The concept of a virtual company - one without traditional shared office space - has been around for years. While there's nothing new about the idea, there are more reasons than ever that a virtual structure can benefit communications agencies, their team members and their clients.

1. Low overhead. In a lousy economy, every dollar counts. Virtual agencies save enormous amounts of money by eliminating many traditional office costs, such as real estate leases, large equipment and office personnel. Unless they're complete crooks, they'll pass these savings on to their clients.
2. No geographic limitations. In a knowledge-driven business, does it really make sense to hire people based on where they live? I'd much rather choose the best people based on client needs, not on the talent pool of the Bay Area, however substantial it may be. That's exactly what we've done at Brilliant Ink - our team is based in nearby and far-flung locales like San Francisco, Sacramento, New York, Chicago and Montreal.
3. No 9-to-5 limitations. While we're rethinking the importance of geographic location, let's also question the logic of the traditional work week. As Tammy Erickson points out in the latest issue of Design Mind, "a defined work week makes great sense if you're performing synchronous tasks - activities in which everyone has to be there all together to get the work done. But how much of our work today, really, is synchronous?" Not much, and there's a whole group of talented people who've opted out of the traditional 9-to-5 schedule for a variety of reasons, like wanting to be home with small children or living in an area where commuting is difficult. As long as we can meet our clients' expectations, flexible work schedules provide them with access to a larger pool of talented people who might otherwise be overlooked.
4. More and more ways to stay (affordably) connected. We already live in a virtual world, so it's not surprising that there are more and more business tools that provide increasing flexibility for the way we work. Blackberries and iPhones enable us to stay on top of email. Digital phone systems can route calls anywhere through a central phone number. Online, secure file-sharing and project management systems are eliminating the need for servers. And don't forget the plethora of IM and online calling options. Best of all, many of these programs and systems are free or substantially more affordable than the traditional options.
5. Greater efficiency. Without a designated physical space, in-person meetings are reserved for the most important activities and updates. Instead of spending lots of time in meetings, people are free to do actual work for their clients.

Bottom line: work is something we do, not a physical location.

Twitter: @lizkelly