Who’s Your Target?

As administrative partners, llc moves into another year of business, it is time to rethink some of the effectiveness of certain areas of business. The most glaring detail at this time would be profiling and duplicating our best client. Identifying what makes him so great. Is it his concise and clear communication? Or the fact that he truly uses us as partners day-to-day and not just a task here and there meaning he really "gets" the whole partnership part of our mission statement. Whatever the reason, we love him and want all of our clients to grow up to be just like him. The dilemma lies in the clients that we've taken on but are far from fitting that ideal profile. While I'm happy to say I really sincerely like all of our clients, I can't say that all of their work styles fit within the ideal client/Virtual Business Manager situation for administrative partners, llc. The question then becomes – are they trainable? Do we even want to train them? Of course in the economy no one wants to lose a paying customer, but is it worth the time and frustration that comes with working with someone outside of our target. What does a small business do?

We've decided to truly profile our clients going forward. We want to work with small business owners, who want to help themselves; one who understand that there is a need to delegate tasks that take time away from the core service of providing for their clients. They need to understand and appreciate that they can't do it by themselves; nor should they try. They will focus on what they are good at – running their business. They will not micromanage. They will trust our ability to succeed. They will be clear about expectations and provide constructive feedback where applicable.

I'm looking forward to signing on many more ideal clients this coming year. With the new range of services we are planning to offer this year, these clients should not be hard to find.

Outsourcing for Small Business

The phone’s ringing off the hook, employees are working overtime to handle the overload, and your website is buzzing with activity. These are all “good” problems we wish for, but are you ready if they become a reality? Today’s business happens at warp speed, and efficiency is a key hallmark of success. One way to gain efficiency is to focus your energy on the things that are of core value to your business. Keep those activities in-house, and put your non-core functions on the hot seat – even small business outsourcing is a reality in today’s business environment.

To make outsourcing work for your business, try the following:

Analyze your expertise

Take a look at the value you offer your customers and where you focus your efforts. Are you spending too much time on areas that are outside of your expertise? Many times, it is more cost-effective to have someone outside of the company take care of these non-core activities. Research various service providers and ask for referrals so you can start outsourcing functions such as logistics, accounting, IT services, payroll, public relations, and more.

"A small business owner should evaluate outsourcing just as any other business decision,” states Walter Turek, senior vice president, sales and marketing for Paychex, a national provider of payroll, human resource and benefits outsourcing solutions. “Criteria should include:expertise in performing the function, confidence in the service provider, return on time invested, risk versus reward, and peace of mind consideration."

Outsourced but not out of mind

Once you find an outsourcing vendor, be sure to keep your eye on the ball! Since you can’t just walk down the hall to oversee the quality and timeliness of outsourced work, continue to tightly manage whatever functions you outsource. Arrange for regular reporting to ensure accountability and effectiveness.

Move “fixed costs” to “variable costs”

Some functions in your business require only part-time work. An example might be bookkeeping. If your needs add up to only four days a week in bookkeeping work, then consider outsourcing. That will allow you to move the burden of “fixed” costs (in this case, a full-time salary) to the “variable” side (an outsourced vendor). In essence, you pay for the outsourced functions only when you need them.

Jump on opportunities from downsizers

Be aware that the rigors of this economy are forcing big business to shed non-core functions. After all, corporations must find ways to maximize profitability, which they do in part by reducing their expenses. Just as in small businesses, outsourcing allows big companies to move fixed costs to the variable column. Like you, they pay for the outsourced functions only when they need them. From a business development perspective, this may represent a trove of opportunity for you. You can develop an entire business model centered on providing services that used to be in-house at large companies.

Our Bottom Line

The primary message here is that outsourcing is here to stay and it should be something you entertain for your business. Concentrate on the key aspects of your small business, where customers find value, and outsource other business functions to outside experts. If you monitor vendors carefully and focus on efficiency, you’ll be positioned for rapid growth and success.

http://www.startupnation.com/articles/1276/1/small-business-outsourcing.asp

Taking a Break Can Help Grow Your Business

One of the strategies of business growth highlighted on the popular website startupnation.com, suggested that a business growth strategy was “taking a break”. With the holidays just around the corner, this might just be the encouragement you need to take a break and spend time with your family and plan for the coming year’s business opportunities.

The article mentioned that there is too much of a good thing. The same things that give you a mental buzz can also stress you out if you don’t take a breath and relax now and then. This will also ensure that you don’t’ lose the fun factor in your work or the passion for what you do. This is why mental time outs are an important part of business.

This mental break may not come in the form of a physical vacation, but perhaps just taking a few minutes away for the madness during the day to take a walk around the block. You must give yourself permission to stop. Some ways to deal with this mentioned were:

1. 1. Keep a time log. This will help you keep track of the time you wasted and you can use this time to do something that will help you relax.

