coincided with consumers spending less. 

For many small businesses, this is simply unsustainable. 

That’s why cost efficiency is taking the number one priority for business owners in 2023. 

How can small business owners become more cost-efficient? 

The first step to helping your company save money is to take a long, honest look at all your company expenses. Be as thorough as possible and leave nothing out (even the coffee you’re buying). 

Once you have a clear idea of where your money is going, you can start identifying areas where you can cut costs. 

The two top expenses of companies tend to be: 

1. Staff 
2. Workplace costs 

Where staff costs are concerned, consider outsourcing some services to freelance workers or specialist service providers. 

Outsourcing means you hire talent for the lifetime of a specific task, which could be a matter of weeks or even just a few hours. Whether you need marketing help, maternity cover, or someone to answer customer service calls, these types of service agreements are usually highly flexible and cost efficient – especially when compared to the cost of hiring a permanent member of staff. 

As for workplace costs, given the difficulties that small businesses are facing paying rent, it’s unsurprising that many entrepreneurs are now transitioning to online operations. 

For businesses operating in traditional storefronts, switching to an online-first model can significantly reduce costs without sacrificing profit. In fact, focusing more on online sales can help a business grow. 

Online businesses can sell to people in their area just as easily as physical storefronts can, but they can also reach markets across the country, all while saving money on rent and time on commutes. 

As for office-based companies, it’s now much easier and more acceptable to operate in a remote setting. 

Since the onset of the pandemic, knowledge-based companies all over the world have become accustomed to home-based work. And despite the insistence of some companies to bring staff back to a centralized office, many business leaders have realized that it’s more cost-efficient to continue with a remote or hybrid workspace model. 

By leveraging flexible workspace solutions, companies can enable their staff to work from home while maintaining a physical workplace for meetings and team collaboration. 

Some firms do this by taking out a coworking membership close to employees’ homes, which enables workers to drop in as needed to work quietly or meet up with colleagues. 

Another solution is a virtual office. 

Designed for hybrid teams and remote organizations, a virtual office combines a company address with access to professional office space whenever needed. 

Companies that use virtual offices rent the address and pay for workspace access by the hour or by the day. As an example, Alliance Virtual Offices provides virtual office plans starting from $49 per month and hourly meeting room access starting from $10 per hour. 

Compare this model with renting a physical office 24/7, and it’s easy to see how companies can save hundreds, even thousands of dollars per month. 

After all, office space is simply a waste of money when no one is there. 

Let’s take a closer look at the benefits of a flexible workspace solution: 

• Lower risk and commitment: Long-term office leases and rent obligations are risky, especially when facing a recession. A flexible space solution such as a virtual office provides shorter-term agreements with greater agility to help businesses ride out unexpected changes. 
• Cost savings: Many businesses have come to realize that they simply don’t need a physical office space or storefront. If your team works productively from home, and if you can transition your business to an online or remote operation, you can free up a significant amount of capital. You can then invest those savings into business growth. 

• Efficiency: Operating flexibly and with less physical workspace is more efficient from a resource perspective. You don’t need to hire lease negotiators, facilities management experts, building maintenance staff, or even cleaners – with a flexible workspace solution such as a coworking space or a virtual office, it’s all managed for you. 

While high inflation and squeezed margins are putting pressure on entrepreneurs, it’s not all doom and gloom. Last year, research from PYMNTS found that two-thirds of SMBs were optimistic about their top line and general growth prospects, even though inflation was top of mind. 

Looking ahead, business leaders that can reduce costs can invest those savings back into their businesses, paving the way for innovation and growth in 2023. 

Interested in saving money on your workspace? Chat online with the team at Alliance Virtual Offices for helpful advice on flexible work solutions. Get started at www.alliancevirtualoffices.com. 

The post How to Run a More Cost-Efficient Business in 2023 first appeared on Alliance Virtual Offices.

That’s exactly what we help entrepreneurs do. In other words, you’re in the right place. 

Our flexible workspace solutions are designed to help remote businesses thrive. Here, you’ll learn how they work and how they support your quest to grow fast and flexibly. 

Most Read Articles 

Discover more about Virtual Offices and flexible workspace solutions in these popular blog posts: 

• Get a Virtual Address For LLC Registration 
• What is a Virtual Office and How Does it Work? 
• Top Answering Services for Small Businesses – Price Breakdown 
• 17 Things You Should Bring to Your Coworking Space 
• Why You Need a Commercial Address to Build Business Credit 
• Virtual Office Prices: How Much Does A Virtual Office Cost? 

Flexible Workspace Solutions: What Are They? 

Alliance Virtual Offices provides five core services to support remote entrepreneurs. They are:

• Virtual Office: A company address in a recognized office center with onsite staff, mail services, and on-demand access to professional meeting rooms and workspace. Receive mail at home with our secure mail forwarding service. Plans start from $49 per month. 
• Live Receptionist: Live call answering and appointment scheduling from Monday to Saturday, by our Nevada-based team of receptionists. Includes a business phone number and a VoIP phone system. Plans start from $125 per month. 
• Virtual Phone: A dedicated local or toll-free business phone number with a powerful VoIP phone system. Includes unlimited local and long distance calling minutes. $30 per month. 
• On-demand Meeting Rooms & Workspace: Book professional meeting rooms and office space by the hour or by the day, in any Virtual Office center within the Alliance network. Rental starts from $10 per hour. 
• Coworking: Full-time access to a collaborative coworking space with professional amenities, comfortable working environments, and helpful onsite staff. Plans start from $55 per month. 

Virtual Office: How Does it Work? 

For those who are new to Virtual Offices, we feel the best way to explain it is through real life examples. Here are the most common ways our clients use a Virtual Office: 

Marketing collateral and SEO

Every business needs an address for their website ‘Contact Us’ page and email footer. A Virtual Office provides a recognized address to use across all marketing collateral. Publishing this information on your website also supports your local SEO strategy. Learn more about using a Virtual Office for marketing.  

Business registration

Few entrepreneurs want to use their home address on their Articles of Organization, partly because it doesn’t look very professional, but also because it means exposing their home address to the world. That’s why many of our clients use a Virtual Office address. 
Learn more about using a Virtual Office for business registration. 

To receive business mail

Remote businesses need a safe place to receive mail. Every Virtual Office has a professional staff who receives and signs for mail, and stores it securely in the business center. Entrepreneurs can collect mail during business hours or have it forwarded to a more convenient location on a daily, weekly, biweekly or monthly basis. 
Learn more about using a Virtual Office for business mail. 

Banking purposes

Using a dedicated bank account for business helps entrepreneurs separate their business from their personal assets, which is important to help preserve the corporate veil. It’s also recommended when building business credit. Most banks will accept a Virtual Office address, although we recommend verifying this with your bank first. 
Learn more about using a Virtual Office for banking purposes. 

Business expansion

Often, we find that entrepreneurs want to switch from using their home address to a Virtual Office when they are ready to expand their business. It helps them to create a professional identity while protecting their home address. It can also help entrepreneurs to protect their personal assets when setting up an LLC. 
Learn more about using a Virtual Office for business expansion. 

Business licensing

A home address can’t always be used for business licenses or permits, but the majority of businesses we work with have had their licensing approved with a Virtual Office. Some Alliance centers will also hang the company’s license at their office location. 
Learn more about using a Virtual Office for business licensing. 

To build business credit

Banks and lenders generally don’t accept residential or PO Box addresses as business addresses for LLCs or corporations. But many of our clients have had success with a Virtual Office address. What’s more, Alliance reports to CreditSafe every month on behalf of our clients, to help them build a positive business credit score. 
Learn more about using a Virtual Office for business credit. 

To safeguard personal information

A big reason business owners come to us is because they don’t want to use their personal home address and phone number for their business. A Virtual Office address and a business number (Virtual Phone) adds a layer of protection to their personal details, meaning they won’t be bothered by spam calls or postal mail. It also helps separate their business from their personal assets, preserving the corporate veil. 
Learn more about using a Virtual Office to safeguard personal information. 

Workspace flexibility

Many remote entrepreneurs work from home. From time to time they need a place to meet clients, train their team, or work without distractions. A Virtual Office provides onsite workspace that’s bookable by the hour, either on-demand or by purchasing a bundle of hours upfront each month. 
Learn more about using a Virtual Office for workspace flexibility. 

Reduction of business expenses

Every business owner wants to maximize efficiency in a way that adds value. For those who prefer operating remotely rather than working in an office, a Virtual Office removes the cost of traditional office rental without sacrificing the benefits of an office infrastructure. Entrepreneurs using a Virtual Office can still gain instant access to a professional workplace – the difference is, they only pay for it when they use it. 
Learn more about using a Virtual Office for cost efficiency. 

Build a professional identity

Even though millions of people work from home, organizations are still expected to utilize a corporate address as their registered office. A company with a business address is generally considered more professional than one with a residential address, which can go a long way when building relationships with new clients or competing against larger, more established firms. 
Learn more about using a Virtual Office to build a professional identity. 

Live Receptionist: How Does it Work? 

Our team of receptionists provide live call answering and appointment scheduling on behalf of businesses. Here are the most common ways our clients use a Live Receptionist service: 

Better customer service

Not every business has a customer service professional on their team. For entrepreneurs who wish to strengthen their company call experience without hiring a dedicated member of staff, a Live Receptionist service provides a reliable solution. 
Learn more about improving customer service with a Live Receptionist. 

