Are you running your VA business as a business? Most of us would answer ‘yes’ to this question right away.
After all, we get up every morning and we do our client work. We bill our clients once a month.
But that’s not the whole scope of actually running a business.
It’s a big part of it, of course, but there is much more.
Whether your only income is coming from your VA business, or you are working a job and launching or running your VA business part-time, are you devoting your full attention to the details of building a successful business?
Do you have a daily plan of action that helps you move your business in a profitable direction? Or do you just get up every day and do client work?
A business coach or consultant might call a business that you are not giving your full attention to, a hobby.
It’s not fun to hear, but it might be the truth.
Is it true for you?
When you seek help to build or grow your business, the first thing your coach will do is take a quick assessment of your mindset as the owner of your VA business.
If you don’t have the right mindset, no amount of planning or grunt work you do will help you find success.
Consider these questions:
- Do you know exactly how much money your business is bringing in each month?
- Do you know how much money is going out each month?
- Do you have a business plan and/or marketing plan?
- How many clients do you have, and do you have a pipeline of prospects?
These are some of the things that are important to consider right out of the gate. If you don’t know the answers to these questions, then you aren’t acting like a business owner.
Keep in mind at this mindset stage that the actual pieces of these questions are not the important part – it’s the assessment of where your mindset is that is key here. I call it putting on your CEO hat.
Answer those questions honestly and you’ll know if you have the right frame of mind right now.
Do you need to make adjustments to how you are thinking about your business? Now is the time!
Here are a few tips to help:
Approach each day as the person who makes the decisions in your business. To think like a business owner, you have to think about your decision making. Everything is a decision.
Be confident in the decisions that you make. No one knows your business like you do. Weigh your options and then make a choice.
Don’t worry about making mistakes. As long as you are monitoring the decisions you make, and ensuring things are going in the direction you had planned, you are doing fine.
Change course when necessary. If something doesn’t go as planned, identify why that is, and then change direction to keep your goal or strategy on track.
Think about driving from your house to the mall. If you use a driving app like I often do, you can see where there is congested traffic ahead, and you can change your route so that you don’t get stuck in the traffic.
Your business is the same. Keeping an eye on things daily helps you to avoid the big problems.
When you see that you aren’t going to have enough revenue in any given period, you must make it a priority to go out and find a new client.
When you see that your expenses are getting out of hand, you must analyze them and do what you can to keep as much money as possible.
You will always need new clients at some point, so recognize that a pipeline is essential to the longevity of your business.
Doing the client work is just a part of your business. If you only focus on that, you will lose the most important piece of being able to shape your business the way you dreamed.
Put that CEO hat on and you will start to see more success very quickly!
Tracey D’Aviero is a veteran VA and Founder of Your VA Mentor. Tracey trains and mentors professional women and men who are brand new to the VA industry or who have been struggling to make their business successful. Her mission is to educate professionals on how to build and grow successful and profitable virtual businesses in the VA industry by implementing systems and smart principles. Contact Tracey for speaking engagements, group training or private coaching at www.yourvamentor.com.