Running a successful service company is a major challenge that comes with a number of financial obligations and expenses. Things like office space and service vehicles are all costly, but nothing compares to the expense of hiring, training, and retaining quality employees. This may seem unavoidable, but we can show you how to reduce overhead costs for your business by using a virtual assistant.
How to Lower Overhead Costs and Increase Profits
The key to maximizing your service company’s profitability is to reduce your day-to-day operational expenses. Payroll is usually at the top of the list when it comes to what’s costing you the most money, especially if those employees aren’t performing well. Using a virtual assistant can help to mitigate these problems though and lower overhead costs so you can enjoy increased profits.
Payroll Savings
The most obvious point of concern when it comes to how to reduce overhead costs is employee payroll. Skilled CSRs with experience in the position will most likely demand higher hourly rates, while less experienced candidates may end up losing valuable business. You also have employment regulations to contend with regarding part-time and full-time employees and the number of hours worked.
Luckily, the use of a virtual assistant can help to solve all of these problems. Using a virtual assistant service is much less expensive than standard hourly wages for an in-house CSR. You can also choose to use them as much or as little as needed, so there’s no need to worry about minimum hours or overtime.
Benefits and Insurance
Another large chunk of your company’s profits go toward employee benefits, paid time off, and in some cases, medical insurance coverage. None of those expenses are your responsibility with a virtual assistant service though, allowing you to save money while maintaining productivity and revenue.
Training Costs
One of the biggest drawbacks to hiring new CSRs is the time, energy, and financial investment it takes to get them up to speed. You can end up paying an employee for weeks, or even months before they become productive enough to turn a profit.
Virtual CSRs have already been trained and are proven to be competent when it comes to customer service and converting leads. You don’t have to worry about whether or not they’re up to the task.
High Employee Turnover
Having to constantly hire new employees when others leave can also increase the amount of time and resources that you spend on training. If you’ve experienced issues with employees leaving you in the lurch, consider using a virtual assistant service instead.
Save on Lost Revenue
Sometimes the answer to how to reduce overhead costs is minimizing lost business and missed opportunities. The last thing you need is to lose out on customers who want to hire your company. Unfortunately, if a CSR is out sick or your customer service team is overwhelmed during a busy season, some valuable leads may be lost.
A virtual assistant can step in at any time though and help with your overflow customers to make sure that not a single opportunity is missed. They can even allow you as a business owner to be freed up from busy work so you can focus on the most essential aspects of your company’s operations and growth.
If you’re interested in how to reduce overhead costs with a virtual assistant, visit New Vision Telecommunications today for your free quote.