How Hiring a Virtual Assistant can Save You a Fortune Every Month

You should hire a Virtual Assistant if any of these incidents have happened to you:

  • You reconcile your books and realize you failed to collect a large amount of money for services rendered to clients the past few months because you forgot to send invoices.
  • You filter your e-mail and missed multiple job offers for your services that amounted to $10,000 in foregone earnings because you didn’t have the time to prepare and send a formal proposal.
  • You enter a dry spell because you couldn’t find the time to network regularly during your busy months.

Entrepreneurs are guilty of 2 things: micro-managing and working too lean. These are admirable traits but you can never do things on your own. And if you work too lean, eventually you’ll reach a point where your current level of scale can’t accommodate an extra output of productivity. You end up flushing thousands of dollars down the drain.

The best solution is to hire a Virtual Assistant and save up a fortune every month through the following ways:

Organize Your Business

Meetings, payments, follow ups, interviews, submissions of business proposals; the list just goes on and on. If you don’t organize your business, many of these tasks will accumulate, remain undone and result in opportunity costs.

A Virtual Assistant can organize your business by attending to the following tasks:

  • Calendar Management
  • Appointment Setting
  • Phone Handling
  • Follow Ups
  • E-mail Support

Your Virtual Assistant will constantly remind you of deadlines and scheduled dates at least 2 days prior or earlier depending on the level of priority.

Free Up Your Time

If you’re spending too much time attending to administrative duties and support services, you are working IN your business not ON your business.

As an entrepreneur, you should be judicious and strategic with your time if you want to succeed. Your time is best allocated to matters that readily translate to more dollars and cents to your bank account. How much time do you spend filtering e-mail?

By delegating administrative and support services to a Virtual Assistant, you can re-align your work hours and focus on functions that will fast track the success of your business.

Keep Your Payables Up to Date

How would you feel when you are in the middle of an important Skype call and then the Internet gets disconnected? What if you were printing materials for an important presentation then power shuts off?

You did not intend to but somehow the Internet and power bills went unpaid. Although there are ways to get through these inconveniences, it remains a hassle, a time killer and a source of stress.

A Virtual Assistant will keep a schedule of your payables, send you a copy as a reminder and still message you 2 days before the due date.

Streamline Your Business Costs

Hiring a Virtual Assistant will hardly move the needle on your monthly expenses.

The Virtual Assistant is self- employed; technically, he or she owns a business that provides virtual assistance services. Thus the Virtual Assistant is responsible for his or her costs of business.

You do not pay your Virtual Assistant benefits as mandated by the government or your company as he or she is contracted but not employed by your business. Your Virtual Assistant as a proprietor also has other clients to attend to and is not exclusive to you. For example, a real estate business, besides using a company like ForSaleOrRentByOwner can also use an experienced real estate virtual assistant. 

As an entrepreneur, learn to relinquish control and delegate work to your Virtual Assistant. Start out with the non-essentials and slowly transfer the more crucial aspects of your business. Contract another Virtual Assistant if necessary. By hiring virtual assistants, opportunity costs will be things of the past.


Why Virtual Assistants Should Focus on Right Fit Clients

It is easier for virtual assistants to land clients now because of the great demand for virtual assistance services. But running a successful virtual assistance business isn’t just about having clients. You should focus on landing right-fit clients. These are the ones who are aligned with your values, subscribe to your purpose and share the same vision.

It becomes difficult to find right- fit clients if you are blinded by the prospects of making money. It is perfectly fine to focus on improving income but not to the point of clouding better judgment. A right- fit client will be a client for life.

Here are 4 ways to find right-fit clients:

Ask to be Interviewed. There are some clients who make the interview part of the selection process. And there are some clients who don’t. When a client does not request for an interview, consider this a red flag. E-mail and chat messages are fine but an interview is better.

If a client does not require an interview, request for one. An agreement is a contract between 2 parties with different interests. You should always know who you will be working for.

If the client agrees to an interview, do one better and make it an audio-video interview. This is less about trust than it is about transparency. Anyone can put up an account with a name on it. It is always advisable to see the person behind the name.

A client who does not agree for an audio-video interview or comes up with excuses is a potential red flag. You can take the chance but institute safeguards in the agreement such as conducting work through a bonded platform like Elance or a progress payment set up with an upfront.

Request for a Contract. If you are reaching out to foreign clients, you should be aware that there are nationalities where a “handshake” is considered a contract. They operate with the principle, “Your word is your bond”.

In the virtual world where a handshake is not possible, some clients believe an e-mail exchange should suffice as a contract. You should approach the job professionally by covering it with a contract.

A contract is a document with provisions that are designed to protect both parties which is why it is always negotiable. If the client does not have a contract, give a copy of yours.

Good clients know the value of a contract. It may not be enforceable but it is the legally binding reference point for both parties and keeps everyone honest.

Iron Out All the Payment Concerns. It is better to get out all the rough stuff in the open before formalizing any agreement. Oftentimes, payment concerns become a stumbling block during negotiations. Among the usual issues involve:

  • Negotiation of rates or fees
  • Payment schedule
  • Mode of payment
  • Payment of add-on charges
  • Interest on late payments

Money is not the root of all evil but it can throw a curveball in the proceedings. Finalize all payment concerns then put it in the contract and move on to the business at hand.

Be Tolerant….but Not to a Fault. There are clients who are sometimes delayed or remiss in payment. If a client does not pay you on time, send a friendly worded message:

“Hi! I hope things are going well with you. Would like to know the status of the billing statement I e-mailed 2 weeks ago. Kindly advise if you need another copy in case you overlooked it. Thanks!”

If the Client responds in the affirmative and guarantees prompt payment within 24 hours, e-mail your appreciation and hope for the best.

You should tolerate delinquency only to a certain point. If the client has not paid, terminate the agreement and move on. Chalk up your uncollected earnings to another one of life’s lessons.

The key take-away in finding clients is not to focus on which client will pay you the most money. Instead focus on clients whom you can build a long term relationship with. They may not pay you what you want at the start but that’s how it should be.

Before you demand, prove that you can deliver. If you consistently render high quality work, the right- fit client will not only pay you more he or she will give you more business.

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