As a small business owner or manager, you have probably gotten used to wearing a lot of hats during the course of a typical working day. At the same time, you should consider the amount of time and energy you waste on tasks that don't directly support your primary business goals. The American Psychological Association found that multitasking can lead to a drop in productivity of 40 percent.
Three Tasks You Should Strongly Consider Outsourcing for Your Small Business
Productive startups and small businesses routinely outsource these functions:
1. Bookkeeping, Accounting and Payroll
Unless you run an accounting firm, you're likely to make mistakes when you try to juggle your finances as an afterthought. You can engage a bookkeeping or accounting firm to help you create a good system, produce the right reports, send out payroll promptly and correctly, and stay out of trouble with the tax authorities.
Professional money management and reporting should save you money in the long run. You will have the information you need to make good decisions and avoid penalties for failing to report or file government forms. If you plan to grow your business, it will be a lot easier if you have organized your finances correctly from the beginning too.
If you don't have the budget for a marketing department, you can outsource some or all marketing tasks to a professional marketing company. In this way, your small business can enjoy the same expertise and results as a large company does. This recent study found that 75 percent of businesses outsource some or all of their marketing, so you'll find yourself in good company.
You can focus on handling the leads that the marketing company engages to increase revenue and profit. Look for marketing companies with a good track record of helping small companies like yours get better brand recognition, attract more leads and grow their customer base.
3. Digital Security
Small businesses are as or even more vulnerable to all sorts of digital threats as large enterprises. According to Verizon's recent report, 61 percent of all digital attacks were directed against smaller companies last year. This is an increase from about 50 percent the year before. One reason that smaller businesses suffer from a great risk is they lack the budget to hire dedicated computer security people.
Your startup or small business may not have the funds to hire IT security experts. If you can't afford to lose your computer systems, data and customer confidence, consider hiring outside security consultants or even using third-party security SaaS programs. You can find companies that offer solutions for small businesses, and they are likely to help protect your company better than what you can devise on your own.
It's Not Too Early to Start Outsourcing
If you can outsource some functions to specialized companies that can manage this work more efficiently, you can invest more in growing your company. In the end, smart outsourcing should help you increase profits and your financial security while helping your work/life balance. Perhaps you should not ask if you can afford to outsource but if you can afford not to outsource.
Every day at Employer Flexible, we work with organizations to help them streamline their HR processes—so they can focus on what matters most. If you’d like to explore more about how we could support you and your business, please contact us.