VA Tips & Tricks Blogging Challenge 2014 - G is for Growing your Business

Everybody and everything needs to grow and so your company needs to grow. It is through continual marketing, advertising and networking that your business will grow. You can’t just open up your business and start to work; it does not work like that, ‘You have to do the work to get the work’. Marketing, advertising and networking is always going to be a major part of the life of your business.

You need to grow your client database to bring in enough work to make a profit. Businesses must run making profits otherwise what is the point. Your rates need to be enough that they cover your expenses and that there is a bit left over for profit. You don’t want to just break-even you need to make profits to survive. If you charge low rates and you won’t be in business for long. Often VAs think that if they charge low rates they will draw in many clients, do you want the types of clients that go for the low rates or do you want the type of client that pays you well and appreciates what you and they become regular clients and they know you are a valuable resource to them.

As we grow we need to make sure that our advertising material grows with us. Update your material often, don’t just send out the same advert over and over, create something new each time, maybe boast about a new product you learnt, or a new client you have just got, advertise a new skill you have just learnt, maybe you have joined a new group advertise it., you could interest others to join that group. Send advertisements out regularly.

The same with your website change it often, your website should not look the same today as when you started out, your website grows with you, keep it fresh, updated and keep up with current website trends. If you add new content to your site send out an advert advertising it, send out on your social media platforms and invite people to your site to check it out.

Our businesses have to grow for us to achieve anything, the same as we need to keep up with technology, technology changes all the time, so do we, never let your business go stagnant no matter how busy you are, keep it fresh and ongoing.

I don’t need to advertise for clients, but I do need to advertise to show that I am still in business. Your business name must always be out there to be seen.

New Section added

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Compliment to the year 2012 to you.

Payments and Clients

As part of your business plan you need to write up a procedure for dealing with your clients and payments.
How do you want to receive your payments?
When are you going to invoice your clients?
With once off jobs/tasks I would suggest you start of by asking for a 50% deposit before starting work, then on completion of the task and the client has came back to say they are happy with the work then you send an invoice. Do not start the work no matter how urgent before receiving your 50% deposit. Your payment is also important as is the clients work.
My clients have 10 days to pay me from date of the invoice. If that client has not paid me I then follow up and keep following up until payment is received. With once off clients you invoice on completion of the job, not at month end. You point out your payment terms to the client and ask nicely when you can expect to receive payment, especially so when you work with subcontractors as those contractors need to know when they will be paid.
If I take on a client and they become  regular clients I then move the payments to monthly payments. I try to get my invoices out around 28/29 of the month, I try, its not always possible as often I can be too busy. Invoicing is important and I try to maintain that (try).
My monthly clients either pay on receipt of the invoice or within a few days. If the clients dont pay I send a friendly skype or email reminder. Our clients can also be just as hectic as we are.
Note: we will get the clients that do not pay, that is an accepted part of the job and part of every business.
Have payment terms on your invoice and as part of your terms and conditions in your clients contracts.
There is no need to be afraid of invoicing your clients, its is part of dealing with clients and part of doing the work for clients, you are a business owner and you must think as one.
Keep track of all your invoices, payments in and out, its important to know how much you earn and what profits you are not making or are making. You need to know where your company is financially at all times. Your basic bookkeeping must be part of your monthly procedures for your business.

VA Business Plan

I know its very daunting start out as a virtual assistant, in fact down right scary. There is so much to be done and that horrible business plan, do I really have to write one, I dont know how, or want to know how. But its got to be done. Its the backbone of your business, without a business plan many VA and small business companies will not last long. All business even that of a VA , must have structure and procedures. How else can you work. Your business plan is like a skeleton and the pieces must fit together to work and everything is connected to your backbone, your business plan. It should take about a week to pull it together, use a template from the internet as then the categories are there and its a case of just adding your information and customising the template into your working business plan.
There are specific categories to fill in, do not rush this, think of your information, think how you want to run your business, think of the procedures that you will do for every task and document them.  If you need a bit of help with this, don't struggle, give me a shout and I will asisst.
A VA business with no structure or a clear plan is doomed. Your business plan will be a working document and will change lots especially over your first year as you settle into running your VA business.