Remote Work

The Pandemic Effects on Remote Entrepreneurs

November 14, 2022

To survive, business owners had to cut costs and reduce risk during the COVID-19 pandemic. Since then, running a remote business has become the go-to strategy for entrepreneurs on a budget. Mainly because it enables productivity levels to be maintained (or even increased), combined with significant expense savings and a better work/life balance for employees.

Hiring Internationally Increased Among Remote Businesses

When the pandemic hit, many businesses were forced to either shut down or find ways to keep their employees working from home. Remote entrepreneurs turned to the online front to gather the needed resources to continue providing clients the services they expected.

Many business owners worldwide started looking internationally for talent that, before the pandemic, was not a priority for them. During the pandemic, international talent-hiring increased as more people were available to work for businesses they would otherwise not have access to. This thinking has led entrepreneurs to assess their current employment structure and adjust their business models to work for the new norm of global teams.

Mental Health and Well-being of Employees Became a Priority

With the shift to more work-from-home situations, entrepreneurs also began focusing more on their employees’ mental health. This included improving overall work-life balance. Some businesses went to a hybrid/remote company structure, while others shifted entirely to a remote business model. Employees who were used to the regimented system of office life now had the freedom of working from home full-time.

Remote entrepreneurs started focusing on their employees and offering them ways to be more productive and focus on a proper work-life balance to avoid burnout. Many businesses decided to offer their employees more flexibility with their hours so that their remote workers who were parents or guardians could work when it was convenient for them. A common theme for remote entrepreneurs was to allow their team to work when it suited them, as long as the quality of their work achieved the required standards and met deadlines.

Investment in Team Building Evolved

Because their workers were now at home and not interacting in the office, remote entrepreneurs realized they needed to compensate for the lack of networking between employees. Many business owners decided to invest in team-building tools and events to help keep their employees feel like one cohesive group instead of separate people across the globe. These team-building methods helped improve efficiency and performance - boosting morale.

Even though the pandemic is slowing down, team-building is still being used more by remote entrepreneurs and their workers. It's a way they connect with the people they have never met in person, and build more cohesion amongst their international team members.

Shifts in Personal and Business Priorities

When the pandemic hit, entrepreneurs were forced to look at the processes that benefited them and their business and make changes to support what was primary versus what was secondary. Many companies were able to cut out things weighing their business and themselves down and put that effort back into the things that would make their business thrive in the long run.

Taking Advantage of New Opportunities

With the world on hold, remote entrepreneurs had to get more creative when they were faced with closing their doors or turning away clients. Many business owners took it as a time to look at their business and consider other avenues of income that they could invest in. Some took direct action and pivoted their businesses to services that the pandemic demanded. Others took a long-term approach and moved their business toward what the future would hold once the pandemic was over.

Opportunities such as hiring remote workers for the first time, adding online services, and even adding new segments to their business were all things that remote entrepreneurs considered. Those that took advantage of the opportunities the pandemic gave them not only withstood the pandemic but also set themselves up for greater success afterward.

Preparing for the Future

One thing that not only remote entrepreneurs but business owners of all types learned during the pandemic is that no business is safe, even in today's world. Remote entrepreneurs were more set up to handle the pandemic if they were already remote at the beginning, but they still had to suffer the consequences of the pandemic once it reached a global scale. The pandemic's effect on the world shocked many businesses and made them realize they needed to have plans in place in case something similar happened in the future.

Hiring Remote Workers Has Never Been Easier

The pandemic has shifted the way we work. Now more than ever, it is essential to have the tools to manage your teams, whether remote, locally or internationally. Remofirst is an Employer of Record working with companies around the globe to free them from geographical boundaries and access the talent they need to make their teams and businesses more successful.

Request a demo of our services today to see how our tools can help you expand your business and remote team to the next level.