Faster response

It’s not uncommon for entrepreneurs to let calls ring out, or go unanswered, when they’re busy focusing on other priorities. In place of a voicemail message or long wait times, a Live Receptionist service ensures every call is answered promptly. 
Learn more about improving your call response with a Live Receptionist. 

Reduction of business expenses

A Live Receptionist service is much more cost-efficient than hiring a full-time member of staff. Rather than a single, dedicated resource, your business gets a team of trained, efficient receptionists providing a service that’s personalized to the business – at a fraction of the cost of a permanent employee. 
Learn more about the price breakdown of a Live Receptionist service. 

Avoid missed calls and multiple voicemail messages

Entrepreneurs who spend most of their time working directly with people, for example, consultants or lawyers working in court, are unable to answer calls throughout the day. Rather than letting calls go unanswered and dealing with multiple voicemail messages at the end of the day, a Live Receptionist service can work with callers and schedule call-backs at an appropriate time. 
Learn more about reducing missed calls with a Live Receptionist service. 

Improve sales

A missed call probably won’t generate a sale, but a call that’s answered in a friendly manner is far more likely to engage a potential customer. A Live Receptionist service helps to capture leads by working with callers to answer basic questions, pass on important messages, and schedule call-backs at a more suitable time. 
Learn more about improving lead generation with a Live Receptionist. 

Reduce distractions, save time and hassle

Unexpected calls can be distracting, which takes up valuable time and energy. Rather than leaving calls to voicemail and frustrating clients in the process, our Live Receptionist service provides a screen, or buffer, between the business and incoming calls. A receptionist will also introduce the caller, giving the receiver time to decide whether to take the call right now, or have it rescheduled to a later time or date. 
Learn more about saving time with a Live Receptionist service. 

Prepare for calls

Some entrepreneurs are naturally better suited to scheduled calls, which allows them time to prepare for the conversation. As part of our appointment scheduling service, calls that can’t be taken immediately are rescheduled for a time that works both for the caller and the receiver. The receptionist views the receiver’s live availability and schedules a call-back appointment while the caller is still on the phone. 
Learn more about scheduling call-backs with a Live Receptionist. 

Automated call handling

Many of our clients start out with a Virtual Phone plan, which includes a business number and a VoIP phone system, and later upgrade to a Live Receptionist plan. Both services provide a cost-effective way to handle calls efficiently and professionally, and every Live Receptionist plan automatically includes a full Virtual Phone – offering the best of both worlds. 
Learn more about Alliance’s Virtual Phone service. 

Build a professional identity

Having a friendly, professional voice answer calls creates positive impressions of your business and helps establish strong relationships. 
Learn more about building a professional identity with a Live Receptionist. 

Help and Support 

If you’re thinking about using a Virtual Office or another service, but you’re not sure if it’s the right choice for your business, why not talk it over with us? 

Don’t worry, we’re not interested in selling you something that doesn’t fit your business. 

For example, if you simply need a low-cost mailbox address for general correspondence, but you don’t need access to workspace or receptionist services, you probably don’t need a Virtual Office. A simple PO box address may suit you just fine. 

But if you’re projecting growth and you want an address in a specific area close to your target market, with professional space to hold meetings, we can help you find a better option. 

That’s why we’re always happy to talk things over. Our team of friendly support staff will ask a few questions to find out how your business operates, and offer suggestions on which type of workspace solution best fits your business. 

Chat online with us using the pop-up window, bottom right of your screen. You can also email support@alliancevirtualoffices.com or simply give us a call. 

The post Getting Started with Alliance Virtual Offices first appeared on Alliance Virtual Offices.

Q: What is Alliance Virtual Offices’ Platinum Plus plan and what does it offer?

A: Alliance Virtual Offices Platinum Plus plan offers more than just a virtual office address for your business; the plan can provide a savings of up to 70 percent on meeting room rental.

The future of work is flexible, and virtual offices are becoming a big part of it.

Even before 2020 reared its ugly head, there was a growing movement toward flexible work, remote collaboration, and cost efficiency.

Now, more entrepreneurs than ever before recognize the benefits of flexible work and how it can help their business save money and grow.

So, it’s no surprise that virtual office plans are becoming a key component in our future of work.

What is a Virtual Office?

A virtual office is a combination of both physical and virtual services. It provides a business address at an office building, mail processing, on-site meeting rooms, receptionist support, and more.

Some virtual office plans, such as Alliance’s Platinum Plus plan, provide inclusive access to meeting rooms and office space every month.

The address serves a number of important business requirements. Opening a bank account, registering your business, business licensing, and of course, receiving mail.

If you’re wondering, can I register an LLC with a virtual office?

Yes, you can do that too — so long as the virtual office provides a recognized business address, which all of Alliance’s virtual offices do. Our guide on using a virtual office address for LLC registration explains how to do it.

Meanwhile, you can get your work done from anywhere. From home, from a coworking space, or even from a minivan.

Good news is, whenever you need to work in a more professional environment, or meet with clients, virtual offices from Alliance provide a great selection of on-site meeting rooms and workspaces.

Alliance’s Platinum Plus plans make collaboration even easier by offering inclusive meeting room usage.

What’s more, they offer considerable cost savings on meeting room rental.

In this guide, we’ll explain how Platinum Plus works, how it helps reduce the cost of meeting room rental, and how virtual offices make flexible work even easier.

What is the Platinum Plus Plan?

Here’s a quick overview of what’s included in a standard virtual office plan and a Platinum Plus plan.

What are the features of a virtual office?

• Recognized business address in the city of your choice.
• Onsite mail processing and storage.
• Optional daily, weekly, bi-weekly or monthly mail forwarding (additional fee).
• Front lobby receptionist to greet visitors.
• Easy access to meeting rooms and office space (hourly fee).

With Platinum Plus you get the same features, plus:

• Monthly meeting room and private office usage (up to 16 hours per month).

Why is this important?

More and more people and teams are working remotely, and this looks set to continue in the future.

But we still need to collaborate in-person, perhaps now more than ever. So there’s a distinct need for remote workers to gain easy-to-access meeting space on a flexible, as-needed basis.

That’s why Alliance offers Platinum Plus.

With inclusive access to meeting rooms, it’s quick and easy to book a meeting space — plus it’s already paid upfront, which makes billing easy to manage.

How Does Platinum Plus Work?

With a Platinum Plus Virtual Office, you get exactly the same as a standard Virtual Office plan with the added benefit of inclusive meeting room access.

In the majority of locations, you get 16 hours of meeting room usage every month.

This is slightly different in some locations. In New York City you get 4 hours of meeting room time per month, and in London and Paris it’s 8 hours.

It’s worth noting that your inclusive access also applies to private office space.

After all, working from home can be distracting.

If you have children home from school, noisy pets, or sociable neighbors, it can be incredibly challenging to focus on complex tasks.

That’s why it pays to have a fully equipped office at your disposal.

It’s your choice whether you use your monthly allowance for meeting rooms, office space, or a mix of both.

In the same way as booking a meeting space, simply call or chat with our team to reserve your space through your Platinum Plus agreement.

Virtual Office Plans: Cost Comparison

Here comes the money question. With Platinum Plus, is a virtual office worth it?

The value all comes down to meeting room usage. We’ve found that on average, Platinum Plus provides a saving of 60-70% on meeting room rental, sometimes more.

Here’s a quick cost comparison.

As an example, this virtual office at Olympic Boulevard in Los Angeles, CA, offers:

• Standard plan at $99 per month
• Platinum Plus plan at $199 per month (including 16 hours of meeting room rental)

That’s an extra $100 per month for 16 hours of meeting room usage.

Let’s compare the cost of meeting room rental with, and without, Platinum Plus.

Divide $100 (the cost of upgrading to Platinum Plus) by 16 (the number of inclusive meeting room hours) to calculate the hourly meeting room rate with Platinum Plus.

Then compare this rate with the standard hourly meeting room rate for non-Platinum Plus users.

With Platinum Plus, the meeting room rate equates to $6.25 per hour.

Without Platinum Plus, the meeting room starting rate is $45 per hour. For the same 16 hours, you would pay $720 in meeting room rental.

That means by paying $100 to upgrade to Platinum Plus, you will save $620 in meeting room rental.

That’s a pretty convincing saving.

How Does Platinum Plus Benefit Small Business Owners?

We’ve already discussed the cost savings of inclusive meeting room usage with Platinum Plus, but why do you need meeting rooms anyway?

After all, following the onset of the pandemic, the world coped remarkably well without face-to-face meetings.

Aside from the fact that we’ve all grown tired of remote video calls, there are plenty of reasons why we humans need to get together and meet in-person.

• Build relationships. Whether with your team or with clients, face-to-face communication is an authentic way to build trust and relationships. Humans are social creatures, and spending time in-person is our natural way of building connections.
• Clear communication. It’s easy for messages to get mixed when speaking over the phone or on a video call, especially when you’re dealing with spotty WiFi. When you’re meeting in-person, you have the advantage of facial expressions and body language cues to help convey meaning and gain full understanding.
• Make decisions. Making informed decisions requires lots of different perspectives. The best way to gather the information you need is to get everyone in a room together. That way, conversation can flow more freely, opinions can be heard with clarity, and you can reach the right decision, faster.
• Gain inspiration. There’s nothing quite like a group brainstorming session to get the creative juices flowing. Whether you need to develop a new marketing campaign, come up with new content ideas, or take your sales strategy to the next level, a working meeting with your team will help you get there.
• Set the right tone. Even if you work from home most of the time, your clients will expect to meet you in a more professional environment. A meeting room will help set the right impression and demonstrate that you’re a forward-thinking entrepreneur with a credible, growth-oriented business.

