Many of us find it very hard as Virtual Assistants and mothers to balance time for work and time for family. Perhaps the biggest problem is that as our business grows and we become more and more successful it is often at the expense of time with our children. It is at this time that it is crucial to remember just why you became a Virtual Assistant. For many of you I am sure the answer is the same as it is for me; to have a career that allows me to also be at home with my children.

So what is a successful Virtual Assistant to do? How do we run a successful business and be a fulltime mother (or father)? The answer is in finding a balance that works for you, your business and your family. Here are some ways to ensure that you can balance both:

Schedule around your family’s schedule
Make sure to schedule productive working time during school hours, naptimes and after the children have gone to bed for the evening. By productive working time, I am talking about the important client matters that require your full attention and focus. Also schedule time to return phone calls when the house is more likely to be quiet and you are less likely to be interrupted. This will allow you to maintain your professional image.

Enlist the help of others
Look to your support system and enlist the help of your spouse, older siblings, friends and grandparents to help during busy times. If you don’t have a nearby support system, enlist the help of a student or young adult as a “mother’s helper”. Why not find another working mom in your area and agree to trade play dates? Set up a system where you can take her children one day a week and in exchange she can take your children one day a week. Make sure that you utilize this time and whatever you do, don’t over utilize the services of a helpful friend or relative.

Get them involved in your business
Even if your children are young, explain to them about your business in terms they can understand. By understanding that you just aren’t “playing on the computer” they will be able to respect what you are doing easier. I know my son finds it very exciting to go to school and explain what a Virtual Assistant is to his friends. If your children are older, find small jobs that they can help you with such as filing, affixing stamps/labels, shredding papers, etc.. They will love to be a part of what you are doing and most children are just eager to spend time with you and love to feel that their parents want them to be a part of their business too.

Set time aside for family time
It will be much easier for your children to respect “work time” if you respect “family time”. Give your children your full attention when you are with them. If your idea of quality family time is putting on the TV while you are chatting with friends on the internet, it will be much harder for them to distinguish between work time and family time. If necessary utilize a timer to allow your child to begin to see the distinction between the two times. If you begin to spend quality time with your child they will be more likely to give you the space you need during work time.

Reward your children
Make sure that as your children learn the boundaries that you have set that you praise them and reward them for allowing you to get your work done and for not disturbing you during that time. By rewards I don’t mean buying them something every time that they are following your boundaries, I am talking about rewarding them with praise and extra quality time.

With a little creativity, some good scheduling and discipline on your part to follow these guidelines, not only will you have a thriving business, but also a thriving family.

Small talk is society’s way of cutting the silence, of filling the empty void that makes many of us nervous. When faced with a situation involving just us and a stranger or someone that we are not well acquainted with, it is our innate reaction to talk about the weather or news events as opposed to feeling comfortable sitting in silence. How many times a day are you asked, “So what do you do?” If you are like most, your answer is usually confined to a simple professional answer, “I am a self-employed ___________”. In most cases this is the end of the conversation or you then ask “and you?” But let’s face it, do we really care and did the person asking the initiating question care? The next time you are faced with this question, take the time to find an answer that makes them care and create enough interest to keep the conversation flowing.

As a small business owner it is important to talk to anyone and everyone about your business because let’s face it, anyone could be a potential client and the person asking could know of potential clients. When answering the question “What do you do?” I am not talking about starting an hour long conversation where you get into the meat and potatoes of your job and start relaying a grocery list of your skills and capabilities. Rather I am talking about giving them something to be interested in talking about and something to make them spread the word about you. When looking for that interesting factor, think back to when you first started your business. What excited you and drew you to start this business? What makes you stand out from the crowd and makes others excited to hear about your business?

Here are some ideas to get you started:

1. Provide a hook or a reason for potential clients to remember you and your business. Paint a picture for the person that is asking. Imagine a person selling a cloth that provides a streak free shine every time. They explain to the person that they no longer have to lug bottles of glass cleaner and paper towels, but simply dampen the cloth and rub and the cloth does the rest. I guarantee the next time that person is lugging glass cleaner and paper towels they will think about that cloth.

2. Give them a reason to ask more. Imagine the questions when you hear of a person who just opened a massage therapy business that utilizes water but the patient never gets wet. What part of your business is most likely to make people ask questions?

