If you are planning to start a new business, you need to gain at least a little knowledge on ROI & virtual assistants; this article has exact details of what you are looking for.
In addition to the above, if you are a start-up one should also have a basic understanding of company asset management, operating expenses / operational costs. This helps in better utilization of seed funding for the startups.
ROI refers to the return on investment, and it is formulated by business analysts to analyze the profits based on several factors. You can figure out your ROI by dividing the return by the cost.
You can calculate the return by the amount of money the investment can make and the cost is calculated by the amount of money you spend on the investment.
If your ROI is between 1 and 100%, you can consider your investment as profitable. Whereas if it’s lesser than 1, it is a bad move for your investment plan in business.
If you want to hire a virtual assistant for your firm, it is easy to calculate the ROI of time. You can calculate the amount of time needed to train your virtual assistant and divide the amount of time your VA can save you.
If in case your VA works for 2 hours of work per week and requires more training and lagging hands-on experience, you will have to bear the cost fall. So it is essential to pick the right ones to make your business plan work progressively. Offshoring or Outsourcing your low skills task is always a strategic move for a business. Hiring an offshore virtual assistant is one of the best return on investment tools for small businesses. An offshore VA helps to focus on the core business and get work done at a lower cost.
Strategies & techniques for startups & small-medium businesses
Start-ups and small enterprises enter their target markets with a lot of enthusiasm and hope. This alone cannot keep them away since to compete in the competitive markets they have to prepare a long-term business strategy.
But many start-ups and small businesses fail because they do not plan their strategy to achieve their long term goals. Without a strategy, small investment business may reach a plateau much sooner than intended; while this stage may seem fatal, it is feasible to quickly turn things around by employing effective business growth tactics.
If your company needs a boost – and you need it now – it’s time to find out what growth methods you can implement. This article will help you figure out how to expedite your company’s growth so that it has the best chance of long-term success.
Now, let’s check out the below 5 important strategies required for investing in startups and businesses to get the best ROI.
- Cost Reduction Adds to Positive ROI
If you are a new business owner, you should look for ways to cut business costs and manage your resources.
You can reduce the cost by using paper, metal by recycling your own product, instead of sending it to other recycling centers. You can also use the lease space for your production unit based on your business requirements so you can calculate the return on investment.
- Synchronized Working Means More ROI
Synchronization is the key when it comes to the most successful strategic plan. Synchronization helps save a lot of time, and it reduces the number of employees working on the same task as well increase overall productivity.
Moreover, synchronization tools enable businesses to work on the company documents without any restriction of location and network access. These tools benefit the colleagues and share their ideas while working on the same project resulting in higher efficiency & transparency. Additionally, it can help in getting ROI capital by funding investment.
- Round the Clock Output Adds To ROI
Many firms must adhere to a variety of rules and regulations imposed by both internal and external sources. The commong examples are highly regulated industries such as banking, insurance, telecom and healthcare. Such industries handle & verify enormous amount of data every second.
Human teams are typically assigned to compliance activities. However, the sheer volume of data necessitates massive teams working full-time, 24 hours a day, seven days a week. Human error is an issue here as well because there is a lot of sophisticated and sensitive data. A single minor error can be quite costly to uncover and correct. RPA can assist in minimizing the number of hours and reduce the operational cost. On the other hand employees address the more complicated challenges.
- More Sales Activities
Create an outline of your sale activities involving the sale process, sales team details and their objective. Then develop sales activity metrics to calculate the return and pick out the right people under the team.
Sales representatives can be involved in business meetings, ROI discussions, and important webinars. You can plan the activities for your sales process and record the annual and monthly sales activities.
- Better Customer Support
The customer service center is never a cost center. The business decision-makers should realize the need for customer support investment as part of the important ROI strategic plan.
Studies claim that happy customers with good customer support spend up to 100 % more compared to unhappy customers. Moreover, the chance of selling to an old customer is 60-70% more than getting a new customer.
To construct a new business or small startup- you need a solid business plan strategy. However, it is crucial to find out what works for your business, to calculate ROI and optimize the resources. You also need to meet the target audience with your business vision to improve your company shares. So keep committed to learning the new strategies to get high return investments. Good Luck!