Now that we’ve covered the main benefits of physical meeting rooms, let’s consider some other important features of Platinum Plus.

A big one is the business address.

Every one of Alliance’s virtual office plans includes a commercially recognized address.

That’s the really important part, as it enables you to register your business to a recognized office address and separate your business from your home.

It also creates a more professional exterior, helping you to build business credibility while marketing your business in a specific location.

It’s useful for other reasons too.

Namely, mail. You can have an unlimited number of letters sent to your virtual office address, which prevents your home from becoming inundated with mail.

Many businesses start out by using the owner’s home address, but this soon becomes unviable. This can be for many reasons, including:

• Credibility. Using a home address for business doesn’t convey the same professionalism or credibility as an office address.
• Separating work from home. Most home-based entrepreneurs feel uncomfortable publishing their home address on public business records, particularly if they have family at home.
• Financial credit. When applying for financing, it helps to have a commercial address attached to your business. Mainly, this is because it demonstrates the credibility of your business — but also because many banks simply don’t accept a home address.
• Online information is ‘sticky’. Once you publish your home as your business address, that information has a habit of sticking around. If you don’t want your business to be associated with your home in the future, it pays to use a commercial address sooner rather than later.

By choosing a business address Virtual Office plan, entrepreneurs can alleviate many of these challenges.

In particular, the address can be used for:

• Registering a business entity.
• Setting up an LLC.
• Opening a bank account.
• Applying for business licenses.
• Applying for financial credit.
• Marketing — including ‘contact’ details on a website, email footer, business cards, letterheads.
• To receive mail and unlimited letters.

If you’re wondering: Should I get a virtual office?

Virtual offices are a fast and cost-effective way to gain credibility in your target market. You’ll get all the key ingredients you need to build a local presence, but without the high cost, risk, and commitment of full-time office space.

We hope this guide has helped you to understand whether a virtual office, and specifically a virtual office plan with inclusive meeting room access, will suit your business needs.

After all, the more flexible your workplace strategy, the more money you’ll save and the easier your business can adapt to market changes, and grow.

What Next?

Want to explore the benefits of Platinum Plus?

It’s easy to get started. To search for a business address online, head to www.alliancevirtualoffices.com and type your city into the search bar.

Click on a virtual office listing and you’ll see the plans available.

Alliance offers two plans: Platinum (standard) and Platinum Plus, as shown in this Houston example below:

As you can see in this example, you have the option to add a live receptionist service to every plan, too.

Find out more about Alliance’s flexible live receptionist and appointment scheduling service here.

Can’t see a Platinum Plus option on your virtual office listing? That means it’s not currently available at your chosen location. Speak to our team and we’ll work with you to find a great alternative.

If you have any questions, simply chat online with our team or contact us by phone or email.

Conclusion

When it comes to deciding between virtual office plans, you’ll have your own set of criteria and requirements.

If access to meeting rooms or private office space is a priority for you, then we recommend a Platinum Plus plan.

Whether you need a business address for LLC, or a flexible meeting location, it’s a cost effective way to gain easy, flexible access to meeting rooms and office space up to 16 hours every month, ensuring you can meet with clients or brainstorm with your team whenever you need to.

In addition, your business gains instant credibility with a commercially recognized address, an efficient mail processing service, and support from professional on-site staff.
Get started today by searching online at www.alliancevirtualoffices.com or chat with our team to learn more about the advantages of Platinum Plus.

Further Reading

• What’s Included in the Platinum Plus Plan?
• Platinum Plus Cost Comparison: How to Save 60-70%
• 9 Specific Benefits for Small Business Owners

The post This Virtual Office Plan is More Than Just a Business Address first appeared on Alliance Virtual Offices.

• Why did small businesses explode?
• How do these new businesses affect the economy?
• What does this mean for traditional businesses and the new economy?

Q: Why did small business formation dramatically increase during the pandemic?

A:  Pandemic-related lockdowns, loss of existing jobs, and the resulting pause in normal commerce created an opportunity for small businesses and new startups to become realized.

The pandemic unleashed devastation on US businesses, with 34% of small businesses in the U.S. still closed (as of May 2021).

And yet, amid the closures, job losses, and financial strain, there has been a surprising entrepreneurial comeback.

2020 saw a record-breaking surge in startups.

Specifically, the number of U.S. startups grew from 3.5 million in 2019 to 4.4 million in 2020, a 24 percent increase.

And based on current data, 2021 looks set to surpass 2020’s gains.

Why is small business formation rocketing?

Why are entrepreneurs starting businesses amid so much uncertainty?

What is the longer-term impact of a small business boom?

Get Your FREE Guide Today!

How to Survive and Thrive in an Economic Downturn

In this article, we explore how the pandemic is changing the small business landscape, what this means for the economic recovery, and how it could influence the future of work.

Why Did Small Businesses Explode?

Despite a global health crisis and one of the most impactful economic disruptors in recent history, records indicate an explosion in new businesses.

What is the link between the pandemic and new business growth?

Before we dive into the reasons, it’s important to understand the research methodology used in these startup reports.

Many reports, including those referenced in this article, are based on the number of applications for an employer-identification number (EIN) to the Internal Revenue Service.

This is typically the first step taken by an entrepreneur in the creation of a business.

A business at the application or EIN stage does not necessarily lead to a business formation. In some cases it may never begin operating.

Nevertheless, the number of EIN applications are widely used as a strong indicator of startup activity and trends related to small business formations.

What Prompted the Rise in Small Business Activity During the Pandemic?

Are small businesses on the rise?

Yes — the pandemic accelerated the proliferation of new small businesses. This chart clearly demonstrates the incredible surge in new small business formations.

These applications came at a time of great insecurity and vulnerability — not only from a health perspective, but financially too.

Quarantine, shuttered businesses, furlough, wage cuts, and soaring job losses meant many people were left with little, or no, income.

While the pandemic was a big stressor, many also saw it as an opportunity.

The economic uncertainty brought about a sudden change in perspective that threw entrepreneurs into action.

Here are some of the key reasons why small business formations rose during the pandemic:

• Time to innovate. People on furlough, in lockdown or in isolation, or those who worked from home for the first time, were able to recoup a lot of time that was previously spent working in offices or commuting. Innovative business ideas during lockdown flourished. People were able to step back from the ‘daily grind’ and use that time to research, develop ideas, and realize new business opportunities.
• ‘Creative destruction’. As Austrian economist Joseph Schumpeter famously noted in 1942, economic crises bring new ideas and ways of doing business to the fore. While some businesses and industries suffered (such as hospitality), others, such as healthcare suppliers and those operating in e-commerce, boomed.
• Job losses. Roughly 9.6 million U.S. workers lost their jobs in the first three quarters of 2020 (based on averages compared with the first three quarters of 2019). The financial pressure mixed with the inability to attain traditional employment led many to start their own businesses. People were motivated to become their own boss, and those who had been waiting to start their own business suddenly had no reason not to.
• New and niche requirements. At the start of 2020, nobody could have predicted that within weeks, there would be a massive global requirement for masks, disposable gloves, hand sanitizer, perspex screens, and so on. New small business ideas came to the fore. This opened up fresh opportunities for entrepreneurs during Covid-19 at every level — ranging from hobbyists with a personal business selling face masks from home, to businesses diversifying and developing new products.
• Availability of funding. Unlike the last recession, when the financial crisis made it hard for would-be entrepreneurs to get funding, this time there has been trillions of dollars in government support for U.S. households and businesses. Whether would-be entrepreneurs needed a new small business grant, a new small business loan, or some other stimulus, it was more widely available. This made the process of gaining financial support more feasible, particularly at a time when businesses were forced to close and the future of the economy relied on either getting businesses back on their feet, or supporting new ventures.
• New homes and locations. Some workers took advantage of new remote work policies during the pandemic and moved home. A new location, a more affordable cost of living, new connections, a fresh start, a larger house — all of these elements create a breeding ground in which entrepreneurship can flourish.
• Discovering remote work. A big change between employment and entrepreneurship is self-discipline. Some employees who experimented with flexible remote work for the first time in 2020 — and realised they could do it — found the impetus they needed to step into entrepreneurship.

For some, flexibility and work-life balance takes precedence over traditional employment.

This is at least partly evident in emerging workplace trends.

This ties in with the question:

What are the business trends for 2021?

Clearly, one of the biggest business trends to emerge during the pandemic is a focus on remote work and flexible workspaces.

Indeed, research claims that when given the option to work from home, only 4% of workers chose to work in the office.

The taste of flexibility and freedom that came from more than a year of working from home is enough to give some people the push they need to become their own boss.

Platforms Enabling Entrepreneurship

Another enabler for entrepreneurship is the range and breadth of platforms that are now available to new businesses.

For instance, e-commerce platforms such as Amazon, Etsy, and eBay means it’s easier than ever to sell products online.

Not only that, these platforms make it easier to reach a larger audience, quickly and cost efficiently.

Setting up an online presence is also fast and affordable, thanks to the likes of GoDaddy and Shopify.

And with millions of people now freelancing, there are more skills and affordable support options available for new entrepreneurs than ever before.

How Do These New Businesses Affect the Economy?

The pandemic brought down many businesses, including big economic players.

The long-term impact on the economy and the U.S. labor market remains unclear.

How are small businesses doing in 2021?

There is also optimism that new startups emerging from the devastation can strengthen employment growth and stimulate the economy.

Partly, this is because the current recession is different from previous economic crises.