3. What makes you stand out from others like you? I am a virtual assistant who provides bookkeeping services. I also provide administrative support and many people choose to work with me because they only want to deal with one person to assist them as opposed to both a bookkeeper and an administrative assistant.

4. Ask a question that will provoke an emotion. This will enable the person to think of you every time that emotion is felt. For example, ask “have you ever felt overwhelmed by the unorganization present in your home? I am a personal organizer who not only organizes things for you, but also provides you with tools and resources to improve your own organizational skills.” The next time someone is feeling overwhelmed and is in a state of chaos I am sure they will think of you.

Always, always, always keep in mind that although the person you are talking about might not be your target client, you can never be sure what fifty people they know. Truly talking about your business can make the difference in truly creating a thriving business.

Simply put, a Unique Selling Proposition is that “thing” that gives you a marketing advantage over your competition. So what is it that makes you stand out from the crowd? What competitive advantage do you have? In order to truly create a thriving business you need to figure out just what your unique selling proposition is and then tout it to everyone that will listen. What will make someone drive past five other coffee shops to visit yours?

Remember when determining your USP, it is not always what you perceive, but rather how you are perceived by your client that is important. Really get into their head to understand what they are looking for and what drives them to utilize your service or buy your product over your competitors. Then make sure you deliver on the promise you are providing.

When determining your USP, write down the top three reasons people are buying from you today, then look at some of your competitors and write down the top three reasons people are buying from them. I am sure you will start to see a pattern. Answer the question “My customers would rather buy from me than from my competition because …” If you cannot truly answer that question, now is the time to develop your own unique selling proposition.

When developing your USP, here are some areas to consider in making yourself stand out from your competition:

Uniqueness
Develop a unique product or service no one else offers. Sometimes this is much easier said that done, but it is the most obvious way to establish a Unique Selling Proposition.

Offer More
People continually want more; just look at the fast-food industry where everything is offered “super-sized”. I am sure you will find it hard to find someone who hasn’t bought something in bulk just because it was “a good deal”. Perhaps the key to establishing a Unique Selling Proposition is to simply go a step beyond and create your own “grocery list” of services unique to you. For example, a Web designer who also provides custom graphic design is more likely to get business than someone who provides only Web design services. The bookkeeper who provides administrative support as well as bookkeeping will stand out from other bookkeepers because they provide far more “value” for a potential client.

Find a New Market
Perhaps the solution is as simple as introducing a successful product or service to a new geographic area or a new target market. Many products and services have had great success and may or may not have success in a new area.

Give Them a Reason to Come Back
Providing an added benefit to your clients will give them a reason to keep coming back. Look for example, at all of those stores that offer a cash back reward system for their customers. What can you offer your clients as an incentive to have them return?

Of course, the key ingredient to the success of any business is to create a buzz and get people talking about you, your business and the products or services you are providing. When people are excited about what you have to offer, you will have created a thriving business. Creating a Unique Selling Proposition will give you the edge you need to attract clients to your product or service and get them talking.

Every business, no matter the product they sell or service they provide can fall victim to the highs and lows of the business cycle. How you handle these highs and lows can mean the difference when working to create a thriving business. It is true each business is subject to different cycles, but every business can react to these cycles in the same manner as it works towards creating a thriving business.

When we talk about business cycles many immediately think of the roller coaster ride associated with economical recessions and booms. However, business cycles can also be as subtle as seasonal or weather cycles or cycles caused by vacations or shutdowns.

Having systems in place to help you cope with both the highs and lows of industry cycles will help to ensure that your business will continue to thrive. If you are not prepared for a boom it can cause just as much damage for your business as a recession. Here are some of the examples of ways to combat business cycles:

Offer a Complimentary Service
For those affected by weather seasons, offering a complimentary service can provide your business with the business needed to weather the seasonal cycle. For example, a Northern Canadian lawn care business would not have a vast demand for their services in the winter, but if they were to offer snow plowing in the winter to offset this slowdown they could find a consistent and steady income. Another example, if you do outdoor construction projects and you can’t work in the summer because it is too hot, why not target an indoor construction project until temperatures cool enough to return outdoors.

Target Opposite Markets
Look to the cycles of your target market and find someone at the opposite end of a cycle to assist during slow times. For example if you are a bookkeeper whose clients are mostly construction workers and the construction season is slow during tax season, why not offer your services to an accountant, who could probably use your help. Another example is if you target women to buy your product and right now they are not purchasing your product, figure out what changes are necessary to encourage men to buy your product.

