Outsourcing Can Give Your Business the Boost It Needs19 March, 2020 10:21 am
Business owners face endless costs and responsibilities. The smaller the business, the more hats you’ll need to wear, and there simply aren’t enough hours in a day to do everything yourself. Whether you’re a solo entrepreneur or the owner of a small or medium enterprise, delegation can help you get more done, faster, and at a lower cost. Outsourcing frees you to focus your time and expertise on the areas that need it most. From marketing to bookkeeping, to IT and customer service, there’s no limit to the tasks that you can outsource to increase efficiency and your own effectiveness.
Why not do it yourself?
There are three reasons why no business owner can handle everything on their own: time, expertise, and cost. First, there’s simply too much to get done. You’ll never get through it on your own unless you sacrifice quality, probably to your own detriment. If you’re spreading yourself too thin, you’ll only stall the growth of your business.
Second, some things are better left to professionals. You might be tempted to be your own bookkeeper, but have you spent years studying this field? Do you know the ins and outs as well as a professional would? Bookkeeping errors will cost you money and inhibit growth. Use expense management software to keep track of the day-to-day stuff automatically, and let a professional take care of the rest.
That brings us to the third point: Even if it seems more cost-effective to do something yourself, you’ll likely save money in the long-run by hiring a professional who will do it right the first time.
Why not hire in-house?
Outsourcing allows your business to stay nimble and maintain a healthy cash flow. Adding a CFO to your staff would be a huge expense, but not having one could also cost you. Instead, you could have the best of both worlds simply by outsourcing to an expert who will review your finances once per month. If your third-party talent doesn’t work out, you don’t have to worry about severance or other costly consequences. You are free to find someone who is a better fit.
What can you outsource?
Sometimes outsourcing is an obvious choice. If you need help with real estate, legal advice, or accounting, your first impulse is probably to find a professional. But many business owners think they can tackle such broad undertakings as marketing, which could include advertising, graphic design, copywriting, social media, blogging, SEO, competitor analysis, and more. It would take an entire team of specialists to handle all of those things well. Rather than spend time and money on an ineffective, haphazard campaign, seek outside help. Again, even if it costs more up front, it will likely save you money in the long run.
Decide what you’re best at and where your attention will be most effective. Make a spreadsheet of the things that take up your time on a daily basis. Anything that is outside your team’s expertise (such as IT solutions), and anything menial or time-consuming (like data entry), could be outsourced. Lead generation, customer service, web development, even executive positions are all commonly outsourced by companies of all sizes. To grow your business fast, focus on delivering your core products and services, and leave the rest to someone else.