According to Daniel Newman from the Economic Innovation Group:

A key reason for this is because people and businesses had access to sustained financial support in the form of PPP and other new small business stimulus programs.

In previous recessions, the financial crisis of the time made it hard for would-be entrepreneurs to get funding.

“One likely factor is the trillions of dollars in government support for U.S. households and businesses, far more than was available in past recessions or in other countries.” – Ben Casselman, New York Times

The prolonged financial stimulus available may therefore be enabling — and indeed encouraging — many more new business applications.

The Changing Economy

Positively, the surge in new business applications in 2020 and 2021 includes a rise in applications for both likely employer and likely nonemployer businesses.

However, according to a report by John C. Haltiwanger, National Bureau of Economic Research, which drew data from U.S. business formation statistics, the surge in new business applications has been especially large for likely nonemployer businesses.

This may prompt concern, as economic recovery relies on jobs and employment.

But, Haltiwanger notes that the surge in likely nonemployer applications is of interest given the “increasingly important role that gig workers are playing in the U.S. economy”.

The report notes that the number of nonemployer businesses has been on an upward trend over the last 15 years or so with rapid acceleration in the post-2010 period.

This suggests that the structure of the economy is changing. Notably, it is continuing to embrace the gig economy.

What’s more, the report notes that the Covid-19 Recession has “induced a change in the structure of the U.S. economy towards more remote activity”.

This is already prompting new businesses to explore related opportunities, such as e-commerce and the remote delivery of services, such as telemedicine, consulting, distance learning, and so on.

A “Noisy and Complex” Recovery?

Going forward, what can we expect from the economic recovery?

• If the huge growth in non-employer businesses continues, we may see many more independent workers and further development in the gig economy.
• As restrictions continue to ease, employer businesses will reopen or new businesses will take their place. This will prompt job openings — which may come in the form of traditional employment as well as gig work.
• Gaps in the market will create demand for new businesses. For instance, Haltiwanger expects the shift towards e-commerce to stick as it reflects a pre-pandemic trend. This could trigger growth in demand for related requirements such as delivery drivers, logistics, storage, warehouse roles, and so on.

Haltiwanger notes that, “All this highlights that the pandemic surge in business applications is associated with intensified restructuring on several dimensions.”

Large corporations may not be able to dominate the way they did prior to the pandemic, and smaller businesses have learned to be lean, innovative, and adaptable.

As a result, new, small, and individual businesses, as well as existing SMBs, have an opportunity to jump in and gain traction where they previously couldn’t.

Cautious Optimism

One thing we do know is that change is certain.

Looking ahead, the surge in new business applications is promising.

However, as noted by Daniel Newman (Economic Innovation Group, July 2021), “it will be some time before the extent of business closures due to the pandemic can be tallied and we have a full picture of the net effect of the pandemic on the country’s business and entrepreneurial landscape.”

There will also be a delay while it is determined whether the record high number of new business applications transition to fully operable businesses.

That said, Newman acknowledges the historically high correlation between the number of applications and true business formations.

“If the past is any guide and a substantial number of these applications turn into real new firms, their survival and growth will help power the economic recovery.”

And, according to Peterson Institute for International Economics, there is cautious optimism for the future of employment:

“There is a widespread perception that small businesses create the most jobs in the United States and other advanced economies. Research suggests that it is new businesses, not small ones, that create these jobs (Haltiwanger et al. 2013).”

What Does this Mean for Traditional Work and the Business Environment?

We are at an interesting turning point.

Pre-pandemic, very few people had the opportunity to work flexibly or remotely.

According to workplace statistics by Pew Research Center (October 2020), most workers who could work from home say that, before the pandemic, they rarely or never teleworked.

Only one-in-five say they worked from home all or most of the time.

By the fourth quarter of 2020, 71% of those workers were doing their job from home all or most of the time.

The onset of the pandemic triggered the biggest flexible work experiment the world has ever seen.

It shifted perspectives, upended old norms, and challenged baked-in preconceptions about the way we work.

Some people are happy to return to the traditional workplace.

Others aren’t.

Pew Research Center’s survey found that more than half of respondents would, given a choice, keep working from home even after the pandemic.

Going forward, there is greater emphasis on giving people choice over where and how they want to work. This applies both to large companies and small businesses.

It’s important that companies take their people’s wishes into account.

Why? Because many of those who don’t get the working conditions they want are prepared to vote with their feet.

In fact, this trend is gaining traction to the point where it has been dubbed ‘The Great Resignation’ or ‘The Great Reshuffle’.

And this is particularly prevalent among young workers.

According to an employment trends survey by Morning Consult on behalf of Bloomberg News (May 2021), 39% of people would consider quitting if their employers weren’t flexible about remote work.

The generational difference is clear: Among millennials and Gen Z, that figure was 49%.

War for Talent Intensifies

This comes at a time of intense labor shortages, economic uncertainty, and the ongoing war for talent.

As such, many companies are prioritizing their workers’ preferences in order to hold onto the best talent and reduce churn.

In numerous ways, small businesses have the advantage in this regard.

They have the opportunity to be more agile, because they typically don’t have the long-term liabilities of large businesses, such as fixed office leases.

Do small businesses create jobs?

Yes. According to the SBA, small firms accounted for about 63% of new private sector jobs from 2010 to 2019.

Small business employees are also more likely to work from home or in flexible workspaces, which offers more freedom than traditional corporate working arrangements.

Additionally, freelancing is expected to increase — which was already a growing trend pre-pandemic.

In 2018, 48% of businesses hired freelancers, up from 43% in 2017. This growth is made possible due to the ease, speed, and affordability of hiring independent proprietors.

The pandemic appears to be amplifying this trend, with more people taking on side gigs or full-time self-employment either out of necessity, or through a shift in mindset.

Case in point, approximately 64.8 million people carried out freelance work in the U.S. in 2020, up from 57.3 million in 2017.

As noted in the report by John C. Haltiwanger, the gig economy is growing.

The sharp rise in new applications from businesses that are not expected to become employers is another indicator that we may indeed see further growth in self-employment.

That means traditional jobs must compete with those who operate as a freelance worker, an independent contractor, the self-employed, and other entrepreneur careers — which are inherently flexible — in order to attract employees.

This is another reason why traditional employers must adapt and change in line with the expectations and wishes of their employees (both current and future).

Integrating Flexibility into Your Business

There are many ways organizations can become more agile, and therefore more adaptable to workforce expectations and market changes.

Offering more flexibility to workers and hiring from anywhere is one way to overcome labor shortages and improve talent retention.

Often, this impacts workspace requirements too.

Companies that operate a flexible work approach — such as hybrid working, remote work, or a hub-and-spoke office model — typically require less space than traditional organizations with full-time office requirements.

For those with the ability to reduce or relinquish their office lease commitments, there are much more flexible ways to obtain workspace.

• Serviced or flexible office space offers fully furnished workspace in various sizes with all-inclusive monthly agreements, onsite staff, and short- or mid-term commitments. It’s flexible by nature, which is particularly attractive to organizations during this time of uncertainty and flux.
• Managed office space is often provided by commercial real estate landlords or serviced office companies, and offers slightly longer-term commitments with the same flexibility and all-inclusive agreements. Occupants can usually have a say in the design and fit-out, and have the space remodelled to match their branding.
• Coworking comes in many different forms, ranging from monthly memberships with unassigned seating, to private office suites with access to collaborative lounges, meeting rooms, and other onsite facilities.

Another form of flexible workspace is a virtual office.

This type of workplace solution is fast growing in popularity with small businesses as well as larger organizations, particularly since the onset of the pandemic.

Suggested Reading: What is a Virtual Office and How Does it Work?

A virtual office provides all the essentials you’d expect from a physical office — such as a business address, mail processing services, and onsite staff.

The big difference is, companies don’t pay for full-time office space.

Virtual offices enable businesses to create a commercial presence in a specific location, but without the cost or commitment of maintaining a full-time workplace.

Companies can access physical workspace and meeting rooms at any time, by reserving space by the hour or by the day.

Other services such as mail forwarding, a live receptionist call answering service, and even full-time coworking access can be added, as needed.

Find out more about virtual office and live receptionist solutions from Alliance at www.alliancevirtualoffices.com.

Conclusion

Out of the devastation wrought by the pandemic came fresh hope and new business opportunities.

Entrepreneurs are responding by setting the startup scene alight with a record number of new business applications.

The economic recovery is bringing with it greater emphasis on flexibility, work life balance, and personal choice.

The future and sustainability of these small business formations remains to be seen, but the economy is changing — in many ways for the better — and opening the door for new and exciting ways of working.

Further Reading

• Surge in Startups is a Surprise in the Pandemic Economy
• Why Small Businesses May End Up the Pandemic’s Biggest Winners
• Start-Up Boom in the Pandemic is Growing Stronger

The post Small Business Formation Boomed During Pandemic | U.S. Startups Surge by 24% in 2020 first appeared on Alliance Virtual Offices.

• What Is A Short-Term Goal?
• What Are The Benefits Of Short-Term Goals?
• How Do I Measure Progress On Short-Term Goals?

Q: Why is it important for small businesses to set short term goals?

A: Small businesses often forget to set short term, measurable goals; however, these are vital in growing your business, measuring performance, and ultimately making the business successful.

Dream big.

That has long been the mantra for those with an entrepreneurial spirit.

Starting a small business, getting it off the ground, while simultaneously standing apart from competitors is no easy feat. That’s why business leaders often want to reach for the stars and set goals higher than imaginable.

But where do short-term goals for a business fit into the picture?