Outsource or Subcontract During Busy Times
When many business owners hit a peak period or busy time they begin to feel the pressures and stress of meeting all the associated deadlines. It does not always make good business sense to hire employees to help you during busy times, although in some industries (e.g. farming and construction), seasonal employees have become the norm. An excellent alternative is to outsource or utilize a subcontractor during busy times. The advantage of outsourcing is there are no obligations other than those associated with any contract you might sign. By utilizing subcontractors you can still have quality assistance with the knowledge there are no long term commitments required.

Offer a Reduced Rate or Discounted Rate
During slow times offering a discount may give you the competitive edge you need. I have heard of many companies offering different rates depending on their workload or the interest in their product or services. Just consider the retail industry; many times they have sales in January and February because this is their slow season and they are looking to generate interest in their products.

Increase Your Price to Deter Business
Just as many will offer a reduced rate during slow times, the same holds true during busy times. Don’t be afraid to increase your price when you are busy. After all, much of our pricing is based on the laws of supply and demand. Many will still be willing to pay your price even if it is inflated because they require your services immediately and for those that aren’t willing to pay the price now, it might hold them off until your business slows down a bit.

Offer Your Services to Someone as a Subcontractor
During slower times, why not consider offering your services as a subcontractor. Although subcontracting doesn’t necessarily pay as much, it is better than having no income.

Develop a Marketing Strategy to Create Interest
Perhaps the most obvious strategy for dealing with cycles is to look at your current marketing strategies and make adjustments. Perhaps you could introduce a contest or start a promotion that is exciting and gives people a renewed desire to check you out. In the same regard taking a close look at how you are spending your marketing dollars and trying something different might be the key to helping you get through an industry low.

Plan for and Learn to Live with the Cycles
As they say, if you can’t beat them join them. Perhaps the easiest way to handle industry highs and lows is to just accept they will happen and develop a way to live through them. Perhaps during the lows you see this as an opportunity to take a much needed vacation and a high as an opportunity to really get out there and show them just what you can do.

However, you deal with the highs and lows of your business, only someone that can learn to fasten their seatbelt and enjoy the roller coaster ride will truly have created a thriving business for themselves.

The best indicator you have a thriving business is that your home office is no longer the best alternative for your business. For many just starting out, running your business from home is a wonderful opportunity because it is an easy way to “get started”. A home office can be as simple as a computer in the corner of your guest bedroom or as elaborate as a dedicated space in your home. For some business owners though there comes a time when being at home just won’t cut it anymore.

Before you trade in the convenience of working from home for a commute to an off-site location, here are some key considerations to determine if it’s truly time to move:

Need Employees But Not Willing to Have Them in Your Home
For many, the key reason they look to move their business off-site is because they begin to require employees, but just don’t relish the idea of having someone in their home. Of course one alternative is to outsource or subcontract the position to someone that works off-site as well. Many tasks nowadays can be performed off-site, but it just may mean being creative or thinking outside the box to determine just how this can work. If however, these tasks can not be performed off-site and require a physical presence at your location to complete them, this would indicate it’s time to get out there and start looking for some space to rent or buy.

Too Many Business Visitors at Your Home
Many municipalities have regulations for how many clients or business deliveries you can have at your home office. One phone call to your municipality can determine whether your business is on the edge of breaching any regulations or bylaws that have been established or not. Of course, once you know what those regulations are you can determine if creative scheduling can allow you to remain within these bylaws and regulations. One way to stay at home might be to have off-site meetings or have your deliveries sent to an off-site location for pickup.

Interrupting Your Home Life
Are you disciplined enough to realize when it is time to walk away from your desk? If your office line rings during dinner do you run to pick it up? These are signs a home office might not be a great idea and commuting might be a better solution for you. Perhaps setting up a schedule and sticking to it or turning the ringer off outside of business hours might be a solution. For many, however, it is hard to walk by their office without the urge to finish one final thing.

Not Enough Space
Perhaps you want to add a service or a product but you are restricted because of the space you available in your home. Is there any other area of your home you could utilize for your business? Is it possible for you to expand your home to create this space? These are considerations you need to make before deciding you have outgrown your ability to remain at home.

