You’ve taken the leap and finally started your own business. You’re enjoying the independence, flexibility, and personal fulfillment that come with owning and running your own company, but you’re starting to realize how much time it takes for one person to fill the roles of an entire C-Suite.
According to a 2015 small business time management survey conducted by The Alternative Board, 63% of business owners work more than 50 hours per week, but the average business owner would like to work only 41.7. To avoid burnout and dedicate more of your time to strategic activities that will push your company forward, you might want to consider outsourcing some of the unavoidable, tedious business tasks that are bogging you down.
Let’s explore five key areas for small business owners to consider outsourcing and some tips on how to get started.
Administrative duties like scheduling meetings, answering phones, booking travel, and basic data entry can eat up a lot of valuable time but are some of the easiest and most affordable business tasks to outsource.
If you’re interested in investing in some administrative support, consider hiring a virtual assistant or receptionist. Virtual assistants work with you remotely so you don’t have to provide them with dedicated office space or devices. This means the primary cost of outsourcing all of your admin tasks is just the hourly wage you pay your assistant. If you’re interested in working with someone remotely, there are a variety of websites dedicated to connecting small business owners with virtual assistants. This makes the recruiting process extremely simple and gets you one step closer to spending more of your time focused on high-level business strategies.
High-quality and consistent design and branding not only help your business stand out among competitors, but they are key to building recognition and trust with consumers. For example, something as simple as having a signature color in your branding can increase recognition by up to 80%, according to a Loyola University Maryland study.
However, keeping a qualified, full-time graphic designer on staff can be a costly investment. Working with a freelance graphic designer on a project basis offers flexibility and cost savings, but still allows you to invest in high-quality branding and design work that can help take your business to the next level. Luckily, finding trusted freelance designers in the digital age is easier than ever thanks to platforms like 99designs and Fiverr.
Payroll is a key financial and HR task that is best left to the experts. As your business grows and you bring on staff to assist, it is vital to ensure accuracy and compliance when managing your employees’ wages, benefits, and taxes. If you manage this process yourself, you’ll be responsible for staying up to date with any changes to federal, state, and local tax laws.
Does this sound a little intimidating? Then outsourcing may be your answer. When looking for a payroll platform or company that best suits your business’ needs, some important factors to consider are pricing, features, customer service, and integration with your current accounting system.
Marketing activities, such as advertising, public relations, and content creation, are key ingredients to running a successful business but can eat up a lot of time and money if you lack the expertise needed to yield a positive ROI from your efforts.
Outsourcing this business need to an agency or consultant can actually cost less in the long run because they have the marketing experience needed to yield positive results but are much more affordable than hiring in-house, full-time employees. When looking for an agency or freelance consultant, it’s important to identify your exact marketing needs and make sure their services align with them. For example, if you only need assistance with strategic content creation, it may be best and more cost effective to work with a specialized consultant rather than a full-service marketing agency.
Unless you were a finance professional or CPA in a past life, managing the financial health of a company is probably a pretty new experience for you. In addition to saving you time, outsourcing your business’ accounting needs will give you peace of mind in knowing that everything from basic bookkeeping to forecasting and financial planning is done with accuracy and on time.
Outsourcing your accounting tasks to a trusted source can help minimize risk and assist you in making smarter decisions that affect the growth of your company. If you’re unsure of how to get started on outsourcing your business’ financial tasks, an automated accounting and bookkeeping service may be a great place to start. Automated accounting services offer affordable outsourcing solutions that can be deployed quickly, but are still extremely reliable and accurate.
Want to learn more about ways to grow your small business?
Whether you choose to outsource one or all of these essential business functions, one of the most important aspects of running a successful small business is knowing when and how to delegate tasks. If you want to learn more about the benefits of outsourcing feel free to contact a ScaleFactor expert or check out some of our customer testimonials!