Yes, running a small business does require a can-do attitude, but without looking at the smaller, more achievable goals, companies can risk losing their way on their journey to success.

Big picture goals shouldn’t be ignored by any means, but in order to reach those objectives, leaders need to focus on the minute details that truly set a business apart from others.

Think of setting short-term goals as the stepping stones used towards achieving long-term objectives.

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How to Start a Business in a Recession

What Is Short-Term Goal Setting?

Short-term goals are achievements that focus on the immediate future and help contribute to completing long-term goals.

These types of goals are typically meant to be accomplished daily, weekly, monthly or quarterly.

When setting a short-term goal, you should always keep the SMART methodology in mind:

• Specific
• Measurable
• Attainable
• Realistic
• Time-based

Incorporating all of these attributes when creating a set of short-term goals ensures that your business stays on track, rather than getting lost in the muddled dreams of elaborate achievements.

Let’s look deeper into what SMART goals really mean.

One of the biggest differentiators between long-term and short-term financial goals is the specificity of each objective.

Long-term goals usually look at the big picture are generally more ambiguous, especially in terms of how to achieve the company’s initiatives. 

On the other hand, short-term goals for a business require very specific, detailed steps that outline the process from start to finish in order to be completed.

For example:

If your small business’ long-term goal is to double profits over the next three years, you will need actionable strategies that will help you increase your profits. 

This means outlining specific measures that will be needed to reach this target each day, week, and month. Without creating strategies for incremental growth, elaborate goals can quickly become a fantasy.

Additionally, among the most important aspects of short-term goals your business should incorporate is that they should be attainable and realistic. 

Doing so makes it easier for both you and your workers to stay motivated on your path to accomplishing your grander business plans, without feeling overwhelmed by the tasks at hand.

And motivated employees are the key to high retention rates and a well-oiled company.

In fact, a survey by The Corporate Leadership Council of 5,000 motivated employees are 87% less likely to resign.

In tandem with the SMART methodology, you should also be aware of the three types of business goals:

• Process
  • These include the method in which you complete an objective. These types of goals are completely controllable by workers.
• Performance
  • These are determined and distributed depending on a workers’ specific position 
• Outcome
  • These are the desired end-results, but are harder to control due to being influenced by external factors

Overall, the purpose of short-term goals is to provide momentum for businesses and instill a sense of motivation into your workforce when trying to reach larger goals.

What Are the Benefits of Short-term Goals for Small Businesses?

While it may seem redundant to set small, achievable goals, these objectives are actually essential to the operations of a small business looking to for growth.

As opposed to long-term goals, which are often lofty and drawn out, setting short-term goals:

• Motivates workers
• Sets time limitations
• Provides immediate feedback
• Builds momentum

Motivation and engagement in the workplace is essential, and by setting goals that are within reach can encourage employees to accomplish tasks faster.

In fact, a Gallup poll shows that highly engaged businesses can lead to 21% greater profitability. 

Knowing this, it is safe to say that the impact that short-term goals for a business have on an employees’ attitudes directly correlates with company performance.

And if the past year has taught business leaders anything, it’s that engagement levels are a reflection of workers’ sentiment towards their employer and how much effort they are willing to put into everyday tasks.

Because smaller goals are time-limited, workers also realize they are restricted in how long they have to complete projects and are more likely to take action immediately. 

Since many workers are deadline-driven, providing them with smaller goals within a reasonable timeline makes it more likely for them to be completed. 

However, it’s important to make these deadlines reasonable, as research has found that workers will reach burnout in order to meet deadline goals.

Even more, receiving immediate feedback from these goals allows business leaders to know whether their efforts are working, and which ones may need to be adjusted to enhance performance.

Getting a detailed look into what works and what doesn’t will make it easier for leaders to make changes to their strategies, or continue doing what they are doing.

Setting short-term goals isn’t just a means of accomplishing small tasks and calling them wins — they are necessary for small business owners looking for a consistent path to growth.

What Makes A Good Short-Term Goal?

We’ve briefly covered what makes the optimal short-term goal and how the SMART methodology should be incorporated, but let’s dive into what each letter means.

When creating an objective that is intended to be specific, it’s important to ask yourself the 5 W questions:

• Who can help accomplish the goal?
• What goal am I trying to accomplish?
• Where will this goal lead the company?
• Which tools or resources will I need to accomplish this goal?
• Why am I trying to accomplish this goal?

Once you’re able to answer these questions, creating a specific short-term goal will come much easier for you.

When determining whether these goals are measurable, you should focus on concrete data. 

For instance, if your company wants to reach a specific readership count by the end of the year, you will need to determine how much more writing is required to meet this number.

Next, while it’s very easy to get lost in the idealistic view of being a small business owner and the fulfillment it brings, you can only attain this success by giving you and your employees achievable goals.

This means setting attainable goals that still require hard work, while being prepared to face the potential obstacles that could prevent you from succeeding.

Although it also might be tempting to set countless small goals, it’s more important to identify the most realistic objectives that will help you reach your end goal.

But how do you know if your goal is realistic? Ask yourself the following:

• Does this goal align with our company’s needs?
• Is the outcome worthwhile?
• Will this be achievable in the current socio-economic climate?
• Am I choosing the right time to work towards this goal?

If your answer is “yes” to all of these questions, then it’s safe to say you’ve set a relevant short-term objective for your company.

Lastly, setting a deadline for each goal will play an important role in how well and when it gets accomplished.

Think about this:

Having a specific date that a goal should be completed by gives workers a better idea of how they should prioritize their every day work, and keeps them from being distracted by less-important tasks. 

Setting a time-based goal means understanding what is reasonable. 

While short-term goals for a business should not take incredibly long, ask yourself, “Can this be done today? How about this week? Or will I need at least one full month to ensure this is done correctly?”

Tight deadlines are often associated with high stress, but if set within reason, can actually help improve productivity. 

With less time allotted to complete a goal, workers have no choice but to hunker down, reach out to their colleagues for inventive brain-storming sessions, and finish the task at hand.

And if your workers need a meeting room or office to meet their short-term aims for your business, Alliance Virtual Offices provides affordable, fully-equipped spaces that are easy to book.

Keep in mind!

It’s incredibly important to remember that tight deadlines shouldn’t be dished out haphazardly.

If this approach is abused, workers risk sacrificing their creativity, experiencing more work-related stress, and the company could undermine customer confidence if the deadline cannot be met.

Still, you want to allow yourself an appropriate amount of time to complete such a goal to ensure that it is not only completed, but that it is completed exceptionally. Otherwise you risk hindering workplace morale and motivation, which could lead to employee burnout.

Tracking Progress Towards Short-term Goals

So how do you determine whether your company is meeting its short-term goals? Is there a way to tangibly measure and track progress?

In short, yes. But this will require clearly defined outcomes.

While it may be tempting to set a goal of “increasing profits” (Who wouldn’t want to accomplish this goal?), it’s vital to give a more detailed description of the goal. 

Instead, make it a goal to increase profits by 20% during a specified amount of time.

Having specifics attached to each goal makes it easier for you to objectively assess whether progress is being made. 

So in order to track the progress of each short-term objective for your business, think about incorporating the following to make measuring easier:

• Research
  • Conduct internal research about spending habits, customer service statistics, etc.
• Identify Key Performance Indicators (KPIs)
  • This type of data helps businesses chart their successes and profits as they are accomplished
• Use collaborative platforms
  • Employees should utilize platforms, such as Asana, to assign tasks that help them understand precisely what needs to be done before moving onto the next short-term goal
• Stay agile
  • Not every objective will be a million-dollar idea, so leaders should be prepared to adjust or alter how to meet goals in the most optimal way

Keeping all of these factors in mind gives you a physical representation of what strategies should be implemented and allows employees to stay in the loop on any progress that is being made. 

From there, you can log each factor that contributes to the specific goal being met. By doing this, you can physically see which strategic methods are best suited to contribute to your business’ objectives and which may need to be tweaked or scrapped altogether.

One thing to note is that short-term goals should be viewed against the ongoing trends your business already had before the goal was set.

For instance, if you were already seeing a growth in social media follower count, it could be that a new advertising campaign is not contributing to that continuous increase. Making these observations can actually help your company improve its goal-setting in the future, and set you up for real success.

Simply put, you need a concise image of your company’s progress in reaching its goals, both short-term and long-term.

The Stepping Stones To Success

There’s no issue with dreaming big and trying to make certain your business grows to be prosperous and competitive.

But looking at the big picture is just the first step.

Think of your company as a train, and your long-term goal being the end destination.

In order to get there, you’ll need fuel that powers the locomotive. That’s where short-term goals come in.

Small businesses are especially in need of this type of fuel. Without it, it’s extremely easy to get lost in the vague, ambiguous dreams of being the best company within your industry.

Substance is vital here. 

That’s why incorporating short-term goals is vital for small business growth. 

By creating specific, time-based objectives, you and your workers can receive immediate and valuable feedback on your current practices. 

Doing so not only shows that you are truly committed to the big picture stuff, but that your company wants to offer its best services to customers and a fulfilling work experience for employees.

But don’t be threatened by the idea of creating several, smaller tasks to achieve your larger dreams.

Recognizing small achievements will reveal just how capable you and your employees are, and allow you to set increasingly challenging steps to achieve the end-goal.

So whether that means incrementally growing sales by incrementally each month, or boosting your audience engagement each week, all short-term goals share one purpose:

To help small businesses thrive and flourish.