Of course, each of these considerations may or may not have a solution that will allow you to remain in your home and not every business can be run from a home office. For those contemplating moving from a home office be sure to truly weigh all the pros and cons of moving off-site. Sometimes the things that bother us the most about working from home are far outweighed by the advantages of not having to commute to an off-site location daily. Only you can make the determination of when the scales begin to tip in favour of moving your operations off-site. For many the only way to truly create a thriving business is to be honest with themselves and figure out what is best for them and also what is best for their business.

Simply put, a vision statement allows others to know what your vision for your company is. Where do you want your company to go? What is your company’s ultimate goal? To help put together your vision statement take the time to close your eyes and think about what your company will look like in 5 years. The picture you have created is your vision and will work towards developing your vision statement.

When asked by others what your vision statement is, are you providing them with an answer that truly allows them to envision that picture you are working to create? Will that picture tell them where you ultimately are headed with your business?

Keep in mind that how you word your statement can mean the difference between excitement and pure boredom on the part of your potential clients, investors and others that will aid you in reaching your vision. Since our clients buy based on emotions, which emotion (excitement or boredom) is more likely to have them “chomping at the bit” for your product or service? In the same respect, we also need to excite potential investors to aid us in reaching our vision. Although investors try to remain impartial and look at the facts before investing, the ability to create excitement could be the missing ingredient required to entice them to invest with your company.

To demonstrate the power of emotion, let’s look at an example of a simple vision statement:

ABC Virtual Assistants provides administrative support with the goal of educating others to increase their client base.

Yes, this is a vision statement because it clearly states where ABC Virtual Assistants are headed, but do you really care? Has this statement excited you to the point of wanting to jump on board with them and assist them to reach this vision? Have they created a picture for you so you can see clearly how they will do this? Can you envision their ultimate goals? Most likely the feeling evoked by this statement is “Who Cares”. This I am sure is not the reaction we are looking for from potential clients and investors.

Let’s take another look at that vision statement, but this time let’s ensure there is an emotional component to the statement:

As pioneers of the new age of Virtual Assistants, it is hoped that someday soon people will be asking “Who is your Virtual Assistant?” as opposed to “What is a Virtual Assistant?” ABC Virtual Assistants hope to accomplish this by educating others through seminars and speaking engagements and by providing exemplary administrative services to their clients. We will work until the term Virtual Assistant is a household term.

Which statement has allowed you to see a picture and truly envision the future for the company? Which company do you think will be more successful in reaching their goals?

The next time you are putting together a vision statement for your company or sharing your goals with others helping you to create a thriving business, remember to ALWAYS include an emotional component to that statement.

The identity statement should allow anyone to understand or recognize your business as you would like them to. Taking this one step further, it should also answer the question – Who Cares? … If you are having trouble with your identity statement, ask your spouse, friend or colleague to tell you what they perceive your business to be. This may help you assess if you have been clear in your description of what you do. (Taken from “The Ultimate Guide to Creating a Thriving Business”, Yvonne Weld, 2007).

Simply put, your identity statement does precisely that; conveys to others what exactly your identity is. Your business name is a start to your identity, but is it really telling others exactly what you do? Your identity statement should not leave any questions in the mind of the person hearing it as to who you are and what you do.

There are five qualities to a good Identity Statement: it is memorable; it is purposeful; it identifies the quality of the service or product; it explains who is served and how; and, it answers the question “Who Cares?” In order to develop an effective statement make sure your statement contains all five of these qualities and to top it off, it should be no more than 3 or 4 sentences in length. Sometimes it is hard to be clear and concise within those constraints. Here are a few ideas to get you started:

Memorability
If you identify yourself as simply a car salesman who will really care? You are one of thousands of other car salesmen, so what is it that sets you apart? What could you say that will set you apart and want others to do business with you?

Purposeful
An identity statement needs to stay on task – it is meant solely to get others interested in hearing more. Now is not the time to go on and on about why you are better than your competition. Instead sum it up in a two or three word phrase that contains a colorful and catchy verb. Keep the other party interested and wanting to hear more. Rather than telling them exactly what you do, give them a hook; a reason to ask more.

Identifies the Quality
What is it the single most identifiable quality that makes your product or service stand out from others offering the exact same product or service? Would you rather deal with an auto mechanic or an award winning auto mechanic?

