As a business owner, you’re required to wear a lot of hats. Managing Director, Human Resource Director, Accounts Director and Marketing Manager for example. This multi-role division of labour might be manageable in the beginning, but as you continue to grow and expand your operation this becomes unsustainable.
Follow these top tips for outsourcing your way to success.
Marketing
It’s essential to invest in marketing if you want to grow your business. Marketing might be fairly straight forward as you set out to get your initial customers, but once you’ve established your brand it may be necessary to invest in a comprehensive marketing strategy to access customers from outside your immediate locality or industry. Outsourcing these services to an expert marketing agency is a great way to ensure that a comprehensive marketing strategy is developed.
Payroll/Bookkeeping
Payroll is a business function that needs to be done right to ensure a happy and content work force. It can become more complicated as you expand operations to such an extent than you no longer have time for. At that point, you should consider outsourcing to a payroll management company, although the service charge might be significant depending on the size of your company. It is much better than having an underpaid, unhappy workforce.
Technology
As you upscale your operation you must develop your internal infrastructure. However, as we know, cashflow is not always as dynamic as your business deals. One way to circumvent this problem is to rent the equipment, this will allow you to upscale without having to have the cash upfront to buy the new equipment. These services usually come with the ability to renew the equipment after several years and have them maintained regularly if something was to go wrong.
Staff
Hiring staff can be risky, as a business owner, you are investing in people who have talked the talk but might not be able to walk the walk, and that could be detrimental to your business. However, outsourcing this responsibility to a PEO company lessens the strain of the employment process as the recruitment company find you the perfect candidate. Further, using a recruitment company, although potentially costly, it will allow you to find staff quickly if you ever need to react to a new exciting project or business opportunity.
Compliance
In certain industries, regulatory compliance is of the upmost importance. There are companies dedicated to ensuring that your business is at the forefront of compliance. A worthwhile investment as compliance can be time consuming, complex and expensive. Outsourcing this allows you the freedom to focus on growing your operation rather than ensuring that it is compliant, which can be incredibly tedious.
Conclusion
Following these outsourcing tips is a fantastic way to ensure that you maximise your personal capacity as a business owner. Outsourcing may seem costly, but having the freedom to be able to drive the strategic direction of your business is priceless. Furthermore, when you feel like the internal capacity and operational infrastructure is in place, you can reintroduce the services that you outsourced under one roof.