Hybrid Businesses: Models, Benefits & Why They Work
Originally posted on September 21, 2021. Refreshed on October 12th, 2022
- What is a hybrid business model?
- Common hybrid business models
- Benefits of hybrid business models
- Innovation & Planning: Integrating Hybrid Business Models
- Further benefits of hybrid business models
- How to get started
What is a hybrid business model?
A hybrid business model is defined as the combination of different organizational models to produce products and/or services and often serves the same customer base across those differing models. An example of a hybrid business model would be a business that utilizes both local, in-house employees for specific tasks as well as remote working, outsourced virtual assistants for other tasks. Businesses have come to realize that outsourcing to virtual assistants is the best way to streamline operations, reduce costs, and grow business.
The Most Common Type of Hybrid Business Model
Most medium to large-sized companies has come to realize that outsourcing to virtual assistants is the best way to streamline operations, reduce costs, and grow business, all at once. The outsourcing, or off-shoring, of work to companies that use virtual assistants is on the rise, especially in departments or industries with remote working capabilities. Such as sales development, marketing, customer service, general administration, and many more. One of the largest users of virtual assistants is the real estate industry. This hybrid business model puts into practice what many large businesses are already doing. However, some small and medium businesses still get confused about how to effectively use it.
The importance of utilizing this kind of hybrid business model in the most efficient manner cannot be overstated. An example of effective and ideal use of virtual assistants is leveraging them for busy work and remote-capable tasks. Specifically, the kind of work that isn’t core to your business. For example; if your business is selling apparel, you wouldn’t outsource designing the clothes. You would, however, benefit from outsourcing your customer service, social media marketing, order entries, etc. Essentially any task that supports your business, while freeing you up to focus on running it.
The hybrid business model that leverages virtual assistants to its advantage will streamline operations, increase efficiency, and grow business. All while reducing overhead costs. For this reason, it is one of the most common hybrid models for US corporations.
Benefits of Hybrid Business Models
If you’ve been spending too much time answering calls, managing appointments, responding to emails, or falling behind due to other administrative tasks. A virtual assistant can boost your success in the following ways.
1. Increased flexibility
Regardless of the industry, you’ll experience periods that are incredibly busy, as well as slower periods. Your goals may also change throughout the year, impacting the types of tasks that need to be addressed. In order to achieve this level of flexibility, a virtual assistant is an ideal solution.
This strategy will allow you to pinpoint opportunities that’ll likely lead to increased productivity and growth. All while you continue to develop new growth ideas and strategies.
2. Cost-saving strategies
When considering hired help, it’s imperative that you compare the potential cost-saving benefits associated with a virtual assistant. When hiring a full-time employee, you’ll need to consider costs associated with onboarding, benefits, and other hidden costs.
In contrast, a virtual assistant can help you overcome busy periods without needing to pay someone during slower periods. Although you’ll still need to pay for their services, a virtual assistant is an investment — the type of investment that can significantly boost long-term revenue.
3. Enhanced efficiency
The old saying, “Two heads are better than one” could not be closer to the truth. When hiring a virtual assistant to address x, y, and z, those tasks no longer require your attention. Learning to delegate such tasks is one of the most effective ways to boost overall efficiency.
In addition, a virtual assistant can help you become much more organized so that you can easily access the files and documents you need when you need them. From bookkeeping to CRM management, a virtual assistant will provide the level of support you need.
4. Consistent customer service
Some weeks seem as though they hit you like a ton of bricks. As you try to catch up, prospective business is not addressed as it should be. Whether you are following up with last week’s clients or are sending out client documentation, you are wasting valuable time and resources.
In turn, your clients/customers are not getting the attention they expect — and your business could suffer. Virtual assistants can address all of your customer’s questions and concerns, all while you focus on driving your business forward.
5. Greater lead generation
Just imagine being able to grow your client list while you strengthen your relationship with current clients. Perhaps you have a contact list that you have not yet used for marketing purposes? If so, a virtual assistant could create an email or telemarketing campaign to gain more leads and in turn, grow your client list.
If routine, non-dollar productive tasks are steering your business into a rut, it’s time to eliminate these tasks off your plate. MyOutDesk has been serving business professionals across the country for 10 years, becoming one of the top service providers. After serving more than 5000 clients, we’ve branched out into the industries listed above. We’re here to help you scale, leverage, and grow your business.
Innovation & Planning: Integrating Hybrid Business Models
Businesses are going to have to change in order to survive. The switch is already happening. In 2020 & 2021, most business owners report making a pivot in their business model. Hybrid business models are here to stay, and this dynamic is forcing many of us to learn a lot about efficiencies. All businesses need to get to a hybrid model in some way, shape, or form. This applies to any corporation, no matter the size of its business or the size of its budget.
In order to excel, businesses need to figure out how to offer more quality services & close more deals. In some cases, that means outsourcing. Many productive entrepreneurs & CEOs do business with virtual assistants. Using virtual assistant services is a good option for getting more work done in less time. Many business leaders choose virtual assistants to stay organized, complete the grunt work, and help with sales & marketing (SEO, inside sales, etc.).
The thing I like most about using virtual assistants in my business model is that I have more time to focus on the things that matter.
Further benefits of hybrid business models
CEOs have enough work to do on their own, so they need a way to get ahead. That’s what outsourcing is all about. It’s a good business model for any company that wants to stay competitive in the future.
- Access to more human capital, while saving on costs.
- Lower overhead, more profits & income.
- More minds maintaining quality service, data, and overall brand.
Hybrid business models can benefit corporations because they can help companies to innovate easier. Corporations can be innovative in-house or through outsourcing. A hybrid model allows the corporation to try out new ideas without giving up control of its core business operations. Hybrid business models are advantageous for corporations in that they allow them access to a bigger talent pool and broader customer base.
How to Get Started
Simply put, MyOutDesk equips entrepreneurs & business owners with tools, strategies, and virtual employees – when combined, businesses have a competitive edge and find growth while efficient systems and processes are put in place. Embracing a hybrid business model with virtual assistants can get your company in that sweet spot of increased production and revenue, coupled with lower overhead expenses. Delegate the remote work to a cost-effective virtual assistant, and keep your higher-value tasks in the hands of the trusted professionals you hired personally. They’ll thank you for reducing the workload, allowing them to focus on the expertise they were hired for. And you’ll thank yourself when you see the increase in revenue.
See what we are about, and schedule a free consultation with us via the link below. 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.
Frequently Asked Questions
What is an example of a hybrid business?
Hybrid businesses are companies that utilize two or more organizational practices to support their product/service goals and company vision. For instance, a financial planning business may rely on referrals more than social media campaigns to achieve its goals. Therefore they might have in-house local employees handling all direct communications, scheduling, and billing. While outsourcing social media management to a remote working virtual assistant, who can keep their online presence active and relevant.
What are the four types of business models?
Business-to-business model, business-to-consumer model, subscription-based business models, and on-demand business models.
What is a hybrid model?
The hybrid working model is a work style that allows employees to mix working from different locations. For example; working at the office, from home, or on the go.
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