Explains Who is Served
It is a well known fact that a particular product or service will not be the be all and end all to every consumer out there. Ensure that your identity statement focuses on who you are targeting. Make sure you have explained it so that your ideal customer will know you are talking to them.

Who Cares
Perhaps this is the most overlooked aspect to your identity statement. Why should the person reading or hearing your identity statement care? Explain what benefits you provide. Remember to think about this from your customer’s perspective because after all they are the ones we want to becoming interested in hearing more of what we have to say.

Let’s look at an example of a good identity statement taken from “The Ultimate Guide to Creating a Thriving Business”:

Jack’s Toy Shoppe specializes in unique and one-of-a-kind toys for all ages. All toys are custom designed and personally hand built by Jack and his team of toy designers. Toys can be delivered anywhere within Canada or the United States.

Memorability – “unique and one-of-a-kind toys”
Purposeful – “unique”, “custom designed” “personally hand built”
Identifies the quality – “all toys are custom designed and personally hand built”
Explains who is served – “Canada and the United States” “toys for all ages”
Who cares – for those in Jack’s target market they have heard enough to be intrigued to ask more questions

Your identity statement will be a continual work in progress. Don’t expect to get it right the first time you write it out. Remember that a good identity statement has the flexibility to grow as your business grows and thrives.

Hello Yvonne,

Sometimes last is best! Today’s visit is the last stop of our 45-day VA industry promotion campaign and what better place to end than with Yvonne Weld, an Able VA. I’ve traveled from continent to continent visiting podcasts and bloggers who support the upcoming Online International Virtual Assistants Convention (OIVAC) and the virtual assisting industry. It’s really been a blast and after today, I’m taking a short hiatus. Before I say bye, I’ll answer a few more questions as I look forward to seeing you at the convention.

1. I have a potential client that does not own nor utilize a computer at present. Can you give some tips as to how someone that is not technologically savvy could communicate with a Virtual Assistant?

Frankly, if the individual doesn’t own or utilize a computer, I strongly recommend she enroll in a basic computer course at a local community college. Since 90% of your communication is traditionally conducted via computer, I’d say it would be very difficult for the potential client to succinctly communicate with a virtual assistant without one.

If the individual insists they want to work with a VA, the clients can still communicate via telephone, fax, palm pilot and sending and receiving work via overnight carrier service, etc. But, I see this situation becoming very frustrating for the VA, as well as limiting as she will not be able to use all the communicative tools in her administrative arsenal such as VoIP, instant messaging, whiteboard, online meeting rooms, shared sites, etc.

Working with a VA is not for everyone, and I believe the clients should at least know how to turn on the computer (literally) to create and sustain a win-win relationship. I don’t see this occurring in the above situation, unless the client is willing to come into the 21st century technology-wise.

2. If someone were thinking of becoming a Virtual Assistant do you feel there is a minimum amount of experience, education or skillset that they should have?

Absolutely, positively, emphatically, yes! I believe an individual interested in becoming a VA should have a minimum of 3 years experience in an administrative-type role: administrative assistant, office manager, executive assistant, etc. The individual should have held a responsible and decision-making position.

Relative to education, I don’t believe the individual must have attended a higher education institution, but I support them participating in training or continuing education courses. VAs are natural life long learners, and with the variety of programs, courses, seminars and conferences available (intra- and non-intra industry), a VA should identify and pursue an educational path so she can stay abreast of the latest and greatest business operations processes and technologies.

3. If someone wanted to hire a Virtual Assistant, could you provide us some tips they should look for when they are interviewing potential Virtual Assistants to ensure that the relationship will have the best chance to work?

As detailed in A Virtual Solution for Business Growth, Stability and Profitability individuals considering partnering with a virtual assistant should first perform the following:

• Conduct a self-assessment by identifying tasks you dislike, are time consuming or you lack the necessary skills or knowledge to perform.
• Rank or group the list in order of responsibilities you would like to eliminate from your routine first. This ranking may be based on urgency, mundaneness or any system you choose to create.
• Complete a brief personal profile, including your work style and traits you would like in an ideal workmate.

The white paper goes also reports that Molly Gordon, a Master Certified Business Coach, recommends that a VA should possess:

• Values that match your own
• Strong computer skills and Internet access
• Abilities that complement your own
• Multi-tasking and organizational capabilities
• Commitment to learning about your business and industry
• Positive attitude and willingness
• Ability to teach in a way you understand

Ask the VA how they can help you.

