While some of the effects of the COVID-19 pandemic might be behind us, what lies ahead could pose an even bigger threat.
Yes, we are talking about the recession that seems to be looming over us.
With businesses, retail stores, restaurants, etc. having to shut shop, the economy is taking a massive hit. This might lead to us experiencing the biggest recession in decades since the Great Depression.
While there is definitely reason to worry, not all hope is lost.
With intelligent thinking, making the best use of technology, and adapting to new work trends, entrepreneurs still stand a chance to save their businesses from the effects of the recession.
In this blog, we’ll discuss how outsourcing and remote hiring can help you survive and thrive through this recession.
How outsourcing can help businesses survive the recession
While one cannot avoid a recession, there are quite a few ways to ensure that your business survives the recession. Frugality and planning are definitely the way ahead, along with offering more comprehensive services to your customers. Hiring remote employees instead of on-site employees is also a viable solution to cut down on costs and improve profitability during the recession.
Some of the reasons outsourcing is the best hiring solution during the recession are
No need to hire full-time employees
The first step to avoiding high hiring costs is narrowing your staffing needs.
Most entrepreneurs hire full-time employees for every role, which can become a financial burden for the business, especially in times of recession. Instead, identify the areas of your business that need a core in-house team, and hire full-time employees for those roles.
Similarly, identifying areas of your business that can be outsourced can save your business a lot of money. For example, tasks like customer service, project management, travel planning, and administration can be outsourced to a virtual assistance agency at only a fraction of the cost of a full-time employee.
Additionally, when outsourcing to virtual assistants from Wishup, they are not on your payroll. So, you don’t have to incur additional costs like insurance, health benefits, paid leaves, etc. Instead, the virtual assistance company handles all these costs.
No recruitment costs
Think about how much time and money you need to hire someone in-house.
The process can take weeks or months, from posting job listings, reviewing resumes, and scheduling interviews. Additionally, you might need to hire a recruiter or approach a recruitment agency. All these costs can be avoided by hiring a virtual assistant from Wishup.
At Wishup, we have a stringent hiring process, and only the top 1% of applicants make the cut. We also have a 4-week training program where our virtual assistants get familiar with various tools and software that will help them on the job. These are extremely valuable perks that are not available if you handle the recruitment process in-house.
No overhead costs
The best approach to beating the recession, especially for small businesses, is to cut costs. When you hire an on-site employee, you must account for overhead costs, such as office space, stationery supplies, computers, and other infrastructure. You also need to consider the office and equipment maintenance costs for years to come.
You don’t have to worry about these overhead costs when you outsource your work to a virtual assistant. Virtual assistants have their equipment and work from the comfort of their homes. As a result, you can save substantially on your staffing costs and use the money saved to grow your business further.
No tax-related costs
One of the biggest reasons small businesses and solopreneurs shy away from outsourcing is that they fear tax complications, especially when outsourcing to a remote worker from another country.
However, when you outsource to a virtual assistance agency like Wishup, you only pay for the service provided, aka, the number of hours a virtual assistant has worked for your business. Therefore, taxes, 401 Ks, and other financial obligations are not your burden and are taken care of by the agency.
In a recession, everything about running a business is unpredictable and scary. You can’t be sure where the next client will come from or when an existing client will back out.
Sustaining a team of employees becomes a huge challenge as you are unsure if you’ll be able to arrange their next paycheck.
With virtual assistants, that problem doesn’t exist. There are no long-term contracts or commitments, and you are free to terminate your contract as soon as your monthly subscription is complete. That means you can upscale or downscale your team easily as per business requirements.
Recession and Remote Hiring - why it works for small businesses
From small businesses to large corporates, laying off employees is the norm to cut costs. Worries about the recession have forced companies such as Amazon, Twitter, and Meta, to lay off thousands of employees recently.
While large corporations might be able to manage with a limited workforce, being understaffed can have significant consequences for small businesses. At the same time, not everyone might have the funds to hire full-time employees in the current economic climate.
“One of the best benefits of outsourcing in times of a recession is that you save a ton of money - on taxes, recruitment, and admin costs. At a time when everything about running a business is unpredictable, remote work can minimize some of the bigger risks.” - Neelesh Rangwani, Co-founder at Wishup.
If you want to keep your business safe, it’s time to rethink your business model and make wise choices to keep your business safe and profitable.
Instead of worrying about laying off employees, start outsourcing your work to virtual service providers. At Wishup, we offer fully-vetted, hand-picked, and trained virtual assistants to help you across various areas of your business. Remote work is the future, and virtual assistance is an efficient, affordable option for ambitious businesses focused on growth.
Why you should hire a Virtual Assistant from Wishup
Work with the top 1% of talent
At Wishup, we have a rigorous selection process, and only the top 1% of applicants make the cut.
All our virtual assistants are hand-picked, vetted, screened, and put through a 4-week intensive training program, where they become familiar with the various tools and software they will use as a part of their job.
We are believers in upskilling and constantly offer relevant courses and workshops to our virtual assistants to help them grow their careers.
Onboard in less than 24 hours
Hiring the perfect employees is a long and tedious process. From making a job listing to shortlisting candidates after interviews, the process can take up to 36 days.
When you hire from Wishup, you can have a virtual assistant ready in under 24 hours. All you have to do is schedule a free consultation with our team, list your expectations, and we will pair you with the perfect virtual assistant for your business.
Free trial and instant replacement policy
At Wishup, we offer our clients the unique opportunity to try our services before deciding to subscribe. First, you get a 7-day trial to experience virtual assistance services. Then, if you like the services offered, you can subscribe to a full-time or part-time virtual assistant service, depending on your business requirements.
Wishup offers a comprehensive no-questions-asked refund/replacement policy to all its clients. If your virtual assistant is unavailable, or you are unhappy with their services, Wishup offers an instant replacement or refund. A new virtual assistant will be assigned to you within hours so that your work isn’t affected.
Outsource to virtual assistants and keep your business safe
You don’t need to wait for the recession to hit your business to start thinking about the next step. Instead, take preemptive action, and stay ahead of your competition by outsourcing your workload and hiring remotely.