2. Plan for each activity. Pad extra time around meetings and task to account for time-killers such as traffic.

3.3. Evaluate the quality of your clients. Only do business with clients who don’t take advantage of you, who pay you on time and who are pleasant.

www.startupnation.com

10 Tasks a Virtual Assistant Can Do That Would Make Your Life Easier

1. Check phone messages
2. Check emails
3. Follow up - on phone messages and emails
4. Prepare Newsletter (either online or print)
5. Manage your contact list (keeping it current/accurate)
6. Introduce you to products in the marketplace to help you run your business more effectively.
7. Manage calendar/appointments
8. Research opportunities for you to showcase your business.
9. Customer invoicing
10. Prepare marketing and advertising.

These rules are not set in stone, but rather just an example of how a Virtual Assistant can give the busy business owner time back so that they can focus on growing the business.

Independent Contractor vs. Employee

The IRS has recently started an initiative to educate new small business owners on their federal tax responsibilities. One area in which new small businesses can get caught up is when advancing to the point where they need add additional “hands in the pot”. According to the IRS, “it is critical that you, the employer, correctly determine whether the individuals providing services are employees or independent contractors. Generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. You do not generally have to withhold or pay any taxes on payments to independent contractors.” (http://www.irs.gov/businesses/small/article/0,,id=99921,00.html)

Filing at 1099-MISC of Independent Contractors

According to IRS.gov, if you paid someone who is not your employee, such as a subcontractor/independent contractor, attorney or accountant $600 or more for services provided during the year, a Form 1099-MISC (PDF) needs to be completed, and a copy of 1099-MISC (PDF) must be provided to the independent contractor by January 31o f the year following payment. You must also send a copy of this form to the IRS by February 28.

Preparing and Filing Form W-2 for Employees

At the end of the year, the employer must complete Form W-2, Wage and Tax Statement (PDF). A copy of this form must be given to the employee by January 31st after the end of the year. You must also send a copy of the W-2 to the Social Security Administration (SSA) by February 28th (after the end of the year) unless you file it electronically -- then it is due on March 31st. Employers can prepare and file up to 20 W-2s at a time, free of charge, at the Social Security Administration’s Web site. Using SSA’s online W-2 filing, employers can also print out all the necessary copies of the W-2 for their employees, state taxing agencies, etc.

Click here to see a cost comparison of using full time employee versus a virtual assistant for your administrative needs.

Delegate Your Way to a More Productive Business

As business owners you are no doubt always looking for the most effective way to spend your time. It is important to truthfully assess how productive hours are spent on a daily basis. Keep in mind that there is a distinct difference between busy and productive. Busy entrepreneurs can quickly get caught up in the “busywork” of running a business. Tasks such as checking emails, handling invoices or other payments, making travel arrangements, preparing handouts (instead of preparing your presentation), etc. can rob one of many productive hours each day. These tasks, though necessary to keep a busy running, are not the elements that provide the sustainability to keep a business growing.

With that said, here is a word that any student of business has heard heard millions of times – DELEGATE. Of course it would be in the best interest of your business if you could focus your more productive hours on the things that yield the most return. Ask yourself, “What limits me?” and make sure you find ways to address those limitations. It may be a good idea to start setting times monthly to access and readjust if necessary – check-in with yourself and your business to make sure you are staying on track. By delegating some of these tasks to someone with a lower rate per hour, the busy entrepreneur is free to concentrate his/her hours on more productive tasks; therefore seeing an increase in productivity, prospects, clients, and income.

What does a Virtual Assistant do?

The International Virtual Assistants Association defines a Virtual Assistant (VA) as “an independent entrepreneur providing administrative, creative and/or technical services. Utilizing advanced technological modes of communication and data delivery, a professional VA assists clients in his/her area of expertise from his/her own office on a contractual basis."

VAs are used by many different types of professionals for a number of different services. For example, some VAs specialize in assisting Realtors® with transaction coordination, logistics regarding open houses, etc. Yet some assist speakers with RSVPs for seminars, PowerPoint presentations and handouts.

However a busy professional chooses to use their VA is really a matter of customization. What do you need to hand off to someone else so that you can concentrate on the core competencies of growing your business? No doubt, the answer to this question is different for everyone.

administrative partners, llc offers a wide variety of virtual assistant services – from the basic administrative duties such as proofing and sending letters to more involved areas of business growth such as contacting clients on the professional’s behalf. Visit our website to find out more about the services that we offer, and stay tuned for additional services in the near future.

Administrative Partners, LLC - Virtual Support for the Growing Business

Welcome to the resource for busy business professionals on how to use a Virtual Assistant (also known as VAs). Virtual Assistants have the potential to become valuable assets to any business. However, many people who need us, don’t quite know it yet. This blog’s goal is to educate everyone on the power of a Virtual Assistant to assist you in growing your business.

Welcome,

Tamika R. Johnson, MBA, Principal

administrative partners, llc - Virtual support for the Growing Business

www.administrativepartners.net

tamika@administrativepartners.net