The flexibility that comes with managing a virtual team is unparalleled, as it gives you the ability to alter the configuration according to the ever-evolving challenges. It's time for you to put together a highly motivated virtual team of your own that is ready to go above and beyond your expectations. With the right team available at your disposal at all times, success can't be very far away.

Conflicts, Lack of Trust & Collaboration - The cultural differences between the members of virtual teams gives rise to number of conflicts. For example, while an American would write a straightforward email describing a bad situation, this would be perceived as impolite by a South Asian (say Japanese) member of the team. This would lead to conflicts, mistrust and difficulties in fruitful collaboration which is so vital for the success of virtual team functioning. These challenges are also precipitated by the absence of non-verbal cues so intrinsic to face-to-face interactions.
For employees, having the ability to telecommute thanks to having a virtual work place provides them with savings on commuting costs such as fuel. A paper from The Mobility Choice Coalition found that if 10 million employees who have the option to telecommute do so just twice a month, 21 million barrels of oil would be saved a year. With gas prices close to $4.00 a gallon, this would amount to $1.7 billion of fuel cost savings a year.1
Employee engagement and motivation. Consider giving remote and office workers surveys to see who is more engaged and motivated overall. Ask questions about how they feel coming to work every day, find out whether they’re inspired at work and ask if they think their role within the company is important. Ask specific questions about whether or not they feel included in group decisions and ask if they feel as though their needs and concerns are considered and addressed.

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Over the past decade, a rising number of young professionals, primarily from the United States and Europe, have leveraged the use of technology to work remotely and live a nomadic lifestyle. A forecast of employment trends by the World Economic Forum called flexible work, including virtual teams, “one of the biggest drivers of transformation” in the workplace, while a Gallup poll found that 37% of respondents have already worked virtually.

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One of the problems I have come across with remote employees is communication. Being able to discuss ideas on a common whiteboard or screen is more effective in person, as you can gauge reactions and tailor the discussion when you are able to see the whole person. Also, remote employees often have flexible hours that can lead to scheduling issues and make spontaneous communications problematic. - Chris Kirby, Voices.com
They’re more work to manage and have a time overhead compared to someone at the office is a big part. It’s also easy to forget and ignore remote workers and it can be harder to evaluate their productivity. A culture that has a mix of remote and non-remote has the remotes pretty isolated as the normal way of communicating things has them left out. (source)
Companies are being forced to address production over presence as the ultimate indicator of value in the remote world. That is forcing people to rethink their traditional compensation plans. As these compensation plans better align employees with the company, the overall financial picture improves. People are incentivized to the right behaviors, and both the company and employee benefit. - Matthew May, Acuity
If you hire locally in your own city you are greatly restricting the available talent pool that you can draw upon. You can also use the cost savings from virtual teams to pay more to your team members. The combination of being able to hire from anywhere, and potentially pay more will greatly increase the level of talent that you can attract in your business.

Customer Service Representative – For a busy entrepreneur, customer service is a great task to outsource to a virtual assistant. You can forward calls to your virtual assistant, and they can become a virtual call center designated specifically for your business. With the enhancement of technology, there are companies such as Ring Central that make this an easy option for small businesses. Additionally, the virtual assistant can handle any follow-up calls as needed.

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