Almost 2 years have passed since we have been in the midst of a serious pandemic and it has certainly taken a toll on people physically, mentally, and emotionally, not to mention the economic toll. During the pandemic and for the foreseeable future, small businesses have had to change the way they work. In this blog, we will be discussing just how it has changed and some steps you could take today to align your business to the “new normal”.
What the pandemic has taught us
Many small businesses were operating at a high cost prior to the pandemic, with business owners only becoming aware of this fact when they were forced to review their costs during COVID19. Many business owners were working from a rented office space, some businesses had hired quite a few employees that played various functions in their businesses and when the pandemic took place many businesses were forced to completely look at overhauling their entire operations.
Of course, it was a well-known fact that due to the multiple level-lockdowns we were placed under, some industries suffered greatly in many aspects, with the biggest aspect being financial. Many were not sure if the pandemic was going to remain long or short-term and when businesses realised that the pandemic was here to stay for a while, something would have to be done to change the way the business was functioning going forward. Essentially a change had to take place to ensure that the business would not suffer or go under completely. For some businesses, this realisation was a positive one. Something would need to be done to safeguard the business going forward and make adjustments to start pivoting towards a more viable operation.
What small businesses are currently doing to save on costs
Many businesses have found ways of cutting down on unnecessary costs during this pandemic, but many of them have also realised that there is no need to go back to the old way of working. Let’s look at some examples of these savings:
- Getting rid of unnecessary office space (remote working is a much more cost-effective option)
- Getting rid of unnecessary office staff or full-time employees
- Getting rid of unnecessary office equipment
- Getting rid of unnecessary subscriptions or licenses
- Getting rid of unnecessary office stationery or groceries
- Scaling down on electricity and office running costs
These are just some of the expenses that a business owner could look at scaling down on. They may appear small at first, but when you sit and calculate them all together, you will see what a huge difference this could make. Once you are able to get rid of these expenses your small business overheads will be reduced greatly, but there is one expense that is crucial and that is assistance in your business. Usually, a business owner would gravitate towards hiring a Personal Assistant or Administrator who assists with all the back-end administration, processes and systems. The downfall of hiring someone, in this case, is that you are responsible for many costs and are liable to this person via an employee contract and BCEA conditions. Depending on which area you hire your Personal Assistant from, for example in Johannesburg, you could expect to pay her a salary of anything between R25-40k per month either including benefits or plus benefits. That is quite a commitment to make, especially in such turbulent times. There is a better solution … and that is to rather hire a Virtual Assistant.
What is a Virtual Assistant?
A Virtual Assistant offers administrative and secretarial services (sometimes niche services too) from her own remote location. A Virtual Assistant already has everything she needs for her office at her own expense. This means that you are able to get your admin taken care of and are only responsible to pay for the hours that she works for you per month, you are not responsible for any employee benefits or taxes, as she is an independent contractor. There are many Virtual Assistant’s that offer per hour and per-project rates, I on the other hand offer monthly retainer packages where a client can determine how many hours they would like me to assist them for per month and that is where the costs end for my clients.
How can a Virtual Assistant help transform your small business?
A Virtual Assistant can either take on tasks that you no longer have the time for, such as:
- Diary management
- Managing of email inboxes
- Liaising and following up with clients
- Invoicing
- Document management and online filing
- Arranging of travel
- Proofreading of documents
These are only a few tasks listed above. A Virtual Assistant usually offers a full array of services to help you. Once you build a relationship with your Virtual Assistant you can also hand over the entire administrative function to her, and completely walk away from ever having to deal with admin again. This provides you with a large amount of extra time to utilise as you see fit, whether that be to invest in your business or to regain a healthy work-life balance.
If you are ready to transform your business and start saving costs, feel free to view my services list here. I am here to assist you.