|
Ask the Master Newsletter Archives
Welcome to the previous editions of the Ask the Master newsletter.
On your left you will find links to tips and the how to’s of
running a Virtual Assistant practice. We hope you enjoy your stay
and if you have a question you’d like answered send it to submission@vatp.ca.
Ask
The Master
December 2003 Volume 2/Issue 12 |
Working On Your Business
Continued success depends on you working not just in but on your
business. What initiatives do you have in place?
When we first start out we spend lots of time working on our business,
getting materials ready, networking, following up, advertising, making
connections etc. As we grow our business and becoming busier we spend
more time working in the business doing day-to-day client work. If
we want to continue to grow and expand the business we need to work
‘on’ versus ‘in’ our business. Let’s explore
this concept.
Warmly,
Mary-Lou Ashton
Master Virtual Assistant
Questions In This Edition
(Click on the links to go to that question.)
What is the importance
of working on my business?
Clients will come and go and when they go you want to make sure
you have the ability to replace the workload and income. Most of
you will also be in business to grow your business.
It takes effort to start, maintain, sustain and grow a business.
There is always room for improvement, standards that can be raised,
initiatives or new technologies to be implemented, business expansion,
or shifts in direction that won’t take place if you are caught
up in the day-to-day doing of client work.
How much time should
I spend working on my business? You should be spending about
20% of your time on your business doing income preparation activities.
As a guideline the breakdown would look something like;
- 60% on income activities that are directly related to making
money i.e. client work;
- 20% on income preparation activities such as consultations,
writing articles, networking etc.;
- 10% on value add activities such as a top ten list, client feedback,
updating technologies etc.; and
- 10% on administration such as invoicing, tracking or compiling
statistics, paying bills and other paperwork required.
So if you are working a 40-hour workweek ideally you should be
spending 8 hours a week working on your business. It may seem like
a lot but you’d be surprised how quickly you can eat this up
and the payback is worth it. Be sure to schedule time every week
to work on your business and you will guarantee your success!
What are some things
I can do to work on my business? You want to focus on activities
that will potentially bring in income to the business. As mentioned
above some of these activities could be consultations, complimentary
sessions, info sessions, writing articles, newsletters, free teleclasses,
networking, marketing, research, strategizing, workshops, speaking
engagements, tradeshows, reciprocal links, banner ads, ezine ads,
bulk mailings, sponsorship of sports teams or local events, donating
your services to events, silent auctions, press releases or asking
for referrals.
What happens if I don’t
work on it? Other VA’s who are continuing to work on
their business, implementing new technologies, providing new or
expanded services, have their name in front of potential clients
consistently, are creating raving fans, advertising expansively,
regularly marketing and networking will have potential clients waiting
in the wings and be able to quickly and easily attract new clients.
Where will you be if you have not been proactive? How will you expand
or grow your business? How will you be able to model the ability
to grow your client’s business? How will and how many potential
clients will know about you? Will you be able to provide the services
required? How big will your resource pool be?
What blocks or limiting
beliefs do I need to look out for? I don’t have time
I’m too busy working on billable hours. Maybe today you are
but if you don’t make time there may come a time when you have
too much time. I won’t need any new clients mine are loyal
and be with me forever. Don’t kid yourself and get your head
out of the sand! This is an unrealistic expectation given the statistics
for small business and life itself. My clients will provide all
the referrals I need. You need to be really, really well established
and confident about this one and even then I wouldn’t count
on it. Networking doesn’t work for me. Then work on your networking!
Over the years this strategy has remained a constant in client generation.
Brought to you by
Virtual Strategies
and the Virtual Assistant Training Program
Making dreams reality!
www.vatp.ca
info@vatp.ca
1-604-483-3740 |
|