Further Reading

• The Ultimate Guide to Small Business Goal Setting
• How to Set Business Goals
• Six Steps for Setting Business Goals

The post Setting Short Term Goals for Your Small Business is Vital | Tips on SMART Goals and Measuring Progress first appeared on Alliance Virtual Offices.

• What is bookkeeping?
• Why is bookkeeping important for small businesses?
• How can small businesses make bookkeeping easier and more effective?

Do you feel confident taking care of your small business bookkeeping?

If not, you’re in the majority.

A whopping 60% of small business owners feel they aren’t knowledgeable when it comes to finances and accounting.

Yet many of them do it anyway.

Approximately 72% of business owners take care of their own accounting tasks, which can range from basic bookkeeping to the full end-to-end process, including filing taxes.

Whether you take care of your own books or have an accountant do it for you, it pays to understand your business finances.

That way you’ll have greater visibility over potential problems, such as cash flow (which, by the way, is a key factor in 82% of small business failures), as well as potential money-saving opportunities.

In this guide, we explore why it’s worth taking a closer look at your small business books and how you can do so, easily and effectively.

Disclaimer: Alliance Virtual Offices does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice.

What is Bookkeeping?

Bookkeeping is the process of accurately recording and tracking a company’s financial transactions.

What are the basics of bookkeeping?

Think of it this way:

Every business earns money, and every business spends money. Bookkeeping keeps track of it all.

Bookkeeping focuses heavily on day-to-day financial transactions.

This focuses largely on accounts receivable (money in) and accounts payable (money out). This is crucial, as these numbers give the business owner visibility over their business finances rather than simply showing immediate profits.

However, bookkeepers may also manage other tasks.

Here’s a breakdown of the main small business bookkeeping tasks:

• Keeping track of daily financial transactions. This could be as simple as recording bank transactions in a spreadsheet, or for more complex businesses involving inventory and multiple client accounts, it’s recommended to record transactions using accounting software.
• Reconcile financial accounts. This involves cross-referencing your books against bank statements and other source documents to confirm accuracy. For instance, checking that a payment received matches the payment owed.
• Invoicing and accounts receivable. Managing the accounts receivable ledger involves preparing and sending out invoices to clients. It’s important to ensure the information is accurate — including payment owed, company bank details, and the date by which payment should be received. Any errors could result in delayed payments.
• Credit control. As part of accounts receivable, bookkeepers may also get involved with credit control. This involves chasing up late payments from clients and keeping track of money owed. Some businesses may charge interest for late payments.
• Making payments on time. An important part of bookkeeping is making sure you have enough money to pay your expenses on time. Late payments may accrue interest, and they can also negatively impact your business credit score. If you foresee issues making a payment, speak to your supplier as soon as possible and try to work out a payment plan.
• Monitoring cash flow. Keeping accurate financial records helps make sure the company doesn’t run out of day-to-day money. Good cash flow keeps your business moving, and will enable you to lay firm foundations for future growth.

What’s the Difference Between Bookkeeping and Accounting?

Bookkeeping shares a lot with accounting. However, the two aren’t exactly the same.

The process of bookkeeping is heavily focused on day-to-day financial transactions. It involves a lot of data entry and cross-referencing.

Bookkeeping will cross over with accounting in many ways, but there are a few key differences.

What does an accountant do for a small business?

Accountants traditionally take more of an advisory role within a business. An accountant manages a business’s books, creates financial reports, and files taxes for the business.

Here are some of the key roles of a business accountant:

• Check and verify the accuracy of the accounting records (as prepared during the bookkeeping process).
• Prepare financial statements and reports as required by banks and governmental agencies.
• File taxes on behalf of the business.
• Provide monthly or quarterly insight into the financial health of the business.
• Assist with income tax planning.
• Advise on tax law, entity structure, and other crucial business decisions.

Some accountants carry out additional tasks, such as auditing.

To do this, they need to be a Certified Public Accountant (CPAs), which means they are regulated by their state board of accountancy.

The CPA designation distinguishes licensed accounting professionals committed to protecting the public interest. These professionals offer financial statement audits and other attestation services to help inform investors about the financial health of organizations. – AICPA

Approximately half of all registered accountants in the U.S. are CPAs. According to the Accounting Institute for Success, there are roughly 1.3 million accountants in the US and approaching 665,000 CPAs.

If you’re wondering, do I need an accountant for my small business?

For many small businesses, it’s not necessary to hire an accountant. However, it depends on the size and complexity of your business, your growth aspirations, and how much time you can dedicate to bookkeeping.

Remember that accountants don’t just handle company finances.

Accountants can also offer advice about your legal structure, developing a business plan, seeking credit, business growth, franchising, buying or selling a business, and more.

What are the Two Types of Bookkeeping?

The two types of bookkeeping are single-entry, which is sometimes used by very small businesses and the self-employed. The other is double-entry, which is more accurate and enables organizations to track their financial performance more efficiently.

Here’s a brief overview of each:

Single-entry bookkeeping is often used by very small businesses and self-employed people for simple transactions. It’s a record of transactions like cash, tax-deductible expenses, and taxable income.

It’s known as single-entry because only one entry is made for each transaction, similar to using a personal checkbook. In one column, income is recorded as a positive while an expense is marked as a negative amount.

It’s not efficient for large or complex businesses, as it doesn’t track transactions such as inventory, and it can’t be used to develop a balance sheet.

Double-entry booking is a more common method for businesses, even small businesses. It requires two entries to be made for each transaction — a debit entry in one account and a credit entry in another.

This system provides a much more accurate set of accounts and enables business owners to track asset and liability accounts, and closely monitor profit and loss.

Why is Bookkeeping Important for Small Businesses?

Bookkeeping isn’t just about making records and checking off payments.

It has a higher purpose: to keep a watchful eye on your business finances and ensure enough money is flowing in to match expenditure, and facilitate growth.

Big picture, efficient bookkeeping gives you an accurate overview of your small business’s progress and financial health.

When you know exactly where your money is going, you can make better budgeting and strategic decisions. For instance, whether to apply for business credit.

Overall, efficient small business bookkeeping can help you plan and set a path for financial growth.

Here are 4 more reasons why bookkeeping is important for small businesses:

Separate business and personal finances.

It’s important to keep all business and personal finances separate. This way, you will have a more accurate representation of your small business finances. More importantly, depending on your business structure, a clear divide means you may not be personally held liable for any debts or issues related to your business.

Clear separation between your personal and business finances is also important in the event of an IRS audit. Even if you’re fully compliant with IRS tax laws, you could be audited. If you do face an audit, having a clear paper trail and organized financial records will enable you to easily answer any questions the IRS may have about expenses, income, losses, tax deductions, tax returns and more.

“An audit puts the burden of proof on you to disclose your business expenses and income. Keeping good records saves you from having to dig through a huge box of receipts to figure out which purchases were for business and which were for your personal expenses. Keeping your business finances separate also reduces your legal liability and can help you manage your tax and business bills more efficiently.” – Intuit Quickbooks

Streamline tax processes.

Regular, consistent record-keeping and tracking streamlines your tax processes, and reduces any last-minute scramble to meet the tax filing deadline.

Because your business already has detailed records in place, reporting is made much simpler. When you keep on top of your business finances through organized bookkeeping, you have more time to accurately calculate deductions, and also work more efficiently with any tax professionals.

This also reduces the possibility of human error. By managing your transactions and reconciliation, and by giving yourself time to do so (rather than leaving everything until the last minute) you can more easily identify any mistakes. Catching mistakes sooner rather than later saves a lot of time and worry later on.

Provide accurate records for credit applications.

One important role of bookkeeping is that it can support any business funding applications you may decide to make in the future.

The organizational element of bookkeeping demonstrates to potential lenders that you’re on top of your finances, which helps instil trust and credibility. Plus, it means all required records are organized and easy to find.

Free up time to focus on your business.

By keeping on top of your business finances, you’ll have peace of mind knowing your books are in order. This not only frees up your time as tax deadline looms, but also means any financial statements or documentation you might need for effective planning is easily and quickly to hand.

How Can Small Businesses Make Bookkeeping Easier and More Effective?

How do you do bookkeeping for a small business?

There are three main ways you can manage bookkeeping for your small business:

1. Do it yourself.
2. Use an online bookkeeping service.
3. Work with an accounting professional.

Research suggests that accountants only handle 25% of accounting tasks for small businesses and the self employed.

The remaining 75% do their own accounting, with around 64.4% of small business owners making use of accounting software to help them.

It comes down to personal choice and preference.

However, as your business grows, it makes sense to consider all available options to ensure your books are accurate and up-to-date.

Here, we’ll dig into these three methods and the pros and cons of each.

Do it yourself bookkeeping

It’s common for self-employed people and very small business owners to take care of their own bookkeeping, particularly when starting out.

However, this can change as the business grows and the business owner takes on more work and responsibilities.

On the plus side, managing your own books puts you in a position of control. You have visibility over your finances and can keep a close eye on money coming in, and money going out.

It saves costs too, as you’re not paying for a bookkeeping service or a professional to do it for you.

Considering most startups make use of personal equity, traditional debt, and their own personal savings, it’s easy to see why cost-saving is a top priority.

In fact, for truly small businesses, bookkeeping can sometimes be accomplished with nothing more than a spreadsheet.

To help with the process, consider using a small business bookkeeping template. Here are some examples for Excel.

However, bookkeeping can be tedious and time-consuming — especially if you’re new to it.

Spending time managing your own financial records takes you away from your core business. When time becomes short or you’re under pressure to meet client deadlines, it’s easy to let your bookkeeping duties fall behind.

