For about $25 to $50 an hour, those companies are finding the answer in virtual workers who require no health insurance, benefits, or office space. They typically work from their own homes – and with their own equipment – and collaborate with their clients via e-mail, video conference, instant message, phone, and fax. And while many people still associate virtual workers with “virtual assistants,” or VAs, today’s staffers provide a wider range of services that can include IT support and services, design work, engineering services, writing and copyediting, and the list goes on.

FINDING THE RIGHT CANDIDATE

To get the best match, Gayle Buske, CEO at virtual staffing provider Team Double-Click in Ouray, Colorado, advises business owners to first take a step back and figure out exactly what they want to delegate. “Journal your activities for a week or two,” Buske says. “Then go through and cross out everything that you can’t delegate. Outsource the rest to virtual workers.” A financial consultant, for example, probably couldn’t delegate client meetings, but could definitely farm out tasks like answering the phone, updating the company Website, and filing regulatory forms to a competent third party.

When selecting a VA, look for one who is already working in your industry, then ask questions to find out if you have a true match. For example, ask them how long they’ve used certain software programs, how many other companies they’ve worked with in your field, and in what capacity.

Get references that include both past and present clients, and call all of them for feedback. Don’t forget to check credentials, but also realize that a Graduate Virtual Assistant (GVA) or an International Virtual Assistants Association (IVA) membership status doesn’t necessarily mean a virtual worker is more qualified than the next.

DETERMINING THE NEED

The business owner who already has several full-time marketing, sales, and administrative employees — and who’s forced to cut costs in order to survive through the current economic crunch – will also do well by hiring virtual staffers. “You can go from paying someone for 40 hours a week plus benefits to only paying for what you need,” Buske says.

If you’ve never hired a virtual staffer before, be sure to “start slow” by first assessing your firm’s needs and resources, Buske says. Then, put out some feelers by contacting one or more virtual staffing agencies and by networking with other businesses (that might know of a talented worker who was laid off recently) to find good candidates.

Once you’ve found what you think is the right person, take a step-by-step approach to the relationship, rather than just “throwing everything at them” and expecting them to handle everything for you. “Start by giving the virtual worker a few things to do, and provide clear instructions on how you want the project(s) done,” Buske advises. “Then keep adding more tasks until you become comfortable working with each other.”

READY TO GO VIRTUAL?

If you answer yes to one or more of these questions, chances are good that your company will benefit from one or more virtual staffers:

–You need help on a per-project basis that doesn’t warrant a full- or part-time staff member

–You aren’t focusing on your core competencies (sales, consultations, client calls, etc.)

–You have limited space available in your office for additional staff members

–You are totally overwhelmed in your business and can’t keep up with the details

–You’re willing to delegate and give up some control over non-core tasks to an off-site assistant

–You’re a people person who doesn’t like hanging around the office doing paperwork

–You’re a new business owner who has experienced early success and is in need of assistance, but not ready to hire full-time help

–You don’t have the time to handle all of the necessary marketing tasks that need to be done at your company

–You’re not technology oriented, and would rather have someone else handle  tasks like updating accounting software, blogs and Web site content

–You know what needs to be done, but you just don’t have time to do it all

WEB RESOURCES

Directory of virtual staffing resources

Virtual workplace dos and don’ts

Here are three tips to help you manage your company’s cash flow:

Collect accounts receivables quickly. “Stay on top of your billing. Get your invoices out on time, and don’t let any slip through the cracks,” says Debbi Smith, CPA and owner of Smith Accounting and Associates in Marietta, Georgia.  “A lot of owners have to handle their administration as well as their regular business. It’s easy to forget to follow up with a late-paying customer, but remember, a follow-up call is just as important as a new client call.”

Pam Perry, owner of Ministry Marketing Solutions, a public relations company in Detroit, says the best option, if possible, is to charge upfront. “Since I’m in a service business, it’s important that I bill out in advance,” says Perry.

Even though Perry receives payments early, she says that she occasionally has to deal with clients who don’t pay.  “In those cases, I sometimes hire a virtual assistant (VA) to make collection calls on my behalf. It works really well because the VA is an impartial third party who keeps the conversation professional,” Perry says.

Read your cash flow statements. When you do receive payments, track them in your financial documents. You probably know that the income statement and balance sheet are important, but don’t forget to regularly review your cash flow statement, too. It lists your cash income and outgo, marked at specific time intervals.  If you need to create your own, there are several free templates online.

Even if business is good, the cash flow statement could alert you to potential problems down the road, especially if you don’t get paid for your work in a timely manner.  Not having enough cash on hand could affect your ability to get a loan or access resources to help your company grow.

Credit advisers look at cash flow statements to determine a company’s financial health, says Orlinda Jackson, a business and financial credit adviser in Atlanta. “If a company needs to increase their cash flow, my advice to them is to reduce debt, collect receivables quicker than the due date, increase sales, and manage payables more closely,” she says.

Keep a cash reserve. Just as people need to have money saved for a rainy day, businesses need to keep a cash reserve.  “The best time to build a reserve is when you don’t need it. If you’ve had a good month and gotten paid over and above your budget, put some of that money in your business savings,” Smith says. “You’re never certain about what’s going to happen in the future. If times get hard, you might have to use the reserve to manage your cash flow obligations.”  If you do dip into your savings, treat it like a bill and pay that money back as soon as possible.

If you have a viable business, the cash flow is normally there, Smith says.  It’s just a matter of managing what you have coming in, and making sure it doesn’t leave too quickly!