Many entrepreneurs struggle to get “all the things” completed within their business. There aren’t enough hours in the day, they are only one person, they don’t know everything; there are a lot of reasons things slip through despite a business owner hoping to do what they want. However, hiring a virtual assistant can help alleviate these issues. Unfortunately, many business owners think they can’t afford one; it is the biggest reason given when asked.

Yet the return on investment, or ROI, could actually help the business grow and thrive. A Virtual Assistant is an investment into your business. It costs money to have someone help with the tasks you don’t like to do, don’t want to do, or don’t have time to do. So you definitely need to think about the ROI with hiring a VA.

What is a return on investment?

There is a formula to determine ROI; ROI = Return ÷ Cost. It is then translated into a number as a whole or percentage. For example, if you bake cookies and they cost $10 to bake but you sell them for $15, your Return on Investment is 1.5 (15/10) or 150%. Or if you purchase a bed for $800, restore it for $200, and earn $1200 selling it, your Return on Investment is 1.2 (1,200/100) or 150%.

So if your ROI is higher than 1 or 100%, the investment is profitable, Which in turn means that the higher the ROI the more the investment is worth. Of course, it also means if you drop to 1 or lower, you will either break even or lose money so that’s not good for your business. Training should be considered as part of your cost in this with the virtual assistant too.

This means that if you train or instruct a virtual assistant for one hour per week and they work for nine, you are making 900% return. And a good VA will eventually need no training at all, unless you give them new work to do. Then you are getting and even bigger return. Similarly, if the VA requires almost as much training or instruction as work they are completing, it’s not a good fit for you. Keep in mind that initial training might take a little longer if you require a specific program but a good VA will pick up on how to do the job quickly with little issue.

Is A Virtual Assistant A Good Return on Investment? 2

A good VA will get the tasks completed that are not worth your time to do yourself. If you pay yourself $75 per hour, it doesn’t make sense to deal with basic emails, data entry, creating flyers, and other small but important tasks that make your business run. So if you can hire someone who can complete these tasks in a timely manner for less than your rate, you will get an ROI that can easily grow your business and make the expense no longer be an expense.

Keep in mind that an ROI is not just monetary. Tasks that you dislike or are not good at will take you longer to complete. Thus hiring someone else to do them will free up your time to work on tasks you enjoy, which helps your business grow since you aren’t bogged down. In fact, you will be less stressed because you don’t have to deal with those tasks and rarely think about them except to make sure they are done.

Hiring a virtual assistant to do many of the things you need help with for your business can lead to new ways to work on your business. You can send gifts or hand-written cards to keep top of mind with your clients when they don’t need your services or products at the moment.

If you don’t want to do the math yourself, you can use this site to figure out the ROI for you.