How VA Support Services Can Help Combat Inflation
All over the world, worsening inflation rates are hitting businesses, especially small businesses, hard. As prices for goods and services continue to rise, companies are finding it difficult to maintain their profit margins. To stay afloat, businesses of all sizes are increasingly turning to virtual assistant support services as a way to deal with inflation.
Virtual assistant (VA) services help businesses stay operational to serve customers while lowering overhead costs. These two factors are key in helping arrest the effects of inflation on a business’s bottom line.
WHAT IS INFLATION?
According to Investopedia, inflation is the rate at which prices for goods and services rise. The Consumer Price Index (CPI) is one of the measures of inflation in the United States. When the CPI increases, prices go up, and purchasing power decreases.
HOW DOES INFLATION AFFECT BUSINESSES?
Inflation affects businesses on all fronts, from how their product is manufactured and how it goes to consumers to whether or not consumers have the luxury of buying it. Plus, business employees are consumers themselves who will need a raise in their hourly rate to keep up with the rising costs of living.
INCREASE IN PRICES OF RAW MATERIALS
Inflation affects global trade. With fuel prices up, exporters and traders are also looking for ways to salvage their bottom line during these trying times. And most of these solutions can mean a few extra dollars at your expense.
DECREASED CONSUMER SPENDING
Consumers tightening their belts and cutting their spending are bad signs for any business that wants to make money (i.e., ALL businesses). The reduced purchasing power of your target consumer means reduced income for your business. And the impact may vary depending on the type of product or service you’re offering and how well you can keep your prices competitive.
Even with less revenues coming in, businesses are still spending on fixed and semi-variable costs such as:
- Office Space Rental
- Employee Wages and Benefits
- Utility Costs
- Office Equipment
- Office Supplies
- And more
HIGHER COST OF LIVING FOR EMPLOYEES
Employees would want a pay raise from the company to help them keep up with the most basic expenses. These simple expenses can include monthly rent, paying bills for utilities, getting gas so they can drive to work, etc. If an employer cannot meet this need, its employees may start looking for other better-paying opportunities.
DIFFICULTY IN STAYING COMPETITIVE
Small businesses that may not have the ability to absorb costs will most likely struggle more under the weight of inflation compared to bigger companies. Smaller companies may need to increase their prices or consider “shrinkflation,” where they keep the prices the same but shrink the product size. This may dissuade some consumers looking to get the best value out of their money.
HOW VIRTUAL ASSISTANT SUPPORT SERVICES HELP CURTAIL THE EFFECTS OF INFLATION
WHAT ARE VIRTUAL ASSISTANTS?
Virtual assistants or VAs are professionals who work remotely. They provide support on a broad range of tasks that a business may need help with. VAs can handle tasks that traditional office workers can do without needing to report to the office physically. Since a VA works remotely, they get the job done at a high level but at a fraction of the cost of hiring an in-office employee.
You can find a virtual assistant to do any type of task as long as it can be done online. From administrative support to graphic design to social media marketing, here are some services that VAs can offer:
Admin work is usually not part of a business’s core functions and is easy to outsource. Depending on the difficulty level of the tasks, you can find entry-level to advanced virtual administrative assistants to fit your business needs. They can provide support with the following tasks:
- Data Entry
- Scheduling Meetings
- Making Travel Arrangements
- Calendar Management
- Email Management
- Handling Phone Calls
SALES & CUSTOMER SUPPORT
Sales and customer support are mostly client-facing tasks that a skilled remote talent can do. By taking over the following tasks, your salespeople can focus on more strategic tasks like closing deals and meeting with prospective clients.
- Lead Generation
- Lead Screening
- Lead Nurturing
- Cold Calling
- Customer Satisfaction Survey
- Customer Service (Phone, Email, Chat)
- Market Research
Marketing is important for any business in any industry because it helps you reach your target market, convert them into customers, and promote loyalty and repeat business. A marketing VA can help you make the most out of your marketing budget and provide support on the following tasks:
- Email Marketing
- Digital Marketing
- Social Media Management
- Setting up and managing social media accounts
- Content creation
- Influencer Marketing
Content is important for you to tell your brand’s story effectively. To help you tell your story better, you can hire a specialist VA that can help with tasks such as:
- Graphic Design
- Video and Photo Editing
- Content Writing
- Script Writing
- UI/UX Design
Technology is always evolving and your business needs to do it’s best to keep up. Getting a VA to provide below IT services can help give your business the competitive edge you need to stay ahead.
