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What Are The Risks Of A Digital-Only Business?

2 Mins read

There’s a big question that most entrepreneurs have to face at some point in the life of their business, and it’s whether or not remote working solutions are effective for the growth of your company. If you’re new to the world of business, the prospect of creating a digital-only environment can be scary, if not completely overwhelming. The opinions are divided about remote teams so that a lot of leaders still feel that it is not possible to establish a successful business with teams that are not on-site. Concepts of trust in a team that is not on site can be difficult to explain or even to accept for most. Additionally, traditional managers struggle with monitoring the workload and the performance of people they can’t see physically. If you’re in a position where you are worried about the risks and potentials of a digitally built business, this little article presents some of the common misconceptions about remote work and remote management.

risks of digital-only business

Featured Image by Shutterstock – By mirtmirt

Digital documents can’t be lost, but they can be stolen

Important papers and confidential documents can easily get misplaced and become lost. Working remotely means that you can develop a different archiving system for all paper documents in the office. Having everything you need available at a click, and indexable in such a way that you can find it using a search function – as opposed to open all the drawers and hope for the best – is a major improvement. A similar solution can be used to organize posts using a forwarding address mailbox that keeps a scanned version of all letters received. Nothing can get lost anymore. However, when decided to digitalize a business, you need to consider the risks of cyber crimes. Digital files need to be stored in a secured area that is not accessible to cyber criminals. In other words, a secured IT network is essential to the survival of a digital-based business.

Build trust and forgetting traditional team management

A remote team is a team nevertheless and needs to be trusted to get on with the work. Micromanagers and leaders who need to call their employees to check their presence will be wasting their time and damaging the team spirit. Instead, establishing a network environment that allows the team to collaborate actively on current projects and to share knowledge online is the key to make sure that everybody can remain productive. It’s also essential to understand that remote teams value flexibility. They consequently need to be trusted with managing their own time as they see fit.

building Collaborative team for digital-only business

Licensed Image from Shutterstock – By Jirsak

A physical office doesn’t define your business

For a lot of leaders, the office space is the only way to attract talent and establish team-building approaches in a business.  It can be difficult to realize that your business goes beyond than just a physical office. While you can still create a workplace culture in a remote situation, you will need to be creative about the methods you use. Your communication, the tools you use, and the rituals you define with the team will be part of creating a business culture.

digital team building

Licensed Image from Shutterstock – By Photon photo

Remote solutions are not for everyone. Creative leaders who are open to new approaches will thrive in a digital-only business. Others might struggle and eventually cause the business to fail in their efforts to manage traditionally.

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About author
Ryan Kh is a big data and analytic expert, marketing digital products on Amazon's Envato. He is not just passionate about latest buzz and tech stuff but in fact he's totally into it. Follow Ryan’s daily posts on Catalyst For Business.
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