The COVID-19 pandemic has forced many businesses to adopt remote working measures to observe shelter-in-place orders. While working from home has certainly made it easier for companies to keep their employees safe and avoid liability issues related to workplace health and safety, some businesses noticed so many other benefits that they decided to shift online permanently.  

Advantage #1 Increased Productivity

A two-year study examining over 800,000 employees at Fortune 500 companies notes that some remote workers were just as productive while working from home, while others were even more productive. Of course, to keep their remote working employees upbeat, businesses looked after their mental health with a positive atmosphere and honest leadership. 

Advantage #2 Lower Operational Costs

Many businesses have enjoyed lower operation costs by shifting to a digital business model. Expenses such as rent, utilities, etc., are much less. Some companies have raised capital by selling off unneeded office equipment and supplies. Likewise, employees have saved on expenses such as transportation, food, and more. 

Advantage #3 Less Waste

Businesses have become naturally eco-friendly with less paper waste and a smaller carbon footprint by adopting remote working measures. Some companies also use this to their advantage by marketing themselves as greener. 

Advantage #4 Greater Access

Online businesses have greater access to data such as customer demographics, conversion rates, and other key performance indicators (KPIs). Using this wealth of data, they can enhance profitability. 

Advantage #5 Enhanced Market Reach

Companies suddenly have entry to millions of potential customers with the right website, app, and targeted social media marketing campaign. The greater market reach allows businesses to raise revenue and profitability with their potentially lower operational costs. 

Of course, shifting a brick & mortar style business to the Internet isn’t a straightforward task. Here are some disadvantages of moving your business to the Internet:

Disadvantage #1 Higher Upfront Costs

While there are many benefits to embracing the digital medium, the upfront costs of developing a cutting-edge online platform can be high. Businesses must be prepared to make the right investments to capitalize on the shift to the Internet. 

Disadvantage #2 Increasing Online Attacks

Cybersecurity attacks involving viruses, spyware, and ransomware are increasing rapidly during the COVID-19 pandemic because online criminals find many businesses unprepared for online threats. Using spear-phishing, Trojan horse attacks, and more, hackers are breaching network defenses and stealing critical information such as customer data. 

In response, businesses are using sophisticated endpoint protection tools that secure all computers and devices from malware attacks and even rolls back changes made by ransomware. Additionally, employees must be taught to recognize and respond to digital threats that compromise operations. 

Disadvantage #3 Hit to Company Culture

As mentioned above, remote working can certainly enhance productivity, but it requires the proper steps from management, such as regular confidence-boosting meetings, leadership exercises, and a more sensitive approach. Companies that fail to take these measures can suffer a loss in company culture as employees lose morale while working in isolation. 

These are five advantages and three disadvantages of shifting business to the Internet. Companies prepared for the digital medium are most likely to reap the benefits, while the ill-prepared can suffer greatly.