- Web Design
- App Development
- Software Development
- API Integrations
The increased demand to make healthcare more affordable and accessible is great news for medical practices looking to expand. But many doctors and medical staff are limited by growing administrative or desk work requirements, so taking on more patients may not be feasible. Fortunately, Telehealth VAs can help with routine, time-consuming tasks including:
- Patient Appointment Setting
- EHR Data Entry
- Insurance Verification
- Medical Billing
- File Management
- Answering Inquiries on Social Media
The above are just some examples of what virtual assistants can do. There’s a wide range of other services that virtual assistants can offer and all you have to do is to define what you need to outsource. To know more, schedule a free consultation with 20four7VA today!
7 REASONS WHY YOU SHOULD GET VIRTUAL ASSISTANT SERVICES
1. REDUCED OVERHEAD COSTS
If you’re a business owner, you know that one of the best ways to support yourself during inflation is to keep costs down. While fixed costs are difficult to get out of, managing overhead costs can be easier with virtual assistant services. A virtual assistant does their job remotely, so you wouldn’t have to worry about expenses related to hiring new in-office employees, like getting them a new laptop, office equipment, supplies, insurance, and the like. Virtual assistant services are a cost-effective way to ensure your business is still operational while protecting yourself against inflation.
2. GET HIGHLY SKILLED VIRTUAL ASSISTANTS
A virtual assistant can provide clients with the support they need from anywhere around the world. This means you have access to a bigger talent pool and can hire subject matter experts or specialists for the role you need to fill. May it be social media management, content writing, medical virtual assistant services, accounting, etc.
Not sure what specific skills to look for? Read our article on the Top Virtual Assistant Skills to Look for in 2022 and Beyond. You can also contact us to book a free consultation to get more insights from our 20fourVA Growth Experts.
3. GAIN MORE TIME TO FOCUS ON CORE TASKS
Delegating tasks is an important part of being a business leader. It’s also crucial if you want to make the most out of the virtual assistant service you’re getting. You can assign tasks that are important but time-consuming to your virtual assistant. Additionally, you can let go of certain tasks that are not part of your in-house team’s core responsibilities, so you can focus and improve on your core functions.
4. INCREASE EFFICIENCY AND PRODUCTIVITY
Getting the best virtual assistant services for a specific task is a great way to increase your business’ efficiency and your team’s productivity. Remote workers with the right work experience and skills will help you check more tasks off your to-do list. With routine, time-consuming tasks off your plate, you’ll have more time to draw up strategies on how to keep your business growing despite the negative impacts of inflation.
5. JUMPSTART YOUR DIGITAL TRANSFORMATION
An indirect effect of subscribing to a virtual assistant service is that you’ll be forced to digitalize your traditionally paper trail-heavy processes. Your new dedicated assistant can work from a different country or time zone, so you will need a system that will allow them to do their job even as you sleep. There are other ways you can transform your business to make it possible for your virtual assistant to do their job well. Here are some examples:
- Transitioning from manual bookkeeping to online software like Quickbooks
- Moving your files to cloud-based storage where they can be managed and updated in real-time
- Using an Electronic Medical Records (EMR) Software that can be accessed from anywhere in the world
- Migrating your manual Gantt charts to a more collaborative online project management tool
- Modernizing your outdated intranet programs, which is not always accessible to hybrid or remote workers, for more seamless collaboration between different business functions
- And many more
Virtual assistants are dedicated professionals who can provide the right services you need, from social media management, telehealth support, or ecommerce, etc. But they’ll only be able to provide the best services if your business processes are digitalized and accessible.
Read our article on the 10 Must-Have Tools For Managing Virtual Assistants for more VA management tips, or schedule a free consultation with our Growth Experts today!
6. SCALABLE STAFFING SOLUTIONS
Medium or small businesses don’t always need someone to work full-time on non-core tasks. For example, smaller companies would not need website specialists to work 9 to 5. They may only need them to provide their services for a few hours. And if you only have minimal physical and digital merchandising requirements, then hiring a graphic designer for ten to fifteen hours a week may be a better choice than employing an in-house one.
