Introduction
In today’s fast-paced business environment, senior executives are often overwhelmed with numerous tasks and responsibilities. This is where a Virtual Executive Assistant (VEA) comes into play. VEAs are a valuable tool for executives, providing crucial support and helping to streamline operations. This article explores the role of a VEA, their benefits, costs, and how to get started with one.
1. What is a Virtual Executive Assistant?
A Virtual Executive Assistant is a remote professional who provides administrative support to high-level executives [1,2,3]. They handle tasks like scheduling meetings, managing emails, and organising documents [1]. VEAs work from their own location, using technology to communicate and collaborate with their clients [3].
2. What can a Virtual Executive Assistant do?
Virtual Executive Assistants can do a wide range of tasks that can be tailored to the needs of the person requiring their assistance. Some of the common tasks a Virtual Executive Assistant can carry out include:
- Calendar management
- Email management and filtering
- Travel planning
- Event planning
- Data Entry
- Correspondence generation and initial review
- Preparation of reports
Virtual Executive Assistants can also handle any basic and repetitive tasks that an executive needs to have completed. The versatility of a VEA is one of their benefits.
3. Who can use a Virtual Executive Assistant?
Virtual Executive Assistants are professionals who provide administrative and managerial support to executives, entrepreneurs, and business owners [4]. They can work from home or anywhere in the world if they have a stable internet connection and access to relevant systems to complete their tasks [4].
VEA’s can be used by any busy professional to provide much needed support. VEA’s are particularly popular with:
- Partners or Senior Associates at Law Firms, Accounting Firms and Engineering Firms.
- Executives and Senior Managers in Business.
- Small Business Owners and Sole Traders.
- Marketing and Advertising Executives.
- Consultants.
- Doctors, Dentists and others in the provision of Medical Services.
- Real Estate Agents
Due to their versatility, Virtual Executive Assistants can provide value to any professional who is time poor or who needs some additional support in their role.
4. Who needs a Virtual Executive Assistant?
If you suffer from any of the following symptoms, a VEA could be just what you need:
- An out-of-control email inbox with delays in responding to important emails.
- A feeling of being inundated with no light at the end of the tunnel.
- A feeling of being alone and in desperate need of some sort of help to get back on track.
- Getting bogged down with basic, repetitive tasks that are below your skillset.
- Being distracted from your core role by a seemingly endless amount of admin work.
- Always fighting the last battle and putting out fires instead of being pro-active.
- Not hitting targets due to being pulled in multiple directions.
- Not working on growing the business as a rainmaker due to a lack of admin support.
- Not being able to take holidays due to always being behind on your work.
5. What are the benefits of using a Virtual Executive Assistant?
Hiring a virtual assistant comes with many potential benefits. They can help you save time, money, and energy, which you can reallocate toward aspects of your business that need your personal touch [5,6].
A VEA can allow you to better match your day-to-day activities with your skillset. Senior Executives, Partners or Business owners should focus on high level, high value tasks with more basic and repetitive tasks being done by appropriate personnel. A VEA can be the perfect solution when this ideal scenario is not playing out.
6. How much does a Virtual Executive Assistant cost?
As of the latest data, the average hourly rate for virtual assistants ranges from $10 to $25 per hour [7]. However, virtual assistant rates can go higher for more specialised skills and experience [7].
It’s important to note that low-cost VA’s can end up taking up more of an Executives time in management and supervision than many believe. An unmanaged, untrained and unsupervised VA might be cheaper but the time savings involved may never eventualise.
A better alternative is to select a provider which includes the management, supervision and training of their Virtual Assistant in their package. While slightly more expensive, outsourcing the Virtual Executive Assistant to these organisations will ensure minimal involvement by the executive and they will be able to reap all the benefits of the VEA.
7. What is the cost-benefit equation of a Virtual Executive Assistant?
To analyse the cost benefit of a Virtual Executive Assistant, we must first work out the cost savings against an in-house staff member.
The average cost of a full-time Administration Assistant in Australia is around $75,500 including superannuation. There are also additional costs including leave entitlements, benefits, office space, and equipment.
As our VEA’s are 100% remote, this eliminates the need for physical office space and reduces overhead costs, making it a more budget-friendly option [8,9].
It’s important to note that you don’t have to have a full-time VEA. We, like many providers, offer flexible options so you can choose the amount of hours you need from as little as 7.5 per week.
The last area to consider in the cost benefit equation is the time saved by using a VEA and the impact this can have on your business.
For example, if hiring a VEA for just 7.5 hours a week can free up 5 hours a week of a Partners time and their charge out rate is $500 per hour, this would mean additional revenue to the firm of $2,500 per week.
8. How easy is it to get started with a Virtual Executive Assistant?
Getting started with a Virtual Executive Assistant is easy. Just follow these simple steps:
- Work out the tasks that you want the VEA to assist you with.
- Work out the hours you feel are required from the VEA.
- Obtain quotes from VEA providers.
- Get the necessary approval at your organisation!
- Reach out to the provider and lock in your VEA.
- At International Outsourcing Group, we can be up and running in a week.
9. Conclusion
In conclusion, a Virtual Executive Assistant is a valuable tool for any senior executive. They offer a range of services that can help streamline operations, improve productivity, and ultimately contribute to the success of the business. With the flexibility and cost-effectiveness they offer, it’s no wonder more and more businesses are opting to hire a Virtual Executive Assistant.
10. About Us
International Outsourcing Group provides Bookkeeping Services, Marketing Services and Administration Services to businesses across Australia.
Our Administration Services are perfect for Executives, Partners, Managers and Business Owners looking for a Virtual Executive Assistant.
You can change the amount of hours you need month to month with no fees to change. We have no establishment or additional hidden fees – just a simple fortnightly payment.
You can visit our website at internationaloutsourcinggroup.com.
References
- https://www.prialto.com/blog/executive-assistants
- https://www.indeed.com/career-advice/finding-a-job/what-is-a-virtual-assistant
- https://worxbee.com/articles/what-is-a-virtual-executive-assistant
- https://virtualassistanttalent.com/virtual-executive-assistants-ultimate-guide/
- https://www.upwork.com/resources/virtual-assistant-benefits
- https://theperfectria.com/10-biggest-benefits-of-hiring-a-virtual-assistant/
- https://getmagic.com/blog/how-much-is-a-virtual-assistant/
- https://outsourceddoers.com/virtual-assistant/executive/executive-virtual-assistant
- https://virtalent.com/blog/virtual-assistant-cost-effective/