For many small business owners, an administrative assistant is often viewed as a luxury—an expense that cannot be justified. However, having an assistant has a measurable Return on Investment (ROI).
When you have an administrative assistant, you will find that the cost is minimal or even zero. How? By delegating unwanted but necessary tasks and cleaning up your to-do list, you will have more time and energy to focus on your business and its goals. In other words, you can make more money by hiring an administrative assistant!
Don’t believe it? Here are a few examples of the ROI for different roles:
A solo attorney who bills $200 per hour:
- On average, let’s say an administrative assistant will save the attorney an extra 3 to 5 hours per week, or 12 to 20 hours per month.
- Even if 4 of those hours in the month are billable hours, the attorney comes out ahead. He or she might pay $300 a month for the assistant but generate $800 in billable time. That is a net $500 per month.
- In the end, that is $6,000 in additional annual revenue.
A real estate agent who sells a $200,000 home:
- On average, an administrative assistant might save the agent an extra 3 to 5 hours per week. In a year, that would be between 150 and 250 hours freed up.
- Although you might pay $4,000 a year for the assistant, the agent now has an additional 200 hours to spend with clients.
- If those additional 200 hours generate even one more sale, the agent makes an additional $6,000.
A management consultant trying to reach new clients:
- On average an administrative assistant will save the consultant an extra 3 to 5 hours a week.
- Again, the consultant might pay $4,000 a year for the assistant, but he or she now has an additional 200 hours to spend with prospects.
- If a consultant could meet with 100 more prospects and generate 5 new clients, that would lead to additional revenue of $50,000.
As you can see, it is easy for the ROI to add up and truly make a difference to your business. The key is to use this newfound time for revenue-generating activities—creating more billable hours, building relationships with clients, and following up with prospects.
Here’s the best part—it is really easy to test this idea out. Try working with an assistant for a month or two and see how it can bring more revenue into your business!