Working from home has become a fixture for many companies, but opinions vary on its effectiveness. While some, like Mark Zuckerberg, praise its impact on productivity, others such as Elon Musk and Sir Jim Ratcliffe of INEOS remain sceptical.
BusinessesForSale.com, a global platform for buying and selling businesses, has fully embraced remote work. Employing around 50 staff across continents, including Australia, Mexico, Cyprus, Poland, India, South Africa, the US, Spain, and the UK, the company has seen substantial growth since its shift to remote operations, which began before but accelerated during the pandemic.
From London Headquarters to Global Reach
Founded in 2000 with an initial £1.7m funding, the company originally required all employees to work from its London office. Today, only a quarter of staff are based in London, with the remainder distributed across the UK. The company’s flexible policy allows UK employees to work from the office just one day a week—Wednesday—if they choose.
This day has become a social highlight, where colleagues from around the world occasionally fly in to join the office gathering. “The irony is not lost on us,” says a company representative, reflecting on how the one day of office work often ends in socialising.
Agility and Increased Revenue
Since transitioning to a fully remote model in 2020, BusinessesForSale.com’s revenue has surged by 30%, surpassing pre-pandemic levels. This growth is attributed to the efficient rollout of new products under the leadership of co-founder and CEO Andrew Markou. The company’s dynamic approach mirrors the startup energy it once had, driving innovation and success.
Challenges and Solutions in Remote Work
Maintaining company culture remotely is a significant challenge. The spontaneous “water cooler” conversations, where ideas and informal discussions flourished, were lost during the pandemic. To counter this, the company has established a structured approach to virtual interactions, including daily, weekly, and monthly video standups. These meetings, often led by energetic facilitators, recreate some of the informal exchanges that were previously spontaneous.
Onboarding new staff remotely also presents challenges. New hires are encouraged to spend their initial weeks in the office, if possible, with colleagues joining them for a comprehensive introduction. For those who cannot travel, a carefully planned remote onboarding process ensures they integrate smoothly into the company culture.
Tools for Remote Work Success
To facilitate remote operations, BusinessesForSale.com uses a range of tools. Microsoft Teams integrates phone systems, CRM software Pipedrive tracks goals, and Zendesk manages customer services. Additionally, internal communication is streamlined through Teams and WhatsApp groups, replacing traditional office memos with more dynamic forms of interaction.
Future Insights and Resources
BusinessesForSale.com not only offers a powerful platform for buying and selling businesses but also provides valuable resources for entrepreneurs. For further insights into cultivating a business mindset or exploring franchising opportunities, visit their website.
In summary, BusinessesForSale.com’s shift to remote work has not only broadened its talent pool but also significantly boosted its revenue and operational flexibility. The company’s experience highlights the potential benefits of remote work, even as it navigates the challenges of maintaining a cohesive and productive work environment.