A hybrid business model is defined by the combination of different organizational models to produce products and/or services. Businesses have come to realize that outsourcing to virtual assistants is the best way to streamline operations, reduce costs, and grow business.
IMPORTANCE OF MOVING TO QUALITY HYBRID BUSINESS MODELS
I knew the COVID-19 virus would force businesses to rethink their business model in order to stay afloat. But what I saw instead was that the best framework for business is to streamline operations, increase efficiency, and grow business. The framework focuses on outsourcing to virtual assistants.
This model is already evident. For example, there are more than 10 million virtual assistants employed worldwide.
WHAT IS A HYBRID BUSINESS MODEL?
A hybrid business model combines two or more existing business models and usually serves the same customer base.
KEY EXAMPLES OF HYBRID BUSINESS MODELS
The hybrid business model is unique because it takes two or more existing business models and combines them together. It’s like driving a car with two engines instead of one.
THREE OF THE MOST COMMON HYBRID BUSINESS MODELS
1) DECENTRALIZED BUSINESS MODEL
Most common in large capital corporations
A decentralized business model can be a great way to increase innovation in large corporations. Decentralized models are often more affordable for small companies because they require less staff and infrastructure.
2) OUTSOURCING BUSINESS MODEL
This hybrid business model puts into practice what many small and medium businesses are already doing. However, some small and medium businesses still get confused on how to effectively use it.
“Outsourcing makes the hustle better — because you’re not burdened with many/growing expenses that you’ll need to figure out how to cover and hit profit”
The outsourcing, or off-shoring, of work to companies that use virtual assistants is on the rise, especially in departments or industries with remote working capabilities. (Such as sales development, marketing, customer service, and general administration.)
Businesses should use this hybrid business model to their advantage because it’s the best way to streamline operations, increase efficiency, and grow business.
3) REMOTE & PHYSICAL BUSINESS MODEL
In this hybrid model, the local workforce is used to maximize the efficiencies & benefits of both physical and virtual business practices.
The remote-physical hybrid business model can be a good strategy for companies. (Primarily for those who want to have a more efficient workspace & maximize overhead cost savings.) Workers in different locations can work together on complex projects. The virtual assistant business model is one of the most common hybrid models for US corporations.
Service industries use this business model to generate some product or service; then, outsourcing, off-shoring, or outsourcing is used to complete the rest.
Local & small businesses who are looking to incorporate this business model can see cost-effective operational efficiencies for their corporations.
INNOVATION & PLANNING: INTEGRATING HYBRID BUSINESS MODELS
Businesses are going to have to change in order to survive. The switch is already happening. In 2020 & 2021, most business owners report making a pivot in their business model. Hybrid business models are here to stay, and this dynamic is forcing many of us to learn a lot about efficiencies. All businesses need to get to a hybrid model in some way, shape, or form. This applies to any corporation, no matter the size of their business or the size of their budget.
In order to excel, businesses need to figure out how to offer more quality services & close more deals. In some cases, that means outsourcing. Many productive entrepreneurs & CEOs do business with virtual assistants. Using virtual assistant services is a good option for getting more work done in less time. Many business leaders choose virtual assistants to stay organized, complete the grunt work, and help with sales & marketing (SEO, inside sales, etc.).
The thing I like most about using virtual assistants in my business model is that I have more time to focus on the things that matter.
FURTHER BENEFITS OF HYBRID BUSINESS MODELS
CEOs have enough work to do on their own, so they need a way to get ahead. That’s what outsourcing is all about. It’s a good business model for any company that wants to stay competitive in the future.
- Access to more human capital, while saving on costs.
- Lower overhead, more profits & income.
- More minds maintaining quality service, data, and overall brand.
Hybrid business models can benefit corporations because they can help companies to innovate easier. Corporations can be innovative in-house or through outsourcing. A hybrid model allows the corporation to try out new ideas without giving up control of its core business operations. Hybrid business models are advantageous for corporations in that they allow them access to a bigger talent pool and broader customer base.
FOCUS ON YOUR GROWTH & SCALE YOUR OPERATIONS
ENVISIONING OF A NEW REALITY FOR YOUR BUSINESS
Simply put, MyOutDesk equips entrepreneurs & business owners with tools, strategies, and virtual employees — and when combined, businesses have a competitive edge and find growth while efficient systems and processes are put in place.
MyOutDesk proudly provides additional free business growth guides, books, and strategy calls.
See what we are about, and schedule a free consultation with us. We’ll take the time to learn more about your business and offer solutions to foster top talent and lower operational costs for your company.