It may seem far- fetched to single out the Virtual Assistant as representative of the New Economy. After all, unless you use an audio-video service such as Skype, WebEx or GoToMeeting, you hardly see the Virtual Assistant.
The New Economy represents a change in the way business runs. The Army College identified the end of the Cold War as the beginning of the New Economy. Since then, business became global. New territories were explored to see if there were opportunities and economies of scale to capitalize on.
By the new millennium, the world entered the Digital Age. The Internet was no longer the property of government agencies. It was now accessible to 300 Million people. The Internet was significant because it allowed businesses to bridge oceans through the virtual world.
Whereas before fax, long distance and air mail were the means to reach the international community. Now you have e-mail, chat services, VOIP, smart phones and other messaging protocols.
Of course, the Internet blew open the doors for social media particularly in 2004. In time, social media became an important tool for networking and content distribution.
Today, the Internet has grown into a community of 3.3 Billion daily users. 2 Billion Internet users are on social media; reading, sharing and posting content.
What do these figures and developments have to do with the Virtual Assistant?
The Virtual Assistant represents how business will be run in the next few years:
Lean – The Virtual Assistant represents the value of outsourcing services. Outsourcing cuts costs by capitalizing on comparative cost advantages and economies of scale. By hiring a Virtual Assistant over a regular employee, you reduce costs by 40%. A virtual team will save you more money because you don’t incur additional expenses for rent, Internet and utilities.
Focused on Productivity – By delegating work to virtual assistants, you are able to focus on work that demands your attention and competencies. The cost savings generated can also be used to fund revenue- generation projects.
Flexible – With such great uncertainty in the business environment, your strategies should veer away from developing “perfect” plans and instead move toward flexibility. This allows you to recognize factors of change and implement revisions to keep your strategy on course. Hiring virtual assistants will give you flexibility in scheduling, strategy design and more freedom in managing manpower.
Cost Efficient – Virtual assistants are paid per productive hour. They are given tasks that have to be accomplished to keep your business moving forward. Regular employees generate lesser productivity because they are paid a fixed monthly rate regardless if they put in adequate work or not.
Hedge Against Uncertainty – If you want to expand your business, virtual assistants is the way ago. You can increase your virtual team based on the growth of your business. If the expected growth or volume of business does not materialize, you can simply terminate the agreements with the virtual assistants without issue.
The New Economy is not a trend. It is the way business will be from here on end. There will be no going back to perfect strategy design-making. If you want to survive and thrive in the New Economy, outsource your services to virtual assistants.