Business

4 Ways SBA Lenders Can Cultivate More Efficient Processes

Published

3 years ago

September 7, 2021

For many years, SBA lending has looked the same. Despite significant technological innovation and cloud transformation, many of the steps and processes involved in originating small business loans have remained stuck in the past. Unfortunately, this has prevented the majority of lenders from growing their client bases and bottom lines. Sound familiar?

4 Ways to Improve Efficiency

Historically, lending hasn’t been the most efficient or modern process. Admittedly, there’s a lot that goes into the underwriting and due diligence processes, but slow is the only way to describe it.

Thankfully, the tides are changing. Thanks to new technology and shifting perspectives, there are now ample opportunities to improve efficiency and smooth over rigid processes. Here are a few ways SBA lenders can follow the lead:

Recruit the Right People

When it comes to building any business, people are the gasoline to the engine. Without the right people on your team, even the best processes will come to an abrupt halt. However, if you look at most small business lenders, you’ll discover that they don’t have any formal process for consistently recruiting, training, developing, and retaining skilled loan officers and other team members. This is problematic.

Your business might be fine right now, but there are no guarantees that your best people will still be here in 12 months, two years, or five years. You must constantly recruit top talent into the fold so that you can improve over time.

A good recruitment strategy starts with your brand. While factors like competitive pay and benefits certainly matter, you need a clearly defined value proposition and online web presence that people connect with. Because as soon as a talented loan officer sees that you’re hiring, they’re going to start by vetting your company online. If you don’t meet the smell test – meaning they could see themselves being a part of your team – you’ll never consistently recruit top talent.

As you collect applications and conduct interviews, analyze applicants based on their soft skills. You can teach hard, technical skills, but it’s much more challenging to teach someone how to be disciplined or show attention to detail. Hire for the right natural skills and then train them to master the technical aspects.

Invest in Loan Origination Software

If you’re still using manual lending processes, then you’re probably experiencing a lot of friction. This might include wasting time on manual/duplicate tasks, rekeying information, double-checking for accuracy, inputting inaccurate data, and switching between multiple platforms. In other words, you’re spending all of your time and energy addressing backend challenges when you should be out there developing relationships with clients.

The good news is that there are solutions designed to address each of these problems. More specifically, there’s something called loan origination software.

Loan origination software comes in a variety of shapes and sizes, but SPARK is quickly becoming known as the industry leader. The platform’s entire goal is to end complex and outdated lending processes and replace them with smooth, automated activities. They do this by unifying every aspect of the loan origination process, including lead capture, screening, and underwriting, which results in a 30 percent reduction in loan origination time.

Adopt a Forward-Looking Perspective

Traditionally, small business lending decisions have been made by looking at the past and letting that data influence outcomes. And while there’s still something to be said for keying in on past data, efficient lenders are beginning to adopt a more forward-looking perspective. Understanding that 2020 was a tough fiscal year for even some of the healthiest businesses (for factors outside of their control), it may be wise to cast a broader net when underwriting.

Get the Little Things Right

At the end of the day, it pays to get the little things right. In fact, efficiency is usually the byproduct of doing hundreds of small things right.

For example, do you really need all of your loan officers to come into one centralized office five days per week? Would your team be able to get more done if they worked from home?

Are there ways to eliminate useless meetings? Can you cut down on back-and-forth email conversations by picking up the phone and making a call?

Success is found in the details. Get the little things right and efficiency will follow.

Take a Step Forward

Every SBA lender has its own unique approach and process. However, if you’re willing to recruit the right people, invest in loan origination software, adopt a forward-looking perspective, and get the little things right, good things will happen for your business. It won’t always be easy, but it will be much faster, smoother, and more efficient.

Business

Top 5 Virtual Assistant Companies to Watch in 2025

Published

2 weeks ago

January 23, 2025

Matthew Wiles

Running a successful business in today’s fast-paced world requires a sharp focus on growth, strategy, and efficiency. However, managing the day-to-day operations can often become overwhelming. That’s where virtual assistant (VA) companies come into play. These companies specialize in providing skilled professionals who can handle everything from administrative tasks to customer service, marketing, and beyond, allowing entrepreneurs and small business owners to focus on what they do best.

With so many VA companies on the market, choosing the right one can be a challenge. To help you navigate the options, we’ve compiled a list of the top 5 virtual assistant companies to watch in 2025. Whether you’re an entrepreneur, a startup founder, or a busy professional, these companies offer top-tier solutions to meet your needs.

