Profit Growth Strategy #7 for Virtual Assistants
Yesterday you learned how to leverage your highest priced billable hours. Today you are going to learn what to do with those tasks you don’t care to do or don’t get paid well enough to do. This profit growth strategy is often neglected but can be worth millions of dollars and many more hours sleep over the course of your career.
Many solo-preneurs fail in business because they never build a network of strategic partners. Virtual assistants are notorious for this behavior. It is also one of the key reasons most virtual assistants never make more than they did in corporate America.
Develop a network of virtual assistants and other professional service providers who complement your work. This is a mutually beneficial relationship. You pass your partners work that they specialize in and you receive work from them that is your specialty. Each of you only uses the highest priced skills you have doing work you enjoy. This way everyone performs at their highest level and produces results that create loyal customers.
This partnership is not a free venture. You must work out an agreement as to the prices your partner will charge for their services. Then, you will add a premium. The amount of the premium you charge can depend on the amount of effort and time you consume in selling the services, managing the project and billing the client. A set dollar amount per hour or a percentage-based fee is acceptable.
Strategic partnerships are highly valuable and help you earn money while you are sleeping or on vacation. Once you master this you will be more valuable to your clients and you will have a vast network of partners selling your services in reciprocation for you selling their services.