Remember! A VA is not an employee but an entrepreneur, an independent contractor, a fellow business owner. Instead of the “traditional resume / interview” process, approach your quest as if you are looking for someone to build a lasting relationship with; an individual who can help grow your business and is equipped with the skills you need to accomplish your ultimate goals. It is very important to clearly communicate with the candidates. They must have a clear understanding of your needs and expectations before entering the relationship. The more aware the VA is of your needs, the greater the likelihood she will properly perform the tasks.

A VA is there as a “partner” to proactively help you grow your business. A VA can be of best value when she gets to know you and your business.

4. There are only so many hours in a day so could you provide me with some ideas of how a Virtual Assistant can allow their business to grow financially without having to infringe on their personal life?

If the Virtual Assistant develops a niche-focused practice, and is recognized as an expert in the chosen niche, she should be able to increase her rates accordingly. Another option is to create info-products for a targeted audience as a source of residual income. A third possibility is to develop teaming relationships with other Virtual Assistants and share the work, resources and income. By doing so, you will increase your ability to service more clients, outsource responsibilities to other VAs, increase her income and free time to have a personal life.

5. What requirements does one need on their computer to attend this year’s OIVAC?

All attendees need is a keyboard, mouse, internet connection and headset/mic. That’s it!

I’m done, finished, stick a fork in me – and move on to the convention. Okay everyone, you can find yesterday’s clue at the OIVAC blog. Of course, I won’t be stopping anywhere tomorrow, but today’s clue is: ygiinrte.

I hope everyone has enjoyed this adventure and I look forward to seeing during the next!

Special Note: The entire Podcast & Blog Hopping VA Tour will be available soon in e-book format.

Don’t forget! Submit your scrambled puzzle phrase answer to info@oivac.com by Wednesday, May 16, 2007 8:00 p.m. EDT (New York). The correct entries will be eligible to participate in prize drawings. Winners will be announced at the International Virtual Assistants Day celebration, scheduled Friday, May 18, 2007 at 5:30 p.m. Attendees may access the ceremony directly from the OIVAC website.

About Sharon Williams
Sharon is the Chairperson of the Alliance for Virtual Businesses and OIVAC, and president of The 24 Hour Secretary an administrative, secretarial and internet-based marketing support services company. She is the 2006 recipient of the Thomas Leonard International Virtual Assistant of Distinction Award and co-founder of Virtual BusinessU, an interactive, online training environment for Virtual Assistants and entrepreneurs doing business on the Web and ready to step toward their greatness.

So you have taken the step and decided bookkeeping is just one of those tasks you really would prefer to outsource. You have interviewed several candidates, but no one has really felt like someone you could totally depend on. Your friend suggests someone, but they live several hours away. You would love to work with that person, but you ask yourself how it can be done?

There are several ways to work with a virtual bookkeeper and it is be best to talk with your virtual bookkeeper (VB) to determine which is best for you, but here are just a few ideas to get you started.

How to Get the Documents to Your VB
Option #1 - Set up Virtual Post Office
By Purchasing a Post Office Box in your VB’s hometown and ensuring all your bookkeeping related documents are sent to that mailing address will make matters easy for your VB. They simply visit the post office regularly to pick up any items that are delivered. If asked about the address by your clients and/or suppliers, you can simply state this is the location of your satellite office.

Option #2 – “Snail Mail” or Courier
Once you receive the documents you can bundle them up and forward them to your VB by “snail mail” or courier. The only drawback in choosing this method is there can be a delay and deadlines may be missed. Of course, it does give you the opportunity to review your invoices and approve or reject them.

Option #3 - Scan Documents and Send by Email or FTP
Finally, if you are still a small business, a very viable option is to scan all the documents that need to be inputted into your accounting software and either email or FTP these documents to your VB. If you are a larger company, this may not be a feasible option as you would probably spend more time scanning and emailing then you would simply entering the items. If you do choose this option, please remember to email your VB every transaction you make including on-line payments, checks written, invoices received, credit card receipts and invoices sent. If there is not an actual paper document then details can be sent to your VB for entry.

What Options are There for Systems to Use
Option #1 - VB Maintains Records
This is perhaps the easiest system to use. By having your VB maintain the records solely there will be no concerns about missed entries, incompatible software programs and lost data. Also, from the VB’s point of view it is the best alternative simply because it is easiest for them. Why?