When this happens, mistakes creep in.

This can lead to costly problems.

Always keep in mind that your small business could face an audit by the IRS, at any time.

If that happens, you must be able to answer questions about your financial records. If there are mistakes or holes in your bookkeeping, your business could be fined.

Not only that, it will cost you time to put the problems right — and you may need to hire a professional to help.

And if clients hear that you’ve been pulled up by the IRS, it could cost your reputation, too.

That’s not to say that managing your own books is the wrong decision. But, be fully aware of the responsibilities that come with it.

If you’re intent on managing your own small business books, here are some tips to help:

• Consider using a small business bookkeeping app rather than relying solely on spreadsheets. Systems like this help you to manage your income and expenses and also take care of tasks such as invoicing, recurring billing and automatic payments. Automating your bookkeeping responsibilities ensures vital tasks like invoicing happen on time, every time. In fact, research suggests that more than 64% of small business owners use accounting software instead of enlisting the help of qualified accountants.
• Learn or brush up your bookkeeping skills. The IRS has plenty of resources to help you along the way, including online learning programs as well as in-person workshops, meetings and seminars. View events by state, here.
• Set time aside regularly to update your books. Don’t leave everything until the last minute. As a small business owner, expecting the unexpected comes with the territory — therefore, make sure you continually stay on top of your books as often as possible. Digging around for receipts on tax deadline day is stressful, time-consuming, and leaves you vulnerable to costly errors.

We strongly advise furthering your bookkeeping knowledge and skills to ensure your processes are accurate and compliant.

We strongly advise furthering your bookkeeping knowledge and skills to ensure your processes are accurate and compliant.

Consider taking small business bookkeeping classes. Search through an online course provider like Udemy, or ask your local business advisor for recommendations.

Online bookkeeping services

If you want to reduce the responsibility on your shoulders, consider outsourcing to an online bookkeeping service.

These services are typically backed by a team of accountants that utilize online bookkeeping software, with services varying depending on what you need.

Online bookkeeping service providers typically offer different plans that may be billed monthly or annually.

Let’s take Bench as an example.

At the time of writing, Bench offers two main plans. Their first is a standard plan that provides monthly bookkeeping with year-end tax ready financial statements.

The second is a premium plan with the addition of tax advisory services, one-on-one tax strategy planning, and annual tax filing.

And since every business is unique, customized services are also available.

The clear benefit in using an online service is expertise.

Your books will be taken care of by a team of professionals, who are also available to offer help and support should you need it. This gives you complete peace of mind.

It also frees up your time, allowing you to focus more on your business and less on worrying about taxes.

Of course, you will need to pay for these services. But that is often offset by the time you will save (along with any potential mistakes you might make).

Most online services communicate through phone, chat or email, which means you won’t need to book out a meeting room or travel to an accountant’s office.

That being said, using an online service does mean that there is often a physical distance between you and the bookkeeper. When interpreting numbers or working out discrepancies, sometimes it helps to have an in-person meeting.

Work with a bookkeeping or accounting professional

The final option is to hire a bookkeeper or an accountant to work in your business.

Bookkeepers can be hired full-time, part-time or even on a freelance basis, which can help reduce costs.

The big benefit of an in-house bookkeeper is that they get to know your business, inside out, which provides valuable insights into your business finances.

It also helps them to identify opportunities for cost saving, tax deductions, and financial planning strategies.

A customized service takes the burden off your shoulders, and provides a specific person for go-to advice, anytime you have questions or concerns.

Crucially, trained specialists will ensure your business remains compliant, and can perform accounting services without flouting tax laws.

The obvious downside is cost, as hiring your own professional will take up a much larger share of your budget than using a standard online bookkeeping plan or off-the-shelf software.

However, if your business is large enough, it certainly pays to have a dedicated professional within your team, especially if they can help navigate complicated situations and maximize your tax return.

Search for local, qualified accountants via the IRS website. Or, simply start by searching online for ‘small business bookkeeping near me’.

How to Find Bookkeeping Help

At Alliance Virtual Offices, it’s our mission to help small businesses operate more flexibly, save money, and achieve growth.

We do that in a variety of ways, one of which is to recommend small business service providers on our Marketplace.

Here you’ll find a number of hand-selected partner companies, who take care of various small business needs — including small business bookkeeping.

Head over to www.alliancevirtualoffices.com/marketplace to learn more.

We can help you achieve sustainable, cost-effective growth in other ways, too.

Here’s how:

Virtual Office

Create an instant presence with a commercially recognized address. Every virtual office includes a business address, mail processing, and easy access to onsite meeting rooms. Use your address to register your business, open a bank account, apply for credit, and more.

Plans start from $49 per month

Virtual Phone

Establish credibility with a dedicated business number. Choose a local area code or break free from geographic boundaries with a toll-free number. A powerful VoIP phone system keeps your business connected with unlimited extensions, user-friendly call menus, customized greetings, and more.

Only $30/month

Live Receptionist

Strengthen your call experience with the help of our friendly, professional receptionists. We screen and connect every call, Monday to Saturday, which means fewer distractions and more time to focus on your business. Includes a business number and a market-leading virtual phone system.

Plans start from $125/month

Meeting Room and Office Rental

Work productively with hourly or daily access to private meeting rooms and offices. Choose from thousands of meeting rooms and workspaces globally with flexible rates by the hour, half day and full day. Every workspace is prepared for your arrival, with friendly onsite staff to greet visitors and help to make your meeting run smoothly.

Starting at $10/hour

Coworking

Coworking provides a connected, wellness-focused workplace with an established community of professionals. Flexible monthly subscriptions provide everything you need to work productively, including high speed Wi-Fi, comfortable workstations, onsite meeting rooms and helpful staff.

Plans start from $55/month

Conclusion

Bookkeeping is non-negotiable for any business.

Not only is it legally important, but it also provides you with valuable insights into your company’s financial status.

Keeping a tight grip on finances is critical for growth and success. And while it’s tempting to try to control every part of your business — including your books — often, it pays to bring in a little help.

There are many different ways to handle bookkeeping, and as a business owner you should weigh the pros and cons to find the right solution for you, and your business.

For more tips and guidance on small business bookkeeping, take a look at our list of resources below.

Further Reading and Resources

Whether you’re looking for small business bookkeeping for dummies, or a guide pertaining to the finer points of accumulated depreciation, these resources will help signpost the way:

• Accounting Coach
• SBA – Find Free Local Assistance
• IRS Video Portal – Tax Workshops
• Overview of Small Business Bookkeeping and Accounting Tools (Hubspot)
• Bookkeeping Guides (FreeAgent)
• Small-Business Bookkeeping Basics (Business.org)
• Small Business Guides (Xero)
• Bookkeeping and Accounting Courses (Udemy)

The post Small Business Bookkeeping Got You Down? Use Our Guide to Get Organized first appeared on Alliance Virtual Offices.

• What is an email list?
• How can small businesses benefit from generating an email list?
• How can small businesses grow and manage email lists?

Q: How can small businesses generate more business leads through email lists?

A: Small businesses can generate more leads by building an effective email list of clients and prospects that are interested in their solutions and sending them engaging content that is relevant to the industry and their company.

What’s one of the most powerful and cost-effective small business marketing tools?

You guessed it: email marketing.

Email marketing provides an average return on investment of $42 for every $1 spent, making it one of the best performing marketing channels available.

But before you can create high-performing email campaigns, you need an email list.

Quite simply, an email list for marketing is a collection of email addresses.

You can build an email list yourself by encouraging people to provide their email address through a form on your website, at an event, an affiliate landing page, or various other means.

Once they have given you their email address, subscribers expect to receive information, updates, discounts, or other such details about your business directly to their email inbox.

These people are tuned-in, ready and waiting for information from your brand.

And that’s why email lists are so valuable.

“Email lists are an essential aspect of any marketing strategy since they enable marketers to target the right subscribers and grow leads.” – Hubspot

You might be thinking, why? Who wants to get bombarded by emails every day?

In today’s digital landscape, direct connection is everything.

Consumers want brands to come to them, and they expect to be updated automatically rather than having to seek out new products or services.

There’s a lot of marketing ‘noise’ out there. Information overload is real, and as a consumer, sometimes it’s a lot easier to receive targeted, interesting content direct to your inbox rather than wading through search engine results, ads, and social media posts.

Key to that is creating, and nurturing, the right email list.

Good news is, building an email list isn’t difficult or expensive.

There are various ways to attract email subscribers and grow your email list, which we’ll explain in this guide.

We’ll also dip into the benefits of email lists, how email marketing can help your business grow stronger, and tips to keep your valuable email subscribers tuned in and engaged.

Ready to learn more about email lists?

Let’s get started.

What is an Email List?

An email list is a running list of email addresses gathered from any number of lead-generating sources and strategies.

Your own email address is probably on dozens of different email lists.

Every time you put your email address into a form and tick the consent box, your email address is joining a marketing email list. It might be related to your business, or it could be for something personal — like your favourite local coffee shop.

Once your email is in that list, it may be segmented. This means you are grouped according to certain parameters (such as preferences or interests) and then added to a ‘sub-list’.

This is a good thing. It means you are more likely to receive targeted content that’s relevant and useful.

Now think about how your own business could benefit from having an email list.

Essentially, it allows you to mass email a wealth of leads, informing them of new developments. This keeps your brand relevant in the minds of your consumers and helps ensure they don’t lose interest.

In short, a carefully maintained email list, combined with the right content, can be fundamental to business growth.

What Benefits are Gained from Having an Email List?

