Any economic situation comprises the two most dreaded words at any given time; Uphill and Downhill! No one can ever predict how uphill or downhill the economy might be, resulting in a blind man’s bluff situation.
Laying off employees also entails if the economic situation is in the recession half of a financial rundown. As per the predictions, the US economy is at a high risk of another recession. As a result, the Federal Reserve plans to make borrowing more expensive with a significant interest hike, probably the biggest in 30 years.
A rundown economic situation also comprises a recession, a period of economic decline during which the demand for goods and services decreases. On the other hand, recessions are also characterized by a slowdown in production and a rise in unemployment rates. However, virtual assistant companies can help big companies in the current rundown economic situation by helping big companies save time and money.
The most asked question at this point is; how can a virtual assistant help my business?
According to statistics, 67% of business owners hired at least one virtual assistant in 2021 because of how well virtual assistants fit almost any industry. (Source: 99 firms)
This blog aims to be your guide through virtual assistant companies being the saving grace during times of economic jeopardy and give you various answers to how a virtual assistant can help my business processes.
The ultimate guide to understanding the role of virtual assistant companies in business growth:
Out of the wide number of benefits you get by hiring a virtual assistant, the number one is getting highly qualified, skilful, experienced, and knowledgeable individuals who render administrative, marketing, technical, creative, accounting, or personal support services to entrepreneurs, businesses, or start-ups remotely.
After the pandemic era, freelancers and personal assistants have witnessed an increase in demand. This is because big businesses understood the value of the cost-effectiveness of virtual assistant services and the added benefit of flexibility. Moreover, easy access to the internet and other connective platforms has opened doors to new possibilities for several independent professionals wanting to work as virtual assistants.
How can virtual assistants help your business grow?
Hiring a virtual assistant is the only answer to How can you help your business grow?
So, if you need secretarial or bookkeeping assistance for your business but have a lack of resources to hire another full-time employee or rather lack of office space to fit in more employees for routine tasks, hiring a virtual assistant is the right choice for you!
Coming to virtual assistant companies, they’re the treasure trove of dedicated virtual assistants! These companies train virtual assistants concerning specific services and provide big businesses with support and assistance according to their requirements.
Virtual assistants are helping businesses propel towards scalability and growth, here’s how:
1) They help with Tracking Products and Services
Keeping track of products means virtual assistant companies help track orders, delivery, and returns, especially for e-commerce companies.
Virtual assistant companies provide virtual assistants with skills and information about product orders and delivery statuses. They seamlessly send timely notifications to consumers about their order confirmation and scheduled delivery time.
2) They help Schedule Appointments:
Scheduling appointments for big businesses is the core of all industries, yet it is time-consuming. This task can become seamless if a virtual assistant handles your reception department.
Benefits of having a virtual assistant include; managing appointments, scheduling, and making the process efficient for customers and businesses alike. A virtual assistant will also handle all appointment cancellations, reschedules, and confirmations, along with a customer rating system that works as positive testimonials for the business.
3) They handle Payments:
Virtual assistants eliminate human errors and delays concerning payment management. In addition, virtual assistants confirm payment transactions and provide helpful information on refunds and the particulars of payment of recurring fees.
4) They Keep Track of Accounts:
Technology has made us accustomed to having information related to our finances at the click of a button. Be it the due date of payments, current bank balance, or account-related information, every record is available with impeccable speed and efficiency.
The arena of accounts and bookkeeping is much more valued in the presence of virtual assistants, given banking and other financial utility companies are reliant on virtual assistance and automated services to keep track of accounts.
5) They are impeccable Research Assistants:
Virtual assistants are known to assist research students and other businesses wherein research is involved in the capacity of research assistants. During the early stages of research, virtual assistants help narrow down a wide range of information by filtering specific keywords or topics.
6) Cut down on human intervention:
Virtual assistants render automated services and information without human intervention, which helps avoid implications. While only some businesses and organizations support entirely shifting to virtual assistance, if controlled efficiently and balanced with in-office employees, these are result-oriented and highly beneficial services.
Surprised there’s so much to know about virtual assistants and their benefits? We have more for you!
Top 10 Businesses Leveraging Virtual Assistants for Growth
If you’re still thinking along the lines of how can a virtual assistant help my business, take a look at the top 10 enterprises leveraging virtual assistants for growth:
1) Real Estate:
How do virtual assistants help a domain like real estate? Virtual assistants are valuable and significant to real estate companies as they help them carry out tasks at approximately a fraction of what real estate companies pay their regular employees.
Virtual assistants design and edit digital marketing materials for open houses and properties of every kind. They manage the social media accounts of real estate companies, setting meetings with potential buyers and jotting down reminders on the calendar for the same.
2) Startups and Entrepreneurs:
It’s a world full of startups, and we’re living in it! Startups encounter new opportunities and challenges daily and must make up for the lost time. Unfortunately, this results in a roadblock where handling everything becomes impossible and important tasks remain incomplete.
With entrepreneurs and startups running on a shoestring budget for hiring, the list of incomplete tasks keeps getting longer. However, with virtual assistants, entrepreneurs and startups can stay on budget and get their work done without overstretching their finances.
The e-commerce sector is witnessing steady growth, and it shall continue for a long time owing to people’s reliability on e-commerce platforms to avail whatever they need.
If you’re wondering how can a virtual assistant help your business and you’re from the e-commerce domain, you should know that virtual assistants are well-equipped in the e-commerce arena. They can handle tasks of managing and completing orders, can conduct live chats to interact and solve customer queries, and can also take calls from customers while managing product inventory.