For this type of task, you can hire a part-time assistant. When the business starts to pick up or during peak season, you can easily hire the same VA to do full-time work or a different VA part-time.
7. SECURE AND RELIABLE OPTIONS
VA services are secure and hassle-free but only when you choose to work with a reputable virtual assistant services company. While there are many freelancing platforms where you can look for a VA, working with an experienced remote staffing company can save you the time and effort required to sift through the applications. An experienced VA company can also help you avoid fraudulent individuals who may only work for a week or two and disappear without a trace. Situations like this are not only upsetting but also frustrating and time-consuming. Why? Because it will bring you back to square one, making you use up the resources you’re trying to protect: your time and money.
The above benefits of hiring a VA or VA team show that they’re a great move for companies of any size. This staffing solution can help you through the tough times brought about by inflation. However, it’s important to note that hiring VAs is not just a strategy you can employ when inflation starts to hit your business. It’s a highly scalable and cost-efficient staffing solution that you can adopt year-round. Hiring the right VA or VA team allows your business to get more work done while keeping labor costs low.
HIRE VIRTUAL ASSISTANTS WITH 20FOUR7VA!
There are several ways you can get the VA service you need. You can request referrals from your network or post job ads on platforms for remote talent and freelancers. But doing it yourself can be time-consuming and stressful. At times, it can also be expensive. Our recommendation? Work with a reputable remote staffing company like 20four7VA!
WHY CHOOSE 20FOUR7VA?
ESTABLISHED REMOTE STAFFING AGENCY
20four7VA has over a decade of experience matching clients with the right VA service they need. We have been recognized by various trusted institutions such as Inc.com and the Women’s Business Enterprise (WBE). These recognitions are a testament to our resilience (158% growth in 3 years despite the difficult economic landscape) and dedication to inclusivity and diversity in the virtual workplace. Our achievements would not be possible without dedicated VAs and forward-thinking, trusting clients.
COST-EFFECTIVE REMOTE STAFFING SOLUTIONS
For clients that are looking to reduce costs, working with a VA or VA team can be very helpful. 20four7VA offers cost-effective solutions that can help you get the job done while reducing labor costs by up to 80%.
TALENTED VA POOL
20four7VA clients have access to our global talent pool of pre-vetted virtual assistants. We can help you find the right VA for your business needs. All you need to do is schedule a free, no-strings-attached consultation with our Growth Experts to give us a clearer picture of the remote staffing solutions you need.
END-TO-END VIRTUAL ASSISTANT STAFFING AGENCY
In order to get the best virtual assistant services for your company, you’ll need to work with a reputable and experienced staffing agency like 20four7VA. At 20four7VA, our services don’t stop at screening and recruitment. We provide the end-to-end services your company needs to ensure your VAs are well-equipped to accomplish their tasks and help you with any VA management support you may need.
- VA Recruitment and Screening – We have a meticulous 8-step hiring and vetting process to ensure clients are getting the top-notch VA service they need.
- In-house Training – Our in-house training team helps assess and train your VA to make sure they have the right skills to accomplish their tasks efficiently and effectively.
- IT Helpdesk – This is an essential service that clients and VAs need to keep the company operations running. The 20four7VA IT Helpdesk team is there to provide support on any hardware or software-related concerns.
- VA Monitoring – Clients, especially small business owners, already have a lot on their plate. They might not have the luxury of closely monitoring VAs day in and day out. 20four7VA’s account managers can help implement standardized performance measurement tools to ensure the quality of service.
- Payroll Management – Our human resources (HR) and accounting teams coordinate to compute logged hours and weekly pay rates, so you don’t have to. By working with 20four7VA, weekly payroll processing is another task clients can check off their lists.
- VA Performance Management – Setting KPIs and goals during the onboarding phase is important. The VA should know their scope of work and the standards by which they are measured to guide them when accomplishing tasks. 20four7VA can help clients with goal setting as well as administering performance reviews to ensure that the company’s expectations are met. And if they’re not, we can also assist with training and creating a performance improvement plan for the VA.
Whether you need a VA for administrative tasks or more specialized functions like accounting or telehealth support, 20four7VA is the right choice. So if you’re a small business owner looking for ways to weather through this storm called inflation, then book your free consultation today!