The Compass

Welcome to our newsletter “The Compass”.

Our aim with this newsletter is to create more awareness of the Virtual Assistant (VA) industry and to help business owners understand how a VA can help them and their business thrive.  We will be providing loads of helpful content for our audience.

Sometimes in business, it is difficult to know which direction to choose, what strategy to use and which tools are right for the job. I hope this compass helps you find your north.

VA Industry Facts

• The VA Industry’s worth surpasses US$100 billion. In 2018, the industry was worth US$85.7 billion and in 2021, studies have shown that the VA industry picked up the pace, so it’s very clear that this industry isn’t going anywhere anytime soon.
• A company hiring a virtual assistant can save up to 78% in operating costs annually. The VA industry has taken off because companies are now realising that hiring a virtual assistant instead of an employee saves the company time and money. That’s it in a nutshell.

If you are a business owner that wants to start saving yourself time and money, it might be time to consider hiring a VA or an OBM.

Today’s Topic – “Outsourcing”

The word is derived from combining two words – “Outside” and “Sourcing”. Outsourcing is a business strategy where businesses hire other businesses or freelancers to provide specific goods or services.

Virtual assistance is one such service that businesses can use and benefit from. It is unbelievable, but organisations can easily outsource almost every business function in today’s technologically advanced world.

Where there are businesses seeing the advantages of outsourcing tasks that they can get someone else to do, many companies are still apprehensive about it.  Business owners worry about the potential disadvantages or risks when it comes to outsourcing, but they can tend to ignore the many benefits.  

Let us have a look at the advantages and disadvantages of outsourcing.

Advantages

Lower costs

Businesses don’t have to worry about payroll, office space and equipment, no extra benefits or perks, and this gives a business more money to invest in growth.

Focus

When business owners don’t have to worry about everyday tasks, they can focus on their business strategy which leads to growth and more profit.

Flexibility

Businesses have the flexibility to hire services when they need them.  This is more cost-effective because there is no need to pay an employee for a role during a busy period and when there is less demand, you don’t have to pay an employee to sit around doing very little work.  You can simply pay for what you use.

Specialisation 

Instead of hiring and training an employee, a business can benefit from the expertise and efficiency of specialists.

24×7 Support

Businesses can potentially get support from their outsourcing partners outside business hours.  If you like the idea of working while you sleep, hire a VA in another part of the world and you can literally have work completed overnight.

Disadvantages

Communication

If you hire a VA from another part of the world, you may run into issues with communication and scheduling. Let’s face it, although Zoom and other platforms have made it easy for us to communicate with our team members remotely, these platforms can’t do much to help with timezone differences, and if your VA needs your help before getting on with a task, sometimes there may be a delay while waiting for a response to an email. Definitely, this is something to consider before you hire a VA. Also, consider the best method of communication for both parties especially if you’re working with a VA from overseas, whether it’s email, text, WhatsApp, FB Messenger or regular Zoom catch-ups, make sure you have an agreement on how you will communicate when you work with a VA.

Reliability

When dealing with a third party to provide services, there is always the possibility that they could be unreliable or not a good fit for you or your business.  This is also the case with any employee you might hire though, there’s the risk that they sell themselves in an interview and then fail to deliver the result you’re looking for.  When hiring a VA, my advice would be to check out their reviews and make sure they have the right skills to provide the services you need.  They should be able to provide evidence.

Hidden Costs

It goes without saying, when you hire any third-party supplier for a task or project, they should provide you with a breakdown of the costs, what’s included as part of that and the outcome they expect to deliver for your investment.  Make sure to have this information provided when hiring a VA and have it put in writing in the form of a proposal or similar document. Even an email outlining a conversation and giving a clear breakdown of the tasks might be all you need. This helps everyone understand expectations and what has been agreed, and sets the tone for the relationship moving forward.

Confidentiality issues

Most VA’s are happy to provide an NDA or Confidentiality Agreement if you require one. If you have concerns about how your confidential information is going to be treated or there is concern around your VA working with your competitors, be sure to ask for an agreement to be signed.

Conclusion

From the above comparison, I can say outsourcing is the best option for businesses when they are struggling to get their everyday tasks done or cannot afford a full-time employee, or want to lower their operating costs. Organisations can avoid the risks mentioned above with proper due diligence done beforehand.  Always do your research and make sure the person you are hiring has a proven track record and the skillset needed to complete your tasks.

Company Update  

While Octopus Admin has been busy providing the best service for its clients, the team has been working hard behind the scenes to rebrand the business. We have designed our new logo and are working on our new website which will be launching soon. This is extremely exciting, and we cannot wait to share it with you.

Thoughts from our Director

I’m not sure about you, but this winter seems to be hitting my family hard with sickness.  I am currently writing this section of our newsletter while my 10-year-old is home from school yet again with another cold/flu-type bug.  It got me thinking about my team and how much they support me to be in business and how much they take on.  Without them, I’d be up to my eyes in work trying to juggle all of it while providing the necessary cuddles my daughter needs at the moment because she’s feeling like rubbish while bringing her food and drink and making sure she has everything she needs and essentially responding to her every need (almost).  Without my team, life would be pretty damn hard right now.

As business owners, our business can feel very much like our child.  We spend so much of our time nurturing it, giving it everything we can of ourselves, our time, energy, money and worry, and yet, in spite of our best efforts, we find ourselves stuck or we create a business that doesn’t give us much in return for all the effort we expend. Hiring a VA or an OBM can change that.  They are the ones that have your back, that can take on those hard jobs when you really need to be focused on the other areas either in your life or your business. Whether that’s a sick child or coming up with the next best service or product to sell to your customers, a VA brings you the freedom to choose. 

A big thanks to my team for all the amazing work and support you provide. Without you, I couldn’t do all that I do for my clients and my family.

If you need someone in your corner to support you while you grow your business, get in touch. I’m sure we can help.