If you are an entrepreneur, you love to pave your own path and make a huge fortune out of it. You often play the game of risk because you can turn risks into opportunities. All these risks and struggles in the journey of entrepreneurship – have to be ousted to become the cynosure of the market. The, path to the ultimate glory and success has its own challenges. You have big dreams but a thin pocket. Your business needs diverse skills and rich inputs. And, managing administrative work around the business adds to the ever growing challenges. Even when you manage the work and budget, you are not able to find that right pool of talent for your business in your geographic market. So, what should you do? How to overcome these challenges thrown in your path by the market?
The best way to deal with these problems for long term is to categorize interrelated challenges and then find solutions which can be effectively applied to mitigate each challenge. For every budding entrepreneur and small business owner, almost all the challenges can be categorized into 3 categories – budget constraints, quality issues of your products and services, and fierce competition in the market.
Once you sort out the primary challenges, you must realize that there are smart ways to break free from these confinements of entrepreneurship. Many smart solutions have evolved with the help of IT such that growing businesses can work within a little office space with minimum resources. Teams work in decentralised structures from geographically detached places. This is where the most frequented term ‘Virtual Teams’ comes into play. Virtual Teams are composed of talent from different parts of the world and works by co-ordinating through IT resources. Virtual teams have the advantage of using minimum resources to bring in the required flexibility to the organization in terms of budget and resource utilization. Some of the best benefits of building Virtual teams are:
You make a lean organisation:
Your virtual team is made up of most productive resources. You are not spending to buy office space, you are not breaking your head to recruit and pay salaries to your full time employees, yet you are availing the most professional inputs to your business. You are not incurring maintenance cost of extra resources without compromising on productivity of your limited resources.
You enrich your organisation culture:
You are not narrowed by your geographic and demographic cultural commonalities. Your virtually assorted team will give you wide-ranging inputs and ideas which might not have stroked you without your virtual team. Moreover with Virtual Teams you are making a flexible organisation culture, in which your team members can give you ideas freely without being suppressed by your authority.
You are not confined by talent limitations of geography and demography:
You can pick resources from any part of the world. So you can pick the best choice for your business if you can do a proper research to pick your resources before building a virtual team. So if you don’t find talent in your geographic area to fit into your business, it’s not a matter of worry at all!
Building Virtual Teams has manifold benefits for your business but it again brings along its own challenges. There are challenges in managing the virtual teams i.e. team communication, project management, meeting scheduling, and blending of the virtual teams with the organisation culture. The following tips will help you to manage your Virtual Team gracefully.
Use tools for seamless team communication:
You can manage your projects and have transparent updates on them by integrating tools like Trello. A combination of different tools will give you better results.
Schedule your meetings mutually:
You virtual team members are geographically scattered and hence don’t share the same time zone. Find a mutually agreeable time before scheduling the meetings.
Once you are conscientious enough to follow the above tips, all you need is to watch your virtual team driving your business to success!