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Studies have consistently found that remote-first businesses often outperform in-office businesses across a range of areas, including cost savings, productivity, and employee satisfaction.
Remote businesses also make good business sense for their owners, with significantly lower overhead costs and access to a global, top-tier talent pool. Yet these advantages don’t guarantee that every remote business will succeed. In most cases, a successful 100% remote business has these fundamentals:
Good Financial Decision-Making
A remote business typically has lower costs than a bricks-and-mortar establishment, but that doesn’t guarantee financial success. A successful venture relies heavily on sound financial decision-making.
Many of the best remote businesses engage a virtual CFO to support key finance-related tasks, such as cash flow forecasting, data analytics and insights, and creating a lean operational model. They also leverage their lower overhead costs to invest in technology, security, and employee well-being, strengthening the most important areas of their business.
A Clear Vision and Values
In a remote business that has always been remote, you can’t rely on watercooler discussions to ensure all employees are on the same page or to adjust expectations. You must have a clear vision and documented strategy that all new and seasoned employees are aware of and follow.
Most successful remote businesses have a clear mission and values that build trust, alignment, and productivity across teams in multiple time zones. For example, the largest all-remote company, GitLab, operates with an ‘Everyone can contribute’ mission, and values consisting of CREDIT:
Collaboration
Results
Efficiency
Diversity, inclusion, and belonging
Iteration
Transparency
Such a mission and values help foster trust and maintain cohesion in the absence of a shared physical workspace.
Robust Hiring Processes
While some businesses are in a pos… Read More
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