We all do a benefits analysis for any purchases we make — especially purchases involving our business. Often we tend to be a little skeptical of services which promise to free up our time and save us money, but the old saying is true: time is money. Virtual assistant services save you considerable time and have a definitive ROI to prove their worth, made of both quantitative and qualitative factors. For busy professionals with seriously out-of-control workloads, the benefits provided by virtual assistants are undeniable.
Here’s how to work out the benefits analysis for virtual assistant services:
Determining the Costs
Evaluating the costs associated with virtual assistant services will help you benchmark the size of the value added.
Virtual assistants can usually be hired on plans which equate to around $13/hr, but depending on how many hours you need your assistant to work, this cost can dip to below $10/hr in some instances. Both of these prices are already more cost-effective than other options, like using in-person assistants whose rates are on average $14/hr, or hiring an employee which comes with overhead costs associated with equipment and, in some cases, benefits.
To most effectively delegate to a virtual assistant, it’s generally recommended to spend a little effort upfront to train and onboard your assistant. Additionally, some of your time will be spent managing the virtual assistant’s hours and task list. It can seem trying to explain activities which may be obvious to you or may seem like more work to manage than to just do it yourself, but these efforts add value in the long-term by increasing the assistant’s knowledge of your business and your combined productivity over time.
Determining the Benefits
On the other side of the scale, you’ll weigh the benefits to determine if they outweigh the costs.Quantitative
To determine the amount of money you save by using virtual assistant services, determine how many hours worth of work you will be delegating to the assistant (or how many hours are you considering hiring this assistant for?) per day. Next, estimate your own hourly earnings. Subtract the virtual assistant’s hourly rate from your own hourly rate and multiply it by the hours delegated. This produces your cost savings per day:
(Hours Delegated/day) * (Your Hourly Rate - Assistant’s Hourly Rate) = Savings/day
For example, if you plan to delegate 2 hours of work each day to a virtual assistant for the cost of $13/hr, you are spending $26/day to delegate work. If your earnings equate to about $40/hr, those 2 hours of work would cost you $80/day to complete. By delegating to a virtual assistant, you have saved $54/day. Over one work week, that equates to $270. One month, $1,080. In one year, that equals $12,960.
While the dollar savings are incredibly impressive, the qualitative savings provide just as much value in opportunity and well-being. First, consider the time saved and the opportunity you have available to fill that time with other activities which are important to you. For example, you could take those two hours back and invest it in core, strategic work for your business. You could also take it to relax with your friends or family.
Your work quality will also realize an increase because you and your assistant can each devote more time and attention to your respective tasks. A virtual assistant can also help you get organized so it’s easier to find what you need in the future. Ultimately, the help of a virtual assistant will help make you more efficient at what you do.
Not only can hiring virtual assistants help you cut down on overhead costs, it also helps you improve productivity and team efficiency. While several factors determine costs of hiring a VA, it’s easy to find one that fits your budget. Here are the key factors that affect virtual assistant costs.
For many people, hiring a virtual assistant to come in and help out may seem like an expensive and unnecessary action — though the benefits analysis is hard to deny. Virtual assistant services are cost-effective and provide you with a high quality way to regain control of your work (and life).
To learn more about how a virtual assistant can help you, request a consultation.