60% of consumers say they’ve made a purchase as the result of a marketing email they received. That’s compared to 12.5% of consumers who buy through social media.

Email marketing can be incredibly powerful.

But there’s more to a successful campaign than simply writing an engaging email. It’s about who you send it to — and that’s why your email list is so important.

How Can Small Businesses Grow and Manage their Email Lists?

How do I create an email list?

The easiest way to create an email list is to use an email list service. Here are some popular and easy-to-use email list platforms for SMBs:

• Mailchimp
• Constant Contact
• SendinBlue
• AWeber
• GetResponse

Here we’ll explore some tried-and-tested ways to build and maintain your email marketing list.

Building Your Email List from Scratch

How do I get people to join my email list?

Using a landing page or a blog post on your website with a strong call to action is a great way to get people to sign up for your email list.

You can generate traffic to landing pages and blog posts from a variety of sources — such as search engine results, social media ads, affiliate articles, or other third party content.

Once a user lands on your blog or landing page, direct them to a sign-up form with a customized message. The message on your form should be adapted to the landing page subject (for instance, sales techniques), or the purpose (learn how to increase sales).

If you have a particularly in-depth blog post or a guide, consider converting it into ‘gated content’. This means you require an email address in order for the reader to access the full article.

Pop-ups and slide-ins also entice users to sign up.

According to one study, users saw their list growth rate increase by an average of 50.8% after adding a pop-up form to their site.

It’s important to keep your pop-up content short and concise, and give a compelling reason to sign up. For instance: ‘Learn how to increase sales revenue with our simple 3-step guide. Get yours here!’

Of course pop-ups can be annoying, especially when the message is irrelevant. Consider using timed pop-ups that act on how long the user has been on the site, or on their browsing behavior.

For instance, tracked links ensure that people who visit your website from your newsletter won’t see the pop-up, because they’re already a subscriber.

Those viewing product pages or moving through the sales funnel shouldn’t receive a pop-up (unless it’s directly related to a product) because it could distract their purchase decisions.

Add Value with a Powerful Call-to-Action

One of the key factors in successfully gaining leads is ensuring your call to action (CTA) is targeted and impactful.

It should make the viewer want to join the email list.

In today’s era of information overload, a simple ‘Click here’ won’t cut it.

Customize your CTA to entice readers to take that next step.

Add a sense of urgency, such as ‘Buy Now!’ or capitalize on our natural fear of missing out with phrases such as ‘Last Chance’ or ‘Ends Tomorrow’.

Above all, use your CTA to add value.

When writing a CTA, always ask ‘Why?’

A button that says simply ‘Sign Up’ doesn’t answer the ‘Why should I?’ question. There’s no obvious value.

Instead, a button that says ‘Gain Exclusive Access’ or ‘Get Your Free Gift’ gives a reason to subscribe. Your reader knows they are getting something exclusive simply in exchange for providing their email address.

If you’re wondering, is it illegal to buy email lists?

Don’t even think about it.

Buying email lists can be illegal. It’s a violation of GDPR and the CAN-SPAM Act.

Even if the seller claims that the list is “Opt-In” or “Verified,” you have no idea what content the subscribers first signed up for. This post explains the dangers in full.

Maintaining Your Email List and Keeping Subscribers

Once you’ve started gaining subscribers, the next challenge is to keep them.

The idea is simple: Provide what they signed up for.

The aim of email list management is to nurture your subscribers. By keeping them engaged with your content, they’re more likely to stay subscribed to your emails.

Whether that’s exclusive content, special discounts, or interesting news, you need to fulfil your promise and deliver relevant content in a timely manner.

First, create a strong and friendly welcome email.

Once they join your email list, the subscriber should be greeted by an email that engages their interest and reminds them why they subscribed.

76% of people expect to receive a welcome email immediately after subscribing to your list.

Your first email is arguably your most important. Use it to connect with your new subscriber and give them one or more reasons to stay.

Reaffirm their reason for signing up, and if they are expecting an exclusive download or a product code, now is the time to deliver it.

Include instructions on how to activate it, and FAQs or contact information in case they require help or support.

But don’t stop there.

Use your welcome email to connect with your subscribers, demonstrate your brand promise, and summarize the benefits your products or services can offer.

There is always more value you can offer your subscribers.

You can include links to enticing content, an exclusive offer, or a list of quick tips to help them get started.

Next, send consistent content.

After your initial welcome email, you can begin sending regular, customized content to your subscribers.

The aim is to keep your brand top of mind. With every email you send, your objective is for subscribers to want to reach for it and feel excited about the content inside.

To do this, your content should be relevant and engaging.

Remember to focus on keeping it tuned to what your subscribers expect. Whether it’s the latest news or exclusive discounts, by delivering on your promise consistently, your subscribers will remain loyal.

If your list is large and varied enough, you may want to segment it.

This could be as simple as segmenting into ‘existing clients’ and ‘leads’.

Or, depending on your product range you could segment further and create customized content by location, age, interests, or other demographic data.

A good email marketing platform will enable you to easily create segments within your email list.

Ultimately, segmenting your email list allows you to reach different niches with content better suited to their wants and needs.

Best Time of the Week to Send Emails

What time do people check their emails the most?

Although it’s not an exact science, research suggests that 10am and 1pm typically have strong open and click rates.

Generally, research suggests that Tuesdays, Wednesdays and Thursdays are the best days to send emails.

Friday is generally the least effective, but it’s still considered a better day to send than Saturday or Sunday.

Remember though, it depends on factors such as your audience demographics, behaviors, and also your industry.

Find out for yourself by sending emails on different days, analyzing the results, and testing again.

Most email marketing platforms provide analytics that will help you drill down into the data.

Creating Content for Email Subscribers

Now for the big topic: What should I send my subscribers?

Before you do anything, create a content calendar for your email marketing campaigns. It can be a simple spreadsheet containing:

• Send date
• Email list or segment
• Topic
• Main CTA (where will you send readers?)

Even if you only send one email per week, your calendar will provide visibility over your email schedule to help ensure your content is timely, relevant, and well balanced.

Next, start to populate your calendar with topics.

Every time you create email content, think about its purpose.

What value will it bring to your subscribers?

Let’s take the example of No.12 in the above list: Team bios and stories.

Storytelling is all about capturing the humanness of your team, your company, and your vision. Within your email, provide a glimpse into the lives of one of your people.

You and your people are all unique. What stories can you tell? How did you get here? What accomplishments have you made in your lifetime?

Stories build connections, engage the reader, and show that you’re human — not a faceless company.

Your email should provide a short glimpse into the beginning of your story. A click-through button with an enticing CTA will take the reader to your website to continue reading.

List Analysis and Cleaning

What is a good email list?

A good email list is one which has a high conversion and increases traffic to your desired destination (typically your website, product pages, or booking form).

If your email list is growing but your open and click-through rates remain stubbornly low, it’s probably time to clean up your email list.

Noticing who is joining and who is leaving your email list will give you valuable insights into who you should target, and where you might need to change your approach.

By regularly analyzing and ‘cleaning up’ your list, it will enable you to improve engagement.

A list that’s full of outdated or invalid email addresses will result in email bounces and spam complaints, which can impact your ability to reach your subscriber base.

You can deal with email bounce backs manually, or as your list grows, you can use an email verification tool to speed up the process.

Some verification tools include ZeroBounce, Mailfloss, MailerCheck, EmailListVerify and Clearout.

These tools scan and verify your email list and remove invalid emails, resulting in a higher deliverability rate.

A Word About Disengagement

Don’t keep ‘sleeper’ subscribers in your email list for too long.

They’re the ones who sit on your email list and delete your emails without reading or engaging with them. Or worse, they simply mark your emails as ‘spam’.

Why don’t they unsubscribe?

There could be various reasons. Perhaps the unsubscribe process isn’t clear enough. Or maybe the email goes into their spam folder, unnoticed.

Or perhaps they simply aren’t taking the time to unsubscribe — this is more common than you might think.

Regardless of the reason, you need to act.

• Notify unengaged subscribers that you miss them, and offer them the chance to re-opt in. Wait a couple of weeks and then remove them if they don’t re-subscribe.
• Make your ‘unsubscribe’ process obvious and easy to follow.
• On your ‘unsubscribe’ form, ask for optional feedback on why they are leaving. Offer 4 or 5 multiple choice reasons and a comment box.

Why not just keep ‘sleeper’ subscribers?

If they’re no longer interested, you are wasting time and money by communicating with them.

Worse, if recipients feel like they can’t leave because the unsubscribe feature isn’t clear enough, they’ll get frustrated and mark your emails as spam.

This counts as a big strike against your sender reputation.

When recipients report your emails, ISPs (Internet Service Providers) lose confidence that your emails are of any value, which means that they may block or filter your emails out for other recipients’ inboxes as well.

So, by removing ‘sleeper’ subscribers, you’re doing everyone a favor.

Conclusion

Email marketing is a powerful marketing tool for small businesses.

Thanks to the wide variety of email management platforms available, building and managing your own email list isn’t difficult or expensive.

Small businesses can use their email lists to generate engagement, increase conversions and grow with relatively little cost.

We hope this guide has helped you to understand how to start and build an email list. Why not connect with us on Twitter and Facebook and share your email marketing insights?

Further Reading

• Eight Ways Small Businesses Can Build an Email List Faster
• 10 Ways to Step Up Your Marketing and Brand Building
• How to Start Using Email to Market Your Small Business

The post Lead Generation: Building Your Business with Email Lists first appeared on Alliance Virtual Offices.