You may have spent the last few months or years building up your business as perhaps a sole trader or partnership, but now you feel the time is right to expand. Business expansion comes along with a lot of big decisions and logistical changes to your business. Questions surrounding staffing, location, product lines, etc start to drive the business forward and most notably the need for executive and full administration support will be a consideration.
However, not all expanding SMEs necessarily have the budget for full time back-office staffing. Therefore, what is the solution? Many expanding businesses rely on the services of Virtual Assistants (VA’s) or Virtual Executive Assistants (VEA’s) This option can work for some companies depending on their back-office needs.
However, if you are looking for an option which can cover everything from HR to Finance, from Executive support to marketing and from project management to social media and content management; then an Online Business Management (OBM) option could be your answer.
An Online Business Management solution gives businesses access to a wide selection of expert Online Business Managers and associated experts in their field. This option creates and all-encompassing option for businesses meaning that their entire back-office function can be provided by one company.
Therefore, how can Virtually Smart Ltd support your growing business? We have gathered together some of the ways in which Virtually smart can support your growing business. Note: this list is not exhaustive.
Strategic Planning.
An OBM can serve as a proactive strategic partner for SMEs, working closely with business owners to implement their business vision. By conducting market research and analysing industry trends, an OBM can help SMEs identify their target audience, develop effective business plans, and establish realistic goals. An OBM’s expertise in project management and resource allocation can make sure that strategic initiatives are effectively implemented, monitored, and adjusted as required.
Recruitment management
As an SME expands it requires a skilled and motivated workforce to sustain and nurture its growth. An online business management team can assist in recruitment and staff onboarding by employing effective recruitment strategies, utilising online platforms, and conducting interviews. Moreover, an online business management team can support the development of existing employees by implementing online training and development programmes.
Streamlining operations
During expansion, an SME may find itself dealing with an increased volume of tasks, data, and processes. An online business management team can assist with streamlining this process, implementing systems and technologies which can support a smooth transition. From cloud-based project management tools to automated customer relationship management (CRM) software, an online business management team can improve productivity, increase efficiency, and reduce manual errors.
Analytics
Expanding SMEs need to make well-informed decisions and be aware of market challenges. An online business management team can help by providing data-driven insights through comprehensive analytics and reporting. By collating and analysing data across various departments, such as sales, marketing, and finance, an online business management team can enable company leadership to make informed decisions which can support the company’s growth objectives.
Operational Efficiency.
An SMEs efficiency is crucial for to maximise productivity and reduce costs. An OBM can analyse existing processes and identify areas which can be streamlined, automated, or outsourced, freeing up valuable time and resources.
An OBM’s extensive skills set can use various digital tools and technologies to enhance operational efficiency, such as project management software, customer relationship management (CRM) systems, and collaboration platforms. By implementing these tools and optimising workflows, an OBM can help SMEs achieve higher levels of productivity, employee retention and improved customer satisfaction.
Collaboration and team management.
Efficient team management is an important part of running a successful SME. An OBM can act as a link between business owners and their teams, facilitating seamless communication, developing collaboration, and promoting a positive work culture.
An OBM can assist in the recruitment and onboarding processes, develop training programs, and implement performance evaluation systems. An OBMs multi layered skills set ensures that SMEs have a high-performing workforce which is aligned with the company’s objectives.
Online presence and digital marketing.
Establishing a strong online presence is essential for SMEs to successfully reach their target audience. An OBM and associates, can bring expertise in digital marketing strategies, including search engine optimisation (SEO), social media marketing, content creation, and email marketing.
An OBM or online management team can develop and implement comprehensive marketing campaigns, manage social media platforms, and analyse performance metrics to optimise marketing campaigns. By employing the power of digital marketing, an OBM can help an SME increase their brand visibility, attract leads, and drive conversions.
Financial management.
Maintaining a healthy financial status is critical for the growth and sustainability of SMEs. An OBM can assist in budgeting, cash flow management, and financial forecasting. They can use data analytics to analyse financial metrics and identify trends, enabling SMEs to make informed business decisions and drive their company forward.
An OBM can also offer financial guidance and monitor key performance indicators, empowering SMEs to optimise revenue generation, control costs, and allocate resources strategically.
In the ever-evolving landscape of business, SMEs require comprehensive support to thrive and succeed. An OBM or online business management team can offer whole company support to SMEs.
From strategic planning and execution to operational efficiency, team management, digital marketing, and financial management; an Online Business Management solution can support SME growth and expansion.
Written by Katy Mason for and on behalf of Virtually Smart Ltd.