Option #2 - Online Options
Several bookkeeping software programs now have an on-line capability. All data is entered on-line and can be accessed by both parties; the VB and the client. There are several advantages and disadvantages to using this system and if this is your choice it is best to do a lot of research before deciding on the software package you will utilize.

Option #3 - VB Logs Onto Your Computer to Access Bookkeeping Program
Another option is to have your VB access your computer directly. There are several programs that make this a viable option as well. You can also set up your system to allow your VB direct access to your server. Keep in mind that with some programs since only one person can access your computer at a time this may not be a viable option for you. Also, your VB will have troubles as printing will no longer be an option. For many reports it is key to have a paper trail and this may not always be a possibility.

I Still Want Access to My Records, but How?
Option #1 - Online Options
If you do choose one of the on-line options you will always have direct access to your computer records. Of course, these records may not mean anything to you unless you ask your VB to interpret them or you have some simple bookkeeping background.

Option #2 - Transfer File
You can choose to have the data file transferred back and forth between yourself and your VB. The only risks you take with this are that the file is somehow corrupted, you overwrite a current file during transfer or entries are missed because each of you enters transactions at the same time. Another thing to keep in mind if you choose this option is that you and your VB will have to maintain the exact same software package. Many VBs update their software frequently so this could be a costly choice for you.

Option #3 – Maintaining the File and Having VB Work Utilizing Your Computer
If you do choose to have your VB work on your computer file directly by accessing your computer, you will have full access to your records. Of course again you may not fully understand what you are looking at and may need some interpretations.

Option #4 - VB Sends Full Reports Each Month
At the very least, even if you fully trust your VB and allow them to maintain full control of your bookkeeping software, you should be receiving a full set of reports each month. This will allow you to stay on top of your financial decisions and make crucial business decisions.

What Things Should I Ask to Be Included in My Monthly Reports?
1. Financial Statements
Incl: a) Balance Sheet showing all your assets, liabilities and your investment in the company
b) Income Statement showing profit and loss for the month (nice to have a year-to-date too)
2. Balance in Bank Accounts
3. Accounts Receivables listing including all amounts owed by your clients/customers
4. Accounts Payable Listing including all amounts owed to your suppliers
5. Bank/Merchant Account Reconciliations
6. Detailed Trial Balance Showing All Entries Made during the month

Of course, this can be modified to suit your needs, but if you are making financial decisions these items will be critical to make the best decisions for your company.

How Will We Pay the Bills?
Option #1 - Separate bank account – on line access and/or signing authority
This is a fantastic idea and one where you can set up a “bookkeeping” account wherein you deposit only the funds needed to pay bills in that particular month. All incoming monies from payments from your clients/customers are maintained in a separate main business account. As funds get low, you can transfer more funds from your main business account to this operating account. This way the only access that your VB needs to your main business account is one of simple data entry. For your operating account the VB can have signing authority and on-line access as the funds will only reflect the amount required to pay invoices.

Option #2 – Prepared Checks – Attach to Invoices
Your VB can also prepare the required checks and attach them directly to the invoices with an addressed envelope. These would then be returned to your attention and all you would be required to do is to sign the check and insert it into the envelope for mailing.

Option #3 - Supply of Signed Checks and Ask for the Stubs to be Returned Each Month
Another option is to pre-sign some checks for safe keeping by your VB. If this is an option you choose I would suggest ensuring that the stubs are returned to you frequently so you can maintain a record of what the checks are being utilized for.

Option #4 – Email Listing of Accounts to Be Paid and You Issue Checks and Return to Your VB
Perhaps the popular option is to simply have your VB send you a listing of the checks to be written and the amounts. Once you prepare the checks you send a return email showing the check numbers and date the invoice was paid. This will allow you to maintain full control of what is actually paid for and when that payment is issued.

How Do I Stay Knowledgeable with my Clients/Suppliers?
Option #1 – VB Gives Full Detailed Reports to Client (in layman terms)
If you would prefer your VB to remain “behind the scenes” and hidden from your suppliers and purchasers, it will require several things be in place for this system to work. The first thing is to have detailed reports, written in layman terms for your advantage, so you always are aware what is happening in your financial picture. The second is to have the ability to contact your VB at a moment’s notice to ask questions of them. Finally you will require some knowledge of simple bookkeeping and how it works.

