How to Maximize Business Performance During Uncertain Economic Times in 2023
by: Tricia Salvador, Content Writer for Addison Consultancy, Ltd.
The United States, along with the rest of the world, is currently in the midst of a challenging global economic crisis. This article focuses on ways in which US businesses can maximize business performance. The timeline beginning with the Great Recession of 2008 to where the economy is today, can be defined as a period when the US experienced tremendous change and faced numerous challenges. The impact has been felt by businesses and consumers far and wide.
One way to protect your business during these challenging times is to mitigate risk and leverage virtual professionals that contribute to greater cost reduction, and in many cases, facilitate revenue growth. So what if I told you there are business models that have successfully leveraged remote professional services which provide expertise resulting in the reduction of 60-75% of your labor costs?
Addison Consultancy is a virtual professional agency dedicated to assisting startups, emerging businesses, and small/medium enterprises. Addison Consultancy collaborates with our clients to scale and drive sustainable business models by providing cost-effective solutions tailored to your needs through virtual professionals. Virtual professionals, also known as virtual assistants, can offer a wide range of services to businesses, including administrative support, business support services, digital marketing, and many more. By hiring virtual professionals, businesses can reduce cost, accelerate revenue, manage risk, drive business performance, improve business support services, and allow executives to place greater emphasis on the strategic areas of their business.
Cost Reduction The first and most obvious benefit of hiring virtual assistants is cost reduction. Businesses can save money on office space, equipment, and utilities. In fact, research has shown, businesses that hire remote professionals are able to save on average 70% compared to hiring a full-time in-house employee. VAs do not require office space and use approved equipment, so businesses do not have to spend money on expensive technology.
Revenue Acceleration Virtual Professionals can help businesses increase their sales and revenue by providing business support services and digital marketing solutions, resulting in businesses attracting more customers and improving their online presence.
Strategic Focus Delegating non-core functions to a Virtual Professional allows you to focus energy on more strategic areas of business. Focus on the business instead of in the business.
Risk Mitigation By outsourcing non-core functions to a virtual professional, your business does not need to take on risks with managing additional HR administrative tasks, payroll management, regulatory compliance, and inherent risks associated with economic conditions that are beyond your control.
Business Performance In order for a business to compete and succeed in today’s climate, it is imperative to manage cost, expand sales footprint, innovate, monitor industry trends, invest in technology infrastructure, and have solid financial management. Outsourcing non-core functions to a virtual professional agency, allows businesses to allocate resources that are aligned with the strategic objectives of the organization.
Business Support Services Virtual professionals provide exceptional support services and expertise that result in innovative ideas, greater customer satisfaction, and client retention. It is not uncommon for a virtual professional to generate referrals, based on the rapport and credibility they’ve established with your clients. As they say, word travels faster by mouth.
In conclusion, the current economic crisis is a serious concern for all businesses. By leveraging virtual professionals on a full-time or fractional basis, businesses can better position themselves to compete effectively in the markets they serve. As we discussed above, there are a number of ways for organizations to benefit from utilizing virtual assistant services. It's always smart to be proactive and be one step ahead of the game, especially during these uncertain times. Addison Consultancy is here to guide you and build upon the success of your business. Book a call now for a free consultation.