Virtual Assistant InTheNews Nov08
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Are You Feeling the Pinch?

How are you finding the economic downturn? Is your business booming as you pick up new clients love the flexibility that a VA can offer as they are less inclined to hire staff at this uncertain time? Or are you finding that clients are cutting back on their hours with you and taking longer to pay? Entrepreneur and former Dragon Doug Richard shares his Tips For Survival In An Economic Downturn.

1. CASH IS KING

Manage cash - if you're out of cash and out of credit, you're out of business. You need a good 13 week cash forecast, generated NOT from the income statement but from a detailed understanding of receipts and disbursements. Monitor trends in your cash flow to keep on top of any sticky situations.

2. COLLECT WITH PASSION

On a related point, manage receivables aggressively. Businesses are holding on to their cash longer than before, resulting in late payments. These late payments are having a ripple effect through the SME community. Receivables will trend up, and some of your customers may become troubled as well. Don't keep extending credit.

3. DON’T DEPEND ON ANYONE

Keep a close eye on your suppliers, and have alternatives. In a downturn, some of your suppliers may become troubled as well, and you need to think about alternative sources for your critical inputs.

4. YOU CAN ALWAYS CUT MORE

You can forecast expenses, you can’t forecast revenue. Look for places to cut expenses. When times are good, companies tend to add staff and expenses that are nice to have, but not critical. It’s time to take a fresh look at those.

Keep focus on core markets and spend money solely in those areas. Avoid putting cash and time into areas that have proven less profitable.

Many companies begin by cutting advertising / marketing budgets. This can be a mistake. Instead of cutting these budgets, review the methods you are using. Are there more cost effective routes to market? Does your current strategy bring in the right results? If not, rework your efforts to deliver the best possible results.

5. TALK TO YOUR LENDERS

If you have debt financing, stay in communication with your creditors. Don’t wait until it’s too late before speaking with your lender. When you are already in a crisis and haven't provided any warnings, situations may prove tricky. Maintain constant communication. It will help you should you ever need to renegotiate terms.

6. BUSINESS SURVIVES ON THE BOTTOM LINE. NOT THE TOP LINE

Don’t worry about growing revenue. Worry about growing profit.... Make sure you understand what drives profitability in your business. To spur demand, you may have to get creative with pricing and product offerings, and you don't want to put something out there that is actually unprofitable.

Consider diversifying to make the most of potential opportunities. Others’ weaknesses and instability could work to your advantage. You never know – you may identify a new market.


You can find more free advice and useful resources like this at www.venturenavigator.co.uk

VentureNavigator is a state-of-the-art online business planning tool designed to help start-ups and small businesses improve their chances of success. Anyone can log on to the VentureNavigator Web site, submit a potential business plan, and receive a personalized assessment on its strengths and weaknesses. VentureNavigator also offers a user forum, where users can interact with each other, discuss current topics, and offer their own business advice. The service is funded by the UK Government Higher Education Innovation Fund (HEIF), ensuring that the service is free of charge to end users.

In the Spotlight…

Start Your Virtual Assistant Business Workshop

Are you interested in setting up your own virtual assistant business but are sick and tired of all the expensive start up courses out there that don’t even answer the basic questions? The VA Success Group has recognised that those aspiring to be virtual assistants need a practical course answering the most basic questions such as ‘is this right for me and how much money can I make’.

The VA Success Group founders Emma and Justine have had many people contact them saying they have been on training and coaching courses to become a Virtual Assistant, but then ask them basic questions, such as:

  • What software and equipment do I need?
  • Do I have to register as a limited company
  • What services are in demand?
  • What business model should I go for?
  • How do I actually complete the work?
  • What policies do I need?
  • How should I price my services?
  • ... And many more!

If you want to learn all the insiders secrets from two of the most successful virtual assistants in the UK today, both still running their own busy VA businesses, this is your chance.

  • Find out if becoming a Virtual Assistant is right for you
  • No need to spend the whole weekend away from your home or family
  • Affordable interactive workshop giving you the information you need
  • Hosts are active VAs and entrepreneurs running their own businesses
  • No quibbles money back guarantee
  • Find out about the hot niche that clients are lining up for

And if all that is not enough, just take a look at the bonuses!

For more information visit the VA Success Group web site here:
http://www.becomeavirtualassistant.co.uk/

If you have any questions or topics you’d like to see covered in a future issue please get in touch.

 

 

 

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