A lot of people find themselves in this position when they run their own business. It is a natural stage and it can be easy to get caught up with the ‘unknown’s’. However, there are plenty of resources available that will provide you with all the knowledge you need in order to be successful in your business endeavors.
This blog post provides some great information about outsourcing human resource work for small businesses and entrepreneurs looking for help. It gives you the knowledge to get started and all the resources that will help you succeed.
Speed to Get the Lead
Whether it’s a sales lead or a position candidate lead, you need to competitively garner the business opportunity whenever it comes.
How fast is your lead followup? If it’s more than 5 minutes, you’re losing business – and you’re losing a lot of it. Believe it or not, while many companies still cling to the belief that it’s good to “wait a few hours” so they don’t seem desperate, the truth is that if you don’t follow up within the first 5 minutes, you won’t make the sale.
In the Lead Response Management Study, Professor James Oldroyd performed an in-depth study of response times & contact rates, and found that for every 5 minutes you wait, there’s roughly a 4x reduction in your chance of contacting the lead. If you wait more than an hour, your chances of contacting the lead are 10 times lower than if you’d called them in the first 5 minutes!
Keep in mind that 75% of prospects do business with the company that contacts them first. However, the average response time to an online lead is 44 hours and 50% of online leads never get a response! Why is there such a large disparity? In small business, the issue is usually that you’re busy with task-work and don’t have time to jump on new leads. With all the responsibilities on your plate, lead response often falls to the bottom of the list when in fact it should be a priority.
According to studies, the odds of calling to contact a lead decrease by over 10 times in the first hour.
The odds of qualifying a lead in 5 minutes versus 30 minutes drop 21 times. And from 5 minutes to 10 minutes the dial to qualify odds decrease 4 times.
Online leads are a great source to grow your business and yet, they are extremely underutilized. Many leads get resold over FIVE TIMES mostly because business owners like you don’t call them. Many leads prospect several Realtors before settling on one but keep in mind that first statistic we shared, 75% of prospects do business with the company that contacts them first!
A study by the Harvard Business Review revealed that contact within an hour of inquiry, you have 7x more of a chance to have a productive conversation compared to reaching out after over an hour, and compared to someone who waits 24 hours to contact a lead, you’re 60 times more likely.
Case Study: On Virtual Assistants
As an example, let us tell you about one of our clients Amy and her ISA Virtual Assistant Rex. Rex is in charge of calling leads as soon as they enter their system. His speed to lead is extremely important and this sense of urgency was instilled in him from his first day with Amy. Aside from being tasked to make at least 100 calls a day, he is also given new leads that he must reach out to within 5 minutes of their query. Rex set 199 appointments in his first year alone and out of those, Amy has closed 142 transactions. This is 7 million in trackable sales volume and over $200,000 in GCI!
Amy, like many business owners we work with, simply could not take everything on herself. She realized that her team needed someone who could focus on their speed to lead time. So she hired and trained a Virtual Professional who could pick up the slack so she and the rest of her team could focus on what they needed to accomplish.
This is only one part of the whole speed to lead game, stay tuned as we will explore more strategies such as the best times of day to call leads, etc.
Hiring virtual assistants has become one of the top small business outsourcing trends. With companies like MyOutDesk, virtual assistants are available for a fraction of what it would cost to hire employees in your own city or town. Virtual assistants are hired on a full-time basis and can help with your workload, make appointments, and do many other tasks.
But what does ‘outsourcing’ mean? Outsourcing is the act of moving business processes outside the company and into third parties who provide services on an as-needed basis. This is a cost-effective way to handle simple and routine tasks that would otherwise take up valuable time and resources at your company. Simple tasks can be easily outsourced or taken care of by hiring a virtual assistant via providers such as MyOutDesk.
Virtual Assistant Roles for HR:
- Taking care of HR paperwork and tasks
- Overseeing the company’s hiring process
- Managing onboarding programs for new employees
- Insurance enrollment for all your employees
Virtual Recruiting Assistant
With a virtual recruiting assistant you have access to someone who can assist with the initial screening of potential new hires. Most importantly, you can do this without having to be directly involved in the process. This type of virtual assistant will create an online application form, ask for basic details about qualifications and experience and then send out emails or letters to applicants directly. This saves time on your part, as well as money as it allows you to find qualified candidates in locations that might normally be out of your scope.
Virtual Interviewing Assistant
Virtual interviewing assistants provide you with a professional who will help conduct interviews via Skype or another teleconference style service. They do this by demonstrating their skills in a variety of interviewing techniques. They will also create resumes and cover letters for you to review. The final part of the interview process is deciding on an application deadline and time frame. Your virtual assistant will then send the applicants an email or letter asking them to contact you about interviews.
Virtual Social Media Assistant
Having a social media assistant is especially useful if you are looking to tap into the growing trend of social media marketing. Your virtual assistant can assist with Facebook, Twitter, LinkedIn and other services when it comes to these platforms. However, they will not simply be filling in for your job through social media, which can be time consuming for both of you. Instead, they can manage your accounts and provide high level reporting on growth. They will also be able to monitor conversations that are taking place related to your business and other competitors.
Virtual Personal Assistant
If you prefer your virtual assistants to be more personal, then a virtual personal assistant may be a great option for you. This type of assistant will provide you with all the benefits of outsourcing while still allowing for an individualized experience.
Helping to eliminate “process & information overload,” virtual assistants finish timely, on-demand requests of all sorts. Virtual assistants help you focus on your strengths and core business functions, and MyOutDesk is the perfect virtual assistant service for anyone who needs human resources outsourcing help.
See For Yourself: A Closer Look at Virtual Assistants
The popularity and acceptance of virtual assistants will grow over the next decade. It is estimated that, in 2020, 40% of the entire US task force are virtual professionals. Today’s use cases for these task-oriented professionals are vast. “Freelance virtual assistant services” will be one of the biggest industries in terms of employment and global revenue by the end of the decade.
“Outsourcing makes the hustle better — because you’re not burdened with many/growing expenses that you’ll need to figure out how to cover and hit profit”
Focus on your growth & scale your operations
ENVISIONING OF A NEW REALITY FOR YOUR BUSINESS
Simply put, MyOutDesk equips entrepreneurs & business owners with tools, strategies, and virtual employees – and when combined, businesses have a competitive edge and find growth while efficient systems and processes are put in place.
MyOutDesk proudly provides additional free business growth guides, books, and strategy calls.
See what we are about, and schedule a free ‘Double Your Business’ strategy consultation with us. We’ll take the time to learn more about your business and offer solutions to foster top talent and lower operational costs for your company.
Experience The Difference
MyOutDesk can save you up to 70% on employment cost
Claim a free business strategy consultation & ‘Grow Virtual’ Guide
Did You Know? MyOutDesk’s origin story is set during the last global financial crisis of 2008. Yes, that’s right — our business started by scaling businesses with virtual assistants during a recession! Our first client in 2008 went from five to seventeen VAs with a completely revamped organizational model in short order, and he told MyOutDesk, “Our virtual professionals have shaved $250,000 off our monthly overhead.”