Are you on the fence about hiring a Virtual Assistant, worried about the costs? Let's shift that perspective a bit.
Instead of viewing a virtual assistant as another line item on your expense sheet, let's look at why they're a valuable investment. An investment that actually improves your company profits and makes your business more efficient.
When we talk about smart spending in business, we're really talking about two kinds of expenses: those that keep the lights on and those that bring in sales.
Hiring a VA falls into the second category. The goal here is to increase sales, smooth out processes, and boost your bottom line.
Calculating the ROI
So, how do you figure out the return on investment (ROI) when it comes to working with a VA?
First up, have a think about your typical week. Jot down everything you do, from chasing leads and marketing to the nuts-and-bolts stuff like invoicing, managing your calendar and emails, handling accounts, and even booking business trips.
If you're not conscious of exactly how your time is allocated throughout the week, keep a notebook next to you while you work and make a note every time you start on a new task. It might seem tedious, but it's crucial for an accurate calculation.
Next step: circle the tasks that only you can do. And we mean, only you can do. A lot of what eats up your day can likely be delegated to a VA, at least partially, once they're up to speed.
For example, one of the tasks on your list might be ‘sales’. Sales is the umbrella term for a list of smaller tasks, which might look like this:
Arrange meetings with potential leads
Have the discovery call
Write up notes after discovery call
Draft and send proposals
Chase up proposals that haven't been signed
Set up direct debits
Gather and electronically file new client information
Set up recurring calendar invites
Send out a welcome pack
Email client ‘homework’ before follow up meetings
Everything on this list aside from having the discovery call can be delegated to a VA, with the correct training, templates and processes in place. That leaves you to concentrate on your core strengths and the things that only you can do – having discovery calls, serving your clients, ensuring that they get the most value out of your services.
Just imagine how many more discovery calls you could schedule if you weren't also doing the sales admin before and after them!
Imagine you’re spending 10 hours weekly on tasks that you could delegate. If your hourly rate is, say, $200, that’s $2,000 worth of potential extra revenue that you could be generating per week.
Hiring a VA for those 10 hours will be an approx investment of $790. But that leaves you with a net gain of $1,210 each week!
Bear in mind, there’s a bit of legwork at the start. Onboarding a VA properly might take around four weeks, during which you’re not just paying them but also spending time getting them integrated into your workflow.
With an initial outlay of $3,160 for those first four weeks and then weekly gains of $1,210, you'll see the investment turning positive in about seven weeks. And as your VA gets better and faster, those efficiencies only grow.
Annually, you're looking at investing around $41,080 in your VA. Compare that to the cost of a full-time employee, and the savings are clear. Factor in the smoother operations and the additional revenue from reallocating your time to high-value activities, and you're looking at a potential extra $54,920 in your pocket each year.
To sum up, hiring a Virtual Assistant isn't an expense; it's a strategic move for the success of your business. By focusing your energy on what you do best and leveraging a VA's support, you can boost productivity, increase profitability, and pave the way for sustainable growth.
So, if you've been hesitant about bringing a VA on board, maybe it's time to think again.
Tap into our ROI Calculator below to see just how much hiring a Virtual Assistant could benefit your business, and once you're ready, contact us to get the ball rolling on welcoming a VA to your team and boosting your bottom line.
