My Virtual Assistant business is all about relationships. Relationships with our clients and relationships with my team members. Without my clients I would have no revenue and without my team members I would have lower costs. But how do I find the balance between revenue and costs during this difficult time – and how much can I pay myself?
When the lockdown was announced I had conversations with all my clients. Like many of us, some of them are struggling to keep their business alive and I felt it would be wrong for me to assume business as usual. I talked to them all and suggested to some that perhaps our services could be ‘paused’. Doing this immediately reduced my revenue.
It was a hard thing to do, and it might sound like a strange counterintuitive thing to do, but it was the right thing to do. I wanted to make that decision easier for my clients, I wanted to do the right thing by them and by their business during this difficult time.
At the same time, it was suggested to me that I could take the work from my team and do it all myself. Doing that would benefit me financially. But was it the right thing to do? Absolutely not! Firstly, I don’t want to be the person responsible for reducing the income of my team members. Secondly, I want to ensure that when this has all blown over and we get back to business as usual, my team are still my team. How would it make them feel if I expected them to work for me during the good times but took work off them during the bad times? Keeping my team and continuing to pay them is again the right thing to do.
In my opinion it is all about relationships. Revenue is important but not at the expense of relationships.
I would love to know what you think. Have you had to make similar decisions?
Get in touch here if you want to talk through how your business may be impacted by this difficult time.