Option #2 – VB Sets up Invoicing, etc. to Have Their Direct Line for Inquiries
One method that works amazingly well is to have your letterhead and invoices show your VB’s phone number listed as Accounting Department – Direct Line. Although this won’t stop your clients from contacting you, you can simply direct them to send all accounting related inquiries directly to your accounting department. Of course your VB would have to be willing and able to handle these inquiries on your behalf. Most people will not even realize they are calling somewhere not local, especially if your VB has a toll free line. It will also create the illusion you are a large company with several departments.

What about the Filing System
Option #1 – Virtual Filing Setup, Your Maintenance
Virtual filing can be done, but the first thing you will want to do is to send everything you have to your VB. That’s right, box it all up and send it by UPS; all your blank checks, cancelled checks, your receipts, invoices, etc.. This will allow your VB to set up a filing system for you. They will document and record the names of your files and send these files, already prepared, back to you. By allowing your VB to set up your files they will know which files you have and will keep a record. Then each month they will return your documents with labels as to which files each document is required to be filed in and if a new file is required they will create that file for you. Still worried about finding the time to file, that is fine too once a year you can send a few files at a time to your VB and they can organize them for you and send them back.

Option #2 – Simple Filing System
A second option for filing that some VBs have used is to simply put all the documents in large brown envelopes and mark the month on the outside. Within that folder they will have smaller envelopes for sales, purchases and miscellaneous documents. Then the only thing you have to do is put the envelope in a large box for year end purposes.

Option #3 – VB Maintains Filing
If your VB has the capability and desire, it is a great idea to allow them to maintain the files at their location. The biggest advantage of this is all the records are at their fingertips. This is key when they are dealing with phone calls from your suppliers and purchasers and need to have the answer within minutes.

Finding the right filing system will depend on whether your business is large or small and how often you will be required to access previous month’s documentation.

Perhaps the biggest advantage to outsourcing to a virtual bookkeeper is you are not limited by your geographical location. You can find the person that feels right for you and will be the best fit for your company regardless of location. That means that you can find a person you feel you can trust even if they live several hours away or across the other side of the country it can work.

One cautionary note I always suggest is to have someone else do tax preparation even if your virtual bookkeeper is capable. This will provide a check and balance system for your accounting records and eliminate any worries you have of trust.

So you have printed out your business cards and perfected your elevator speech, gone to several networking functions and still the phone is not ringing. So what, you ask, is the problem? The answer is quite simple, there is more to networking than meets the eye.

Many business owners have the notion that networking is simply showing up at a networking function with plenty of business cards and introducing their business effectively. When things begin to wrong they start to think it is their elevator speech that needs tuning and they work effortlessly to try to get their message across. Instead, if you, as a business owner, want networking to truly work you have to work at it. It takes more than just showing up at the networking functions. Here are some ideas to help you travel the road to successful networking.

Quality not Quantity
The person that collects 25 business cards in a two hour networking function is less likely to have a successful connection than the person who collects only 3 business cards. The reason is the person that collected only 3 business cards probably took the time to get to know those three people and develop a connection. Make sure you are networking to make connections and not to build your business card collection.

Take Notes
Don’t be afraid to take notes on the back of business cards. This will give you a reference point later on to remember which person gave you which card. This is especially important at functions where you have no choice but to meet several different people. Jotting a little note such as something they said, wore or a physical characteristic of the person can be enough to start a conversation when you follow up at a later date or if you’re trying to jog your memory about a conversation. People are more likely to react to a personalized connection.

Let’s Go For Coffee
Take the time to meet with business associates outside of networking functions. Invite the person out for coffee on the premise you would like to learn more about their business. Most people will naturally return the favor and ask you about your business as well.

Remember Extended Networks
Just because the person you have met is not someone who is interested in your service or product, please keep in mind the person has an extended network. They also have family, friends and other business associates that just might be interested in your services. In just a short time they may be able to pass your business card along to someone who is a great connection for you and your business.

Become a Referral Resource
By working on assisting others to make connections with other contacts you have made, you will become known as a person interested in the success of others. This will allow you to set yourself up as a referral resource; a person with connections.

Remember, often times our successes are built because of who we know and not what we know. By building networking skills and your networking database, you will soon learn how true this statement is. Utilize all these tools together with your dynamic elevator speech and you will be on the road to a thriving business.