4) IT Businesses:
It was one of the very first business sectors to leverage the true potential of virtual assistants. IT businesses use virtual assistants for services like flawless website development, technical support, customer and administration support, and other tech-related tasks.
Also, the infrastructure of IT businesses is available seven days a week 24 hours a day, and therefore, virtual assistants can stay connected to staff members via reliable and secure networks.
5) Accounting and Bookkeeping:
Accounting and Bookkeeping businesses require expertise in their domain and constantly need more employees to take on the extensive work they’re given all year round.
Virtual assistants help accounting and bookkeeping businesses with data entry, accounts payables and receivables, calendar management, bank reconciliation, and organizing records. They also assist with ledger entries, transaction reconciliation, and managing invoices. All of these tasks being taken care of by virtual assistants helps these businesses shed some financial workload.
6) Database Management:
Database management is the need of the hour for most businesses, and having qualified experts in this field comes with a bonus.
This is where hiring well-versed data entry virtual assistants can provide thorough assistance with solving productivity problems and bring several advantages on board.
7) Digital Marketing:
Digital marketing has taken over traditional marketing tactics, and all businesses must have a digital presence to be seen and heard by potential customers. However, it requires peak creativity and out-of-the-box thinking, which isn’t possible if digital marketing tasks are given to regular employees.
But how can a virtual assistant help your marketing?
Digital marketing businesses hire virtual assistants who create practical and result-oriented advertising campaigns and marketing plans according to the latest trends across several digital media platforms. In addition, virtual assistants skilled in content curation, blog writing, blog editing, and lead generation lead brands to recognition and revenue generation.
8) Law Firms:
While the connection between virtual assistants and law firms might be a blur for our readers, let us tell you that virtual assistants help law firms save up on costs significantly and boost their profitability.
Instead of looking for inexperienced interns for administrative tasks, law firms hire virtual assistant executives as this position doesn’t require legal expertise. Handing such tasks to virtual assistants helps law firms focus on the legal aspects of importance.
9) Human Resources:
From IT to Marketing firms, an HR specialist is an important entity for the smooth functioning of the organization.
If you’re from a human resources business, you might wonder, “how can a virtual assistant help my business.”
Virtual assistants working in the capacity of human resources virtual assistants can complete HR tasks at a faster pace with less money as compared to hiring an additional employee.
Like any other regular HR, an HR virtual assistant manages everyday tasks such as leave policies, ensuring employees meet their goals, constantly checking the work environment, and serving as a link between the management and employees.
10) Arts and Entertainment:
The arts and entertainment arena is crowded as it is, and there is always an additional requirement for administrative support in arts and entertainment businesses at all times. These tasks include calendar management, communication, data entry, and marketing assistance.
Hiring a virtual assistant for these tasks also benefits during events regarding finding and finalizing venues, working with caterers and vendors, sending invites, and arranging décor.
Current Economic Situation and the Role of Virtual Assistants:
The estimated time that a recession lasts is between 12 to 18 months from its peak. So, if calculated accordingly, we have about six months to recover from the point of the recession in 2022.
We know what you’re thinking, “how can a virtual assistant help my business recover costs with the obstacle of rising wages?
- Employee wages are one of the most expensive monetary aspects for big businesses, and with the rise in inflation, the cost of wages is rising as well. So it’s safe to say in a few years, the law of physics will be defied, and the speed of inflation will be faster than the speed of light!
- In a constantly fluctuating economy, hiring virtual assistants is any big business's best bet. While this seems like a tongue twister, it is the most straightforward key to increased productivity and profitability by delegating mundane tasks of research, administration, and data entry.
- In times of economic crises, one can only trust virtual assistant companies to hire virtual assistants. The benefit of hiring virtual assistants from virtual assistant companies is that big businesses do not have to waste time training these virtual assistants, as VA companies have taken care of this aspect.
- Moreover, no reimbursement for workplace commutes, health insurance, or paid leaves is given to virtual assistants.
- Last but not least, Virtual assistants are inexpensive, flexible, and trained; what else do big businesses require?
While this sounds great in theory, is it worthy of practical application? And does it give you a solid answer to your concern about how can a virtual assistant help my business?
As great as the concept of big businesses leveraging virtual assistant companies sounds, several aspects must be considered before this is carried out practically.
- While experienced virtual assistants can make this process seamlessly easy, most big businesses don’t have enough resources or time to cross-check the background of these virtual assistants. This is where virtual assistant companies come into the picture and render only those virtual assistants who are skilled and experienced enough to help big businesses spring into action.
- Moreover, whenever big businesses hire someone, it is essential to know what the company expects of them and vice-versa. With virtual assistants, the scope of error reduces while flexibility increases and things will seldom go wrong this way.
- Virtual assistants are a new standard of work. They have proved to be a profitable asset in all industries, including digital marketing, real estate, IT, and healthcare. Hence, most big businesses need to leverage the advantages of virtual assistants sooner or later, as every big business can use an extra helping hand on board with administrative tasks and the like.
In essence, big businesses can save up to 78% on operating costs annually with each virtual assistant they hire. Moreover, given the current economic situation, virtual assistants are cost affordable and easily manageable compared to in-house employees.
Moreover, according to a Stanford study, virtual assistants are 13% more efficient than in-house employees. As a result, big businesses can take full advantage of their unique skills, efficiency, and flexible working attributes to sail through economic crises and emerge profitable.