Return on investment is the very close cousin of cost-benefit, but in this case, I will apply it in a strictly financial sense, and use my real-life work as an example. My personal assistant, whose name is Eric, does a lot of research, logistics, and planning for me as a journalist. Because he expands my efficiency, I’m free to take on more assignments and make more money. I would estimate that for the $50 investment I make for each week I hire him out, I make twice as much money minimum because of his help. So if I pocket $100 I wouldn’t otherwise make, and pay him $50, the return on investment is $50. Makes sense? (By the way, that’s during a slow week. Sometimes the return on investment is two or three times as much.)
Virtual collaboration offers a profound way to cater to employees with diverse working styles. For example, detailed-driven workers tend to excel in virtual environments. They typically have no trouble planning their workday and accomplishing daily tasks. Emotionally driven individuals may prefer to speak directly over the phone or face-to-face in a video conference, because they typically read social cues very well and prefer verbal communication. Idea-driven workers thrive when facilitating change and usually prefer a lead role in brainstorming solutions, so you should consider giving them more responsibility when strategizing in the virtual setting. Data-driven workers are highly adept at solving complex problems. They don’t typically need an extra push to stay on topic or on budget, but they may prefer to work alone quietly rather than lead a virtual group discussion.
Even if you can do all the administrative work yourself, why should you? The one hour a day you spend running to the post office, balancing the checkbook, or booking airline tickets would be better spent calling prospects, learning, or thinking strategically. Always try to spend as much time as possible using your unique strengths on your highest leverage activities. Running out to Staples to buy printer paper probably doesn’t fall into that category.

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In a world that is constantly on the move, the concept of “office” appears to be best left behind in the 20th century. With the rise of cloud technology and the increased need for people to stay mobile, the idea of going to an office seems to be fading away fast. As a company owner, there's no more need to spend thousands of dollars on renting an office space and managing an in-house team.


Luckily, challenges bring with them opportunities. Company leaders managing remote employees can take action to circumvent the possible negative effects of remote work. They can require remote workers to check in with another employee or manager every day, simply to engage in a friendly conversation, and enjoy some personal facetime to break up the workday, as would be normal in an office setting.
When you work from home, you don't get the benefits of employee interactions. These benefits that an organization gains are hardly documented or understood. Many complex "back and forths" in a work-from-home setting can be quickly discussed and decided over the water cooler in an office setting. You work at work and enjoy home at home. Don't work from home and home at work. - Bastin Gerald, Apptivo
It doesn't matter if you are running a lean start-up or a long-running profitable business. You always have the chance of enjoying the benefits of virtual teams. When you have a virtual team, you not only see less staffing costs, but also profit from a workforce that is highly motivated and productive. Confused if this decision would prove to be right for you? Don't worry. Here are some reasons for you to consider setting up a virtual team.
In the world of business, expeditiousness is the key to staying ahead of the competition. This rule applies to everything from manufacturing to training. In respect to swift training for HR departments, virtual training capabilities are giving businesses the advantage. Through the use of training portals and classrooms, your HR struggles of maintaining efficiency with employee training are dissolved.
Web Site Designer/Administrator – You will find a pool of virtual assistants who specialize in website design and management. You will find a lot of virtual assistants in this arena who are experts in web creation using software such as WordPress and others like it. Specifically, you can easily find virtual assistants who promote WordPress as their niche. If your company needs assistance with its website, which includes a blog, using this type of virtual assistant would be great for your business.

