Return on investment is the very close cousin of cost-benefit, but in this case, I will apply it in a strictly financial sense, and use my real-life work as an example. My personal assistant, whose name is Eric, does a lot of research, logistics, and planning for me as a journalist. Because he expands my efficiency, I’m free to take on more assignments and make more money. I would estimate that for the $50 investment I make for each week I hire him out, I make twice as much money minimum because of his help. So if I pocket $100 I wouldn’t otherwise make, and pay him $50, the return on investment is $50. Makes sense? (By the way, that’s during a slow week. Sometimes the return on investment is two or three times as much.)
Collaboration is an important factor in teamwork in the workplace and also still possible for remote workers! Collaboration tools for virtual teams are plentiful and have many different uses. There are many that allow instant and clear communication among remote team workers, such as Slack for instant text-based communication or Zoom for easy conference calling. Other helpful applications include Github, a smart software development tool, and World Time Buddy, that allows you to sync up the different locations of team members to find a time that everyone can meet!
“Face-to-face interaction is generally lost, and there’s no substitute for this during some activities, especially those more collaborative in nature. Video conferencing can sometimes offset this, but it’s not a perfect replacement. Feeling like a cohesive team is more difficult, and some people can never get past that. (Manifesting both with those in the office feeling like remote workers aren’t being part of the team, and remote workers feeling like they aren’t treated like they are real teammates.)” (source)
Movies and TV shows from the likes of Devil Wears Prada to Rules of Engagement make us laugh and feel sorry for the personal assistants. Their lives are consumed by ego-maniacal tyrants paying them no more than a couple of funny pennies per hour. Luckily, apart from the odd unfortunate exception, the reality is much different. Yes, sometimes personal assistants are asked to do menial tasks ranging from the humiliating to the humdrum, and they are often asked to be on duty round the clock, but it usually pays off in more ways than one.
Often expanding the employee count also means expanding the office space to hold more employees. The cost of upgrading and expanding a space is saved by delegating some of the work to online employees. This allows the employers to save time and money searching for a new space and also gives them the access to many talented employees who may not be available to work the typical 9-5 hours.
No business is too big or small to use a PA, and with recent technological development with the internet, the new era of PA’s has come in the form of virtual assistants. Virtual assistants work remotely from their own home but undertake the same duties a normal PA would, and this can offer a cost effective alternative for smaller business who need help. So, what does a PA do? Some of the duties a personal assistant may undertake include email and calendar management, organising transportation, call handling, research and event planning. As an independent contractor, you might also use a PA for basic bookkeeping and invoicing your clients. If you are trying to build an online personal brand, PA’s can also help with managing your social media profiles.
Your business is growing, and you are busier now more than ever. You could use an extra set of hands, so someone suggested that you should use a virtual assistant. However, you have no idea what a virtual assistant is or for that matter, how they can help you. If that is the case, small business owner, it is time for you step into 2014 and become virtual. You will add your business to the growing trend of those utilizing virtual assistants.
Often, the challenge for startups and other small companies is having the resources to hire an employee with as much of this expertise as possible at the lowest possible investment. Finding all of this in one individual at the experience level required can be daunting. The virtual team can provide the answer in fields such as human resources, finance and marketing.
I doubt many companies like or prefer that employees work from home. We allow the policy in order to be able to attract employees who would otherwise go elsewhere. We are heavy users of Slack, Confluence and other collaboration tools that make working at home more productive, but they cannot replace the serendipitous interactions that occur while hanging out by the nitro-coffee keg. - Manuel Vellon, Level 11