Virtual Business - The New Norm Thanks to Covid-19

Here on PEO Compass we like to prepare our members with as much important information as possible for small businesses and PEOs alike. Our PEOs focus on aiding their small businesses clients and in turn our goal is to provide as much industry information as possible. With Covid-19 cases continuing to rise and the introduction of a new variant businesses are trending in the virtual space more than ever.

Back in June of 2020 the Washington post reported that nearly 90% of US Commerce takes place in the physical world.

The winter season continues on. On Ground Hog Day, February 2, 2021, Punxsutawney Phil predicted the continuation of winter. But in 2021, even this time honored tradition was held virtual thanks to Covid-19. The wave of virtual business is upon us. Virtual is taking over as the new norm.

Pros (Method Insurance)

  • There’s typically a paper trail for all communication (slack, email, etc.), allowing you to record and keep track of action items as a point of reference for later on.

  • Cost-effective - Save on travel, meals, accommodations, etc..

  • Less time traveling means more time for meetings. Eliminating travel also makes it easier to balance meetings and other day-to-day responsibilities.

  • Discussions get to the point and are more likely to stay on topic within the scheduled time.

  • Access to visual aids without drawing attention. How many of us have been on a call when asked about another project or report that was not already in front of you? Virtual communication allows you to pull up additional files or assets at the drop of a hat.

Cons

  • Lack of small talk - where you really get to know each other.

  • Attention can be divided by emails or other distractions during virtual meetings. Little to no body language or facial expressions.

  • Unable to put a face to a name… a real in-person face. Even if you’ve worked with someone for months, the first time you “meet” in-person, they will usually still shake your hand and say, “nice to meet you.” Because it truly is the first time. Virtual just isn’t the same.

  • Lost opportunity to build relationships outside a conference room. The best business relationships hit their potential discussing topics completely unrelated to work over dinner, lunch, drinks, event tickets, etc…

So what can be done to offset the impact of the Cons? Here are some of our recommendations here at Libertate Insurance:

  • Our CEO, Paul Hughes, has been pushing and reminding time and time again over the last few months, to "Pick Up the Phone." Have your customer service reps/sales teams call on your customers and truly ask how they are doing. We are all in this together, lending support to your revenue drivers strengthens your relationship and will provide a sense of calm. It's not our job to fix their problems or give business advice but we can certainly lend an ear. Who knows, something may come up that it is within your wheelhouse that can be mutually beneficial to both your company and your client. Set a weekly time expectation for these outreach calls to take place. This will eliminate lack of performance, but will also manage time spend as to not drive down overall productivity.

  • Keep your virtual meetings highly interactive to cut down on the susceptibility of distraction. Keeping your team or clients engaged in virtual meetings with screen shares and interesting visuals will aide in keeping everyone involved and on point. Clients will definitely appreciate materials targeted to them; incorporate the use of their logo on your power points or data sets, utilize images of their work sites or business projects etc. Impressive and attention grabbing. Employees will appreciate seeing their work product shared with the team and provide them with a sense of pride on their accomplishments and group shared accolades. For team building, utilizing funny, work-appropriate memes will definitely keep their attention. Provide an open forum setting for feedback and commentary.

  • While virtual meetings will never replace in person meetings, encourage video usage so all members are visible. Don't forget the "how was your evening" or "does anyone have anything exciting to share about their week" exchange. These interactions are so important in strengthening trust and relationships.

  • Building relationships outside of the office may is not truly a lost opportunity if we can figure out how to approach it differently. Keeping contact with clients/customers by checking in.

Join the Conversation on Linkedin | About PEO Compass

The PEO Compass is a friendly convergence of professionals and friends in the PEO industry sharing insights, ideas and intelligence to make us all better. All writers specialize in Professional Employer Organization (PEO) business services such as Workers Compensation, Mergers & Acquisitions, Data Management, Employment Practices Liability (EPLI), Cyber Liability Insurance, Health Insurance, Occupational Accident Insurance, Business Insurance, Client Company, Casualty Insurance, Disability Insurance and more.

To contact a PEO expert, please visit Libertate Insurance Services, LLC and RiskMD.

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