How the 2024 Budget is Making Virtual Assistants the Best Choice for Small Businesses
The 2024 budget, delivered by Rachel Reeves, has brought about significant changes for UK businesses. With higher employment costs now on the horizon, many small businesses are evaluating their staffing needs and considering alternative solutions to manage costs while still achieving growth. At Admin and More, we believe that Virtual Assistants (VAs) present a smart, cost-effective option for businesses looking to expand without the financial strain that comes with traditional employment.
Why Hiring is More Expensive in 2024
The recent budget adjustments have increased the minimum wage to £12.21, raised National Insurance contributions, and lowered the employer threshold. For small business owners, these changes mean that the true cost of hiring has now gone up significantly. Even hiring a part-time employee can be costly when considering:
Employer National Insurance and pension contributions
Statutory benefits, like holiday and sick pay
Hiring and training costs – which often amount to £2,000 or more per position
These additional expenses can weigh heavily on small businesses, making hiring in-house staff feel more like a risk than an opportunity.
How Virtual Assistants Offer Flexibility and Savings
At Admin and More, we provide Virtual Assistants who offer the support your business needs without any of the added costs of traditional employment. Our VA packages are completely flexible, allowing you to increase or reduce support as your business needs change. This means that you’re only paying for the hours you use, whether that’s during a busy period or a quieter time of year.
Our 40-hour package, for instance, is available at £25 per hour plus VAT, giving businesses the freedom to get the help they need without being tied down by employee costs. There’s no National Insurance, no pension contributions, and no holiday pay, making it a straightforward solution for those looking to avoid financial strain.
Take a look at a previous blog post we have written about this subject
Cost Comparison: Virtual Assistants vs. In-House Staff
Let’s look at the numbers. If you hire a part-time employee for 10 hours a week at the new minimum wage rate, the costs quickly add up when factoring in taxes, benefits, and training. In contrast, a Virtual Assistant from Admin and More provides:
Scalable Support: Pay only for the hours you need, no long-term commitment required.
Immediate Expertise: Our VAs are trained and ready to support your business, so there’s no need to spend time and money on onboarding and training.
Financial Flexibility: Without the additional employment costs, you can reinvest savings back into your business where they’re needed most.
An Agile Solution in a Changing Economy
In today’s uncertain economic climate, flexibility is key. Virtual Assistants offer the ability to scale up or down depending on demand, which isn’t possible with traditional employees. For example, you can increase your VA’s hours during a busy season or reduce them during a quiet period—all without penalty or lengthy processes.
Choosing a VA allows your business to focus on growth while managing resources responsibly. Small businesses are finding that VAs enable them to take on more work without the financial and operational strain of permanent hires.
Our Invitation: Beat the Budget with Admin and More
Admin and More is here to help your business navigate these changes with confidence and flexibility. If you’re considering alternatives to hiring due to the 2024 budget adjustments, now is the time to explore how a Virtual Assistant can make a difference. Our team is ready to support your business goals while helping you keep costs under control.
Get in touch today to book your free consultation! Let’s talk about how we can make your business more efficient, cost-effective, and agile in 2024 and beyond.