1. Assist World – The Gold Standard in Virtual Assistance

At the top of our list is Assist World, a U.S.-based company renowned for its personalized approach to matching clients with virtual assistants. Assist World goes beyond the typical “one-size-fits-all” model by taking the time to understand your unique needs and connecting you with highly skilled VAs who align perfectly with your business goals.

What Makes Assist World Stand Out?

Personalized Matching: Assist World matches clients with virtual assistants based on their specific requirements, ensuring the right fit every time.
Comprehensive Onboarding Process: The company’s seamless onboarding process streamlines communication and ensures VAs hit the ground running.
Client Success Management: Dedicated client success managers oversee the relationship, providing ongoing support and ensuring smooth operations.
Flexibility and Scalability: Assist World caters to businesses of all sizes, offering flexible plans that can scale as your business grows.

Who Is It Best For?

Assist World is ideal for entrepreneurs and small-to-medium businesses seeking a reliable, high-quality VA service that delivers consistent results.

Pricing:

Pricing is customized based on your needs, making it accessible for a wide range of budgets. Schedule a free consultation to learn more.

2. Time Etc – Affordable and Efficient

If affordability is your priority, Time Etc is a strong contender. This VA company specializes in administrative tasks and offers services at competitive rates. With a team of experienced professionals, Time Etc focuses on helping clients boost productivity without breaking the bank.

Key Features:

Dedicated VAs with extensive experience.
Transparent pricing with no hidden fees.
Focused primarily on administrative and organizational tasks.

Who Is It Best For?

Time Etc is a great choice for solopreneurs and small businesses looking for cost-effective virtual assistance for basic tasks.

Pricing:

Plans start at $29 per hour, with discounts available for bulk hours.

3. Belay – A Leader in Remote Executive Assistance

For those in need of executive-level support, Belay is a premier option. This company specializes in matching clients with highly skilled remote assistants who can handle complex tasks such as calendar management, bookkeeping, and project coordination.

Key Features:

Focus on executive and specialized assistance.
Rigorous vetting process for VAs.
Excellent client support.

Who Is It Best For?

Belay is ideal for CEOs, executives, and high-level professionals who require top-tier assistance.

Pricing:

Premium services come at a higher price point, starting around $2,000 per month for part-time support (45 hours a month). For 85 hours a month, pricing sits around $3,800.

4. MyOutDesk – Virtual Assistants for Real Estate

Real estate professionals, take note: MyOutDesk is the go-to VA service for your industry. Specializing in real estate operations, MyOutDesk provides skilled VAs who can handle lead generation, transaction coordination, and CRM management.

Key Features:

Expertise in real estate processes.
Comprehensive training programs for VAs.
Proven track record with top real estate agents.

Who Is It Best For?

Realtors, brokers, and real estate teams looking to streamline their operations and focus on closing deals.

Pricing:

Pricing starts at $1,750 per month for full-time assistants.

5. Boldly – Premium Virtual Assistant Services

If you’re looking for high-quality, premium VA services, Boldly is worth considering. This company offers subscription-based plans that provide access to experienced VAs skilled in a variety of disciplines, including marketing, customer service, and project management.

Key Features:

Highly experienced professionals.
Flexible subscription plans.
Focus on long-term client relationships.

Who Is It Best For?

Businesses and individuals willing to invest in premium services for comprehensive support.

Pricing:

Plans start at $39 per hour, with monthly subscriptions available.

How to Choose the Right Virtual Assistant Company

When selecting a VA company, consider the following factors:

Your Business Needs: Identify the tasks you want to delegate and choose a company that specializes in those areas.
Budget: Assess how much you’re willing to invest in virtual assistance and find a provider that aligns with your budget.
Flexibility: Look for companies that offer scalable plans to grow with your business.
Support: Choose a company with excellent client support to ensure smooth communication and problem resolution.

Why Assist World Is the #1 Choice

While all the companies on this list offer excellent services, Assist World stands out for its personalized approach, exceptional client success management, and flexible solutions, and most importantly, their fair pricing. At Assist World, prices generally fall between $1,500 – $2,000 a month for a full-time dedicated executive assistant. With a proven track record of helping businesses thrive, Assist World is the ultimate partner for entrepreneurs and small businesses ready to scale efficiently and effectively.

Ready to take your business to the next level? Schedule a free consultation with Assist World today and discover the difference a high-quality virtual assistant can make.