With technology advancing leaps and bounds over the past decade, many entrepreneurs have been given the choice of either setting up a traditional company (a company with a physical location that houses its employees) or a virtual company (a company without a physical office, and run in such a way as its employees can work from anywhere). As a business consultant for Philippine SMEs, I usually advise many start-ups to strongly consider going virtual. For start-ups, there are many benefits to going virtual from the beginning. However, can this structure also be applied to existing traditional companies? The answer to this is not an easy one.
Before we answer that question, let’s first look at the advantages of setting-up a virtual company:
Though going virtual can be a really good idea, it can also be quite challenging to many Filipino companies; especially if they’re transitioning from a traditional set-up. Here’s why:
So, should traditional Filipino companies go virtual? Well, difficult as it may seem, these traditional companies (especially SMEs) will eventually have to transition to virtual if they want to stay alive in the years ahead, But, there’s no hurry yet. They can do this gradually so as to give their people time to adjust. And when they do, they will see just how rewarding it is to go virtual.
is the Managing Director of Our-Knowledge Asia and a Business Consultant for Local and Foreign Start-ups, SMEs and Organizations based in the Philippines.