Managing Your Business
When and What to Outsource for Your Small Business
New business owners usually like to retain control over every aspect of their companies. After all, your business is your baby, and who better than you to tend to every detail? However, as your company becomes successful and grows, there comes a time when you realize you just can't do it all.
For your business to continue growing and thriving, it can help outsource certain non-core tasks associated with running your company rather than perform those services in-house. According to the U.S. Small Business Association (SBA), as of 2019, more than a third of small businesses outsourced at least some of their operations.
While it might be ideal to start hiring when you find gaps in your company, many small and new business owners find taking on employees cost-prohibitive. Securing the services of professionals on an outsourcing basis, on the other hand, can be affordable and often makes good business sense.
Benefits of Outsourcing
For many entrepreneurs, outsourcing is the key to freeing up more time to focus on what made them successful in the first place. This is often business development and strategizing. Outsourcing repetitive, time-consuming tasks can help ensure that you keep your eye on your company's end goals rather than getting lost in the weeds.
Outsourcing can also take the pressure off, allowing you to think more clearly and objectively. For instance, when you know that your accountant is taking care of tax payments and your computer system is backed up by your IT specialist, you can focus your energy on new products and ventures.
Though entrepreneurs tend to be jacks- and jills-of-all-trades, the bottom line is that you can't be good at everything. Outsourcing allows you to delegate to experts those tasks that aren't in your wheelhouse. This helps ensure that those tasks get done well and professionally. Even better, outsourcing lets you make someone else do those chores you dislike doing.
Is It Time to Outsource?
It's likely time to outsource if one or more of the following tends to be true for you at this point in your entrepreneurial journey.
You're need more time to strategize
If you find yourself focusing more and more on administrative and transactional tasks and can't seem to find the time to strategize, that could be a sign that it's time to think about getting some help.
Your company is growing fast
When you see month after month exponential growth, it's time to build some infrastructure to ensure that the company's upward climb is successful, expedient, and lucrative. Delegating through outsourcing helps you do that.
You need help to grow
You've realized that without help, you just can't scale. It becomes apparent that with some assistance, your company can grow uninterrupted.
Tasks aren't getting done on time (or at all)
Failing to meet all responsibilities will impact your business sooner rather than later. Outsourcing those responsibilities ensures that your company is up-to-date.
You dislike doing certain tasks
Every business owner has those tasks they dread. Outsourcing is a great way to delegate unwanted tasks so you can focus on the aspects of running your company you enjoy.
You're wasting time on repetitive tasks
There is no reason for you to waste precious time and energy on repetitive tasks that take away your creative energies. Outsourcing such tasks will free you up to create the business of your dreams.
Having someone else perform certain tasks will allow you to spend more time on what matters, making you ultra-efficient.
Best Tasks to Outsource
Depending on their business, many entrepreneurs find that the following tasks are often best outsourced. Consider finding an independent contractor to help you with these business responsibilities.
Most visionaries hate doing paperwork. Unless your business is in the financial realm, chances are accounting matters aren't one of your favorite tasks. Even if you enjoy balancing the books, you may find it virtually impossible to stop and focus on finances.
Having an accounting or bookkeeping expert take care of your books can free you up to do the business chores you do best. Such a person can take care of taxes, invoice, and oversee accounts payable and receivable. Many accountants can also do financial planning and analysis for your business.
You know that marketing your business is vital to continued success. You even have good marketing ideas, but you may not have time to implement them. This is where outsourcing a marketing professional comes in.
A dedicated marketing specialist can do the legwork needed to get the word out about your company and all the great things you're doing. Outside marketing firms take on a wide variety of responsibilities, including advertising, social media, and content creation.
With just about every business on the planet having a website, it's more important than ever that your website looks stellar and works seamlessly. Managing a website takes time and attention to detail, which may be in short supply for you. Having someone keep your SEO updated and ensure that content is created and posted will enable you to focus on something else.
Unless you own a technology company and can manage your own computers, outsourced IT support is vital. These professionals will keep your computer system running smoothly and ensure your backups are secure and your system protected. Most companies can't afford to lose even a few hours to a computer problem. When you have an IT company on speed dial, you can be assured that your computers will keep humming.
Depending on the nature of your business, you may need research information. Digging up facts and figures can be very time-consuming, though. Hiring someone to do your research for you allows you to take the resulting information and reach your business goals.
With the ever-changing and increasing laws and regulations surrounding human resources, it's becoming increasingly challenging to keep up with legal requirements. To avoid spending days trying to figure out labor laws, it pays to outsource a human resources expert. This individual will ensure that your company is compliant with hiring and firing, protecting your business from lawsuits and fines. Human resources personnel can also oversee onboarding, training, and payroll.
If your company relies on excellent customer service, but you're short on time to provide proper support, outsourcing customer service assistance will help keep your customer's needs a top priority. Customer support tends to be much more immediate and efficient when outsourced. Outsourcing gives your clients the answers and support they need.
Of all tasks that get pushed to the side, administrative responsibilities are often at the top of the list. Many business owners have every intention of performing administrative tasks, but time passes, paperwork doesn't get filed, and important phone calls are forgotten. Fortunately, virtual assistants are widely available. They can oversee everything from managing your email to ensuring that your business license is up to date to filing for a business entity.
Outsourcing often makes good business sense. If you find your progress hindered amid an overwhelming number of required tasks, your company may be an ideal candidate for outsourcing.
For more expert tips on how to run your business effectively and successfully,check out Swyft Filing's Learning Center.