Continuing reflections on IVAA Live Summit 2010 (#IVAA10) …
The first break-out session I attended was Donna Toothaker’s “Discover What’s Stopping You from Creating that Six-Figure VA Business You Desire”.
Many of us have clients that are at or beyond the six-figure mark. But as virtual assistants – even if we’re running a multi-VA business – we have trouble breaking away from five. We’re still doing way too much ourselves and not practicing what we preach to our clients.
This session was an easy choice for me. Donna’s gems and my take-ways (great stuff here for clients, too):
You must be the CEO of your company – In other words, stop doing it all the work yourself! I’m getting much better about this, but still have a looong way to go. Obviously that’s hard for us virtual assistants. We’re all about helping and taking care of others! But it’s finally, really sinking in that I can still do that by stepping up (not out) into an engaged CEO role. Furthermore, do it better and for more clients by building a top-notch team who delivers the same extraordinary level of care that I do. I already have some great team members, and one of these may serve as our project/account manager before long.
Boundaries – Another toughie for VAs. A prime example in my case: We want to deliver exactly what our clients want when they want it – which is usually instantly or yesterday! They’re busy, overwhelmed people. So of course by the time they delegate most things they’re already urgent. This problem is mitigated somewhat by our being proactive. If we have access and responsibility for keeping an ongoing eye on things, then we can anticipate, spot, suggest and/or proactively handle them. But sometimes we unintentionally commit to handling some things every day, perhaps even at a certain time. A natural tendency for the hopelessly systematized and efficient amongst us who do an array of daily recurring tasks. So what happens when our routine is disrupted or we decide to change it up? On the client side, it may look like a failure to deliver. We’ve set unreasonable expectations. My action item: take a look at my boundaries and make some adjustments.
Rates & Packages – Donna pointed out that we often don’t understand what we’re worth. We don’t value and respect our own time and work. We’re not going to be six-figure earners working hourly. OUCH. What’s got to sink in for me:
- I have specialized knowledge. People need and will pay for knowledge and information.
- We like the convenience of packaged goods and services in our own lives. Our clients will too. What is the “suite” of services our clients need?
I’ve wrestled with these before and lost, but I will get it figured out to the benefit of my business and my clients. Specialized knowledge needs separate packaging as consulting and/or coaching. Service packages are harder because of the broad array of ongoing services we provide in a month’s retainer: Scheduling; email and calls with clients, suppliers and colleagues; wiki/website updates; event/travel coordination; general admin; CRM; email marketing; HR support; purchasing; and oh the list goes on! We are our clients’ right hands. So how do you “package” that and not base on number of minutes/hours? I had the pleasure of sitting next to and talking with Donna at our “Dinner With Strangers” Tuesday night at Zinburger (want one in Dallas please and thank you!). Anyway, we brainstormed a bit and for me it may come down to level of access. The danger there is boundaries (see above). I keep chasing my tail on this one, but will catch it dog gone it!
Teams – Both for my business and my clients. The client-facing team is well underway, but I also must delegate things like bookkeeping and an ezine. The former I hate and the latter I can’t seem to get around to. In some cases there may be overlap with team members handling both client work and my internal stuff. Donna advised:
- Hire slow, fire fast.
- Hire for specialties.
She also noted that there are only two things we multi-VAs should be doing daily in our businesses:
- Marketing – to avoid slumps, build the list, and keep the pipeline filled. This should be scheduled as daily, weekly and monthly tasks.
- The things we love.
The team should do the rest.
Systems – These are the foundation, no matter what level we’re at. Have a system for everything. Otherwise things will fall through the cracks, including income opportunities. Donna says that no task is too small to have a system.
Mindset – Our thoughts, feelings and actions need to be in alignment.
- We have to have the true, honest desire for a six-figure VA business.
- Decide – let everything else go. There’s no “Plan B”. Align all else around it.
- Take personal responsibility.
What’s Missing? – I.e. a mentor, systems, etc? Get it in place.
Next up: “Thriving” break-out with Yvonne Weld and Sally Kuhlman.
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