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Greater Productivity - Happier employees are more productive employees. When people can more easily balance work and personal lives and work in their own controlled environment, they deal with fewer distractions and become more productive. Add this to the increased efficiency your company can gain using automated article posting and productivity will soar.
When you work from home, you don't get the benefits of employee interactions. These benefits that an organization gains are hardly documented or understood. Many complex "back and forths" in a work-from-home setting can be quickly discussed and decided over the water cooler in an office setting. You work at work and enjoy home at home. Don't work from home and home at work. - Bastin Gerald, Apptivo
Use time zones to your advantage. Timezones are a great and terrible thing. On one hand, I know what it’s like to wake up at 6 a.m. for a meeting. Or sleep at 3 a.m. waiting for an update from the team. I’ve also seen the benefits of having a person online at all times for our customers. This is especially powerful in customer support. It allows for 24/7 support with just a few strategically placed (literally) people. Time.is is a great way to compare what time it is (and will be) in other places and can help you keep track of the time where your other team members are. And don’t fret, because you’ll get the hang of it. I often forget what time it is where I am. But after working on a remote team for 3 years, I’ve learned how to do timezone calculations almost subconsciously. Just be sure to set an alarm for Daylight Savings.
Personal life and work life imbalance: As it involves work being done in the same physical space as where most people typically go about their personal lives, it is inevitable that work will be invasive in your personal life or vice versa. This means that maintaining harmony between work life and personal life is crucial to the success of virtual work.

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In a 2008 interview with American Society of Association Executives, Deb Keary, human resources director for the Society for Human Resource Management, cited two potential problems with telecommuting. One is if a telecommuter isn't suited to working outside the office, and the work suffers. The other is if the manager isn't suited to it or isn't comfortable with it. In that case, it won't work. "Not all managers are cut out to supervise telecommuters," she said. In addition, there are some occupations that obviously are unsuitable for telework arrangements, such as laborers and clinicians; however, positions that require minimal personal interaction may be very well suited to telecommuting from virtual offices.
If you’re a busy person trying to make headway in your business and financial life, a personal assistant might seem like an expense you can’t afford. But to get rich, you have to think like rich people do, and the first step begins with what I call “abundance mentality.” A person who lacks this looks at the possibility of a personal assistant and says, “Oh no, I can’t afford that.”
Reduced Time to Market - Since the members span the time zones, there could be different team working on the same project 24*7, so when one member sleeps there will be another one somewhere else who would start work where the former had left. This shortens the product development time as well as faster response time to demands in both global and local markets.
The conversation is twofold: Employees who work from home help companies reduce overhead costs, experience greater satisfaction in their jobs, and they’re more productive, but companies ultimately have the discretion to not offer work from home policies — or revoke them — if company leaders believe that managing a virtual workplace decreases speed or hinders collaboration.
Having a virtual office can cause employees to miss out on the social advantage of being in an office. Virtual employees can suffer from the "out of sight, out of mind" effect, in which they could be passed on for promotions or opportunities because they weren't in the office for management to consider them. They also can miss out on networking opportunities which could lead to other options in the company. 
Americans who telecommute for work are doing so for increased amounts of time. According to a Gallup survey, the number of workers who work one day or less from home shrank from 34% to 25% between 2012 and 2016. In the same time period, the number of people working remotely four or five days a week rose from 24% to 31%. According to Gallup’s State of the American Workplace report, 43% of Americans said they spent at least some time working remotely last year, up from 39% in 2012.
While there will always be the need for full-time, on-site staff, the popularity of remote work might allow you to also use part-timers and save thousands in the process. People are much more likely to consider part-time work if they don't have to come in and can have flexibility, and not every role or company need requires a full-time employee. You also won't limit your talent pool by geography. - Elle Kaplan, LexION Capital
Newer Opportunities - If we see at larger societal level, virtual teams have created newer opportunities for people who are less mobile and hesitant to relocate due to either family requirement or physical challenge. Now any task that does not require the physical presence of a person and which can be supported by communication technology throws an opportunity for many deserving candidates.

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Establish an onboarding process. Be sure that every employee who collaborates virtually has the same onboarding experience. They should be given access to the same communication systems and handbooks that explain the company processes. Everyone should be given the same advice and tools for success as they’re brought on board. If possible, it can even be very valuable to have an initial onboarding done face-to-face in an office location.

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