How a Virtual Assistant Reduces Cost for your Small-to-medium Business
Since the outbreak of the Covid pandemic, the demand for virtual talent increased and has spread across different companies and industries such as Cisco and Amazon. The pandemic has forced companies to move their business online where the majority of their target audiences are. This triggered businesses to outsource the majority of their task force into the virtual space.
As Covid-19 slowly fades, threats of recession creep into the minds of every employee hired remotely. Many small-to-medium businesses are barely surviving post-Covid that are trying to innovate dramatically. This is not only to sustain the business but also to have sufficient profit to see through the recession.
What is a Virtual Assistant?
Where you cannot rely on a computer to complete a task, virtual assistants are the best way to go. These VAs are employees working from home. It can be someone from a different time zone entirely. Virtual assistant skills vary. They can be doing simple repetitive tasks or doing something according to their unique skill like graphic design, marketing, accounting, bookkeeping, or a personal assistant.
Two of the most obvious reasons would be staffing costs and a significant increase in cash flow. Since your Virtual assistant is someone from overseas, or from a country with a lower minimum wage than the average local employee; you can source the best talent available in the market.
How a Virtual Assistant can save you money
The most obvious saving a VA can bring to your business is on staffing. When hiring a remote staff you won’t have to pay for taxes, medical insurance, and pension. Although some companies are throwing these benefits to their virtual assistants, it’s not a requirement for the company. These are simply perks to keep their virtual assistants happy and motivated.
Since virtual assistants mostly cover their own costs, this also means savings for the hiring company. They will be working remotely so the business is not required to provide any onboarding costs such as new furniture, cell phones, or computers. Additionally, you are not obliged to settle any rental fees.
How a virtual assistant can increase your revenue for the business
In order to fully understand the benefit of a virtual assistant increasing revenue, we must first know the importance of cash flow itself.
Many business owners begin with little capital to outright scale their business. In most cases, they find alternative ways to grow or hold back. In times like these, speed is a huge factor. Businesses that are too slow will fall short. Businesses must be in top shape and keep up with speed.
Since virtual assistants cost less than traditional employees, the expenses of the business will be reduced. Most companies see a rough 50-70% on their savings mostly after hiring remote employees. The money saved can be utilized to improve or even just stabilize the business.
Outsourcing is Key
Many businesses have outsourced and have proven it to be beneficial for most businesses, but many business owners are unwilling to delegate mundane tasks. As a result, they are stuck doing this time-consuming work that could have been easily completed by a virtual assistant at a fraction of the cost. For those who have taken the dive into hiring a virtual assistant, the impact has been vast. These companies are now in a better situation financially and can take the business to the next level. The question is, are you?