Many small business owners are reluctant to outsource because they feel it’s an unnecessary cost. But they fail to consider the value of lost opportunities because they invested too much time into tasks that can easily be handled by others.
Outsourcing provides a business owner with more time to focus on more important, core business tasks.
Here are five business processes that small businesses can start outsourcing today.
When hiring new employees, most business owners post the job on a website. They’ll also tell friends and their existing employees that they’re hiring. Resumes start slowly pouring in, and the real hard work begins. Background verifications, salary negotiations and rounds of interviewing can eat up a lot of your time.
Hiring can easily become a full-time job until you’ve found the right candidate.
Valuable time can be saved if the entire hiring process is outsourced. There are agencies that use databases to find ideal candidates with your desired skills. Some will even offer a free replacement if the hired employee leaves within three months.
Processing monthly payroll is a time-consuming process, especially if you employ 10 or more employees. There are a lot of factors that need to be