Posts Tagged ‘virtual assistant’

Thinking of Cutting Prices? Well, don’t!

PricingIf you are contemplating on price cutting hoping to increase sales, don’t! Before you resort to lowering your prices consider these first:

1. Focus on value. Why do your customers do business with you? Do they come to you for discount prices, personalized customer service, cutting-edge offerings, products they can’t find elsewhere, convenience, innovative thinking or what? If lower prices are not your value proposition, then move on.

2. Bundle some of your offerings (this works best for service entrepreneurs) and offer tiered packages priced accordingly. Those who purchase the platinum package get more choices or benefits than those buyers who opt for the gold or silver packages. Or you could simply offer customers a discount in exchange for a long-term contractual commitment. You also might consider adding a new line or service offering-one that you can charge a little less for.

3. Look for other areas in your business where you can shore up your financial situation. Are you current on collecting your receivables? Is your phone plan the best? Are you using energy-efficient lighting and equipment? Can you cut back on travel and entertainment? Negotiate a better deal on rent? Hire interns, part-timers or partner with a virtual assistant?

Price cuts may negatively affect your cash flow.  Remember that you want to make sure you have enough cash to maintain (or maybe even increase) your marketing budget. Smart entrepreneurs take advantage of recessions and try to do more than survive. If you hold tight to your pricing strategy and do more to increase your customers’ experiences, you can actually thrive.

Photo Credit:  Craig Murphy

Start Hiring When You Want To Grow Your Business

HiringHow much time do you spend each day going to the post office, inputting data or running errands instead of working with paying clients?  Hiring your first employee will help you grow your company and free up extra time to grow yourself as person.

Ask yourself where do you see your business in a year?  In five years?  If you want to grow – serve more customers, create new products, make more money- you cannot do it all alone.  Think about why you went into business. It probably wasn’t to do administrative tasks.  With an employee – the right employee – you’ll spend more time on what you’re good at (and make money doing) and less time on grunt work.  That’s just one benefit and here’s a few more:

  • Spend your time on money-producing activities
  • Produce more products or services
  • Serve more customers
  • Make money when someone else is working
  • Bounce ideas off someone else
  • Use your time on the things you do best and like to do.

How do you know when it’s the right time for you to hire?  Perhaps like retail stores, restaurants, and many tech companies, you need employees the day you open your doors.  Or you’re so busy that you turn away work or can’t handle routine tasks.  It’s amazing how many self-employed individuals don’t have time to get out their invoices.  If you’re thinking of hiring, consider the following.

Keep Overhead Costs Low By Going Virtual!

As many business owners jostle to keep overhead costs low, the cost of leasing an office is something that we rarely consider cutting. However, depending on how your business is structured, going virtual – aka, not having a physical office – may be a practical option.

I’ll use a small design firm I work with of about six employees, as a case study. Here are the many needs that we considered, and that you’ll want to dwell on, if you’re thinking about going virtual:

Time tracking. When it comes to documenting your team’s hours for billing and payroll purposes, there are plenty of time tracking systems with a wide array of features available online. Mashable has a great rundown of online time trackers that range from free to reasonably-priced. I use FreshBooks for my virtual assistance business and I find it efficient and user-friendly. I also recommend Harvest and Freckle – both are robust, well-designed, and reasonably priced.

Project management. Keeping track of tasks, deadlines, and dependencies is crucial, and online project management is a big space with many options. You should budget significant time for investigating and testing as many of these services as possible to determine what best matches your business processes.

Phone system. Sign up for a “virtual switchboard” service, which sets up phone extensions that forward to individual home phone lines. We chose Aptela, because it was affordable and gave us the options we needed, but there are a number of alternatives including RingCentral.

VPN. We bought special Linksys VPN routers to give us secure and easy-to-maintain access to our internal servers and shared files from our homes. It’s worth noting, however, that the setup required some substantial technical knowledge, so I’d suggest speaking with your IT director (or a freelance techie – let me know if you need one) to evaluate how best to affect this change.

Chat. To allow for real-time communication amongst the team, we signed everyone up for a chat service. We selected MSN Live Messenger because it has dependable group chat features, but most other chat services would work just as well.

Screen sharing. Screen sharing has been a huge part of what made it possible for us to go virtual. It allowed us to easily simulate looking over each others’ shoulders while collaborating on a project, as well as easily show a client what we’re working on without being in the same room together. We use GoToMeeting for walking clients through product demos and for collaborating on projects internally. A  good option if you don’t want to pay monthly subscription is Glance.

A year and a half later, the firm is still virtual and running more efficiently than ever, all while working from our respective homes, coworking spaces, or wherever we prefer.

How to Nurture Your Leads

If you’re selling to businesses it can be challenging  not only getting leads in the door, but what you do with those leads once they’re in.  After all, the last thing you want your leads to do is “cool down.”  Here are 4 things you might do to keep your leads HOT.

Identify Your Leads

Once you have a lead you need to identify what type of lead they are. Many businesses identify leads as hot, warm or cold depending on what the sales cycle is. Some businesses identify leads based on when they think they’ll be making their purchase of a product or service; 1-3 months, hot, 3-6 months, warm, or 6-9 months, cold.

Another way would be to ask what their budgets are or when they’ll be making their purchasing decision. It could even be that a lead isn’t going to buy for 5 months but they’re ready to spend 4x what someone who is going to buy sooner would spend.

It’s up to you and your business how you’d like to identify you leads but make sure you do it!

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