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We, as virtual assistants (Vas), generally attempt to grow our business by obtaining more clients or contracts. Now the new strategy is to enlarge our small business by creating a multi-virtual assistant company or organizing a team of Vas to subcontract or outsource projects to. These Vas provide services, which will complement your services rather than compete with them.

More and more virtual assistants are creating multi-virtual assistant companies, while others are subcontracting to other Vas. Normally, virtual assistants who work with multi-virtual assistant organizations or work on a subcontract basis are entrepreneurs themselves. On the other hand, Vas who are in the beginning stages of their business can gain experience and knowledge as business owners while at the same time establish their companies, as well as earn money. Operating a small business requires much more than just knowing how to type or perform any other administrative task.

However, it is a win-win concept because an established virtual assistant (va) can offer more services without having to be skilled in that particular area, as well as have the assistance of up-and-coming Vas. In some cases, a virtual assistant needs a va to help them with administrative tasks. In addition, you have a backup in case of your absence for any reason. Whether you operate a multi-virtual assistant establishment or subcontract to other Vas, you can offer their services in addition to yours.

For example, in an attempt to grow my virtual assistant business and expand my services, I’m applying the subcontracting strategy. I recently organized a team of three Vas with varying skills to subcontract projects to. My core service is word processing services, and the team services include bookkeeping, Real Estate Virtual Assistant (REVA) services, transcription, and website and graphic design. Their services complement mine rather than compete with them. Now I can offer their services in addition to my current offerings. If for any reason I am absent or need assistance with my administrative tasks, every member of the team is able to perform word processing services and provide administrative assistance.

If you are a virtual assistant who is in the process of growing your business or increasing your list of services, consider organizing a team of virtual assistants with various skills. As the virtual assistant industry grows so does the level of available skilled virtual assistants. It is a win-win situation for established virtual assistant companies, up-and-coming virtual assistants, and our clients.

Many business owners who operate a business want as many clients as possible, both those who have just started their business and those who have owned one for a long time. They are, however, not fully utilizing all of their assets as they could be in order to achieve their desired results.

The objective of increasing business profits isnt only met by attracting more clients. There are several other reasons why a business doesn’t make as much money as it should besides not having enough clients.

Here are a few simple, yet effective business coaching ideas that will help you unlock the hidden profits in business and also some reasons why things aren’t operating at full potential as they should:

- Focus more time on the important matters – you may not have enough time available to boost your business, especially if you are the one who is serving clients on a regular basis. In this case, you should consider hiring somebody to help. Running a business takes a lot of work, so let the employees handle the day-to-day issues, while you take care of the important ones such as developing strategies for present and future growth. Set aside an hour each week to brainstorm ideas, implement strategies and nurture key business relationships.

- Carry out competitive intelligence on other businesses, especially the ones that are successful and emulate them. This doesnt mean copying whatever they do. Take the best parts of your competitors business and apply them to your own. It is also very important to keep a close eye on the competition, regardless of the nature of your business. If you are running a restaurant, for example, you should inspect the services, the offers and the prices of the competition. By doing a little research on other businesses, you will be able to reorganize, improve your services, adjust the prices depending on the competition, as well as introduce new offers to your clients. By knowing what your competitors are up to, you will always be one step ahead of them.

- Spend less of your gross profit on overhead and ineffective marketing. Lease unused space in your office or warehouse. Track sales as a result of expense. Employ salespeople on a higher commission scale rather than a high base salary. Test and measure for effective marketing campaigns before dumping a ton of money on any marketing campaign that is doomed to fail from the start.

- Instead of competing on price, develop an ultimate strategic advantage. Emphasize the qualities that make your business stand out and create a whole new positioning in the industry. Find out what really matters to your clients by surveying them and give it to them.

- Talk with clients and find out if they are delighted or not. Ask for suggestions. Dissatisfied customers will not return, while a delighted client will refer others.

- Nurture existing clients. Instead of focusing on acquiring new customers, concentrate on nurturing and maintaining the clients that you already have! Make sure they are pleased with the services you provide for them and pay attention to their needs, desires and complaints. It is very important to establish and maintain good relations with your clients, as they are the ones who keep your business running.

Many business coaching companies encourage selling more to existing clients because it improves a business bottom line by increasing the lifetime value of a client. It also brings new clients, attracted by positive experiences from your delighted clients. Referrals lower your acquisition cost through word-of-mouth marketing and this also adds to business profits.

- Up sell other productsservices. Selling extras is known to be a great method of increasing profits. For example, grocery stores strategically place many magazines and snacks near the checkout. People browse and buy these while waiting in line raising the average pound sale with these extras. McDonalds is well-known for its up sell before a sale is completed by simply asking a simple question to add on more products (complete meal, fries, sundae, or apple pie).

- Increase your advertising – advertising is expensive but if things work well, the money will definitely return to you. You can also try to make the best use you can out of free advertising. Get the most out of promotions and limited offers, especially around holidays.

- Seek out business coaching advice. Having a comprehensive set of business strategies can help you further, by providing you with new efficient methods of increasing the profits of your business. To operate a business effectively long-term, most businesses will have to deploy several strategies in order to diversify their sources of leads and maximize their profitability through smart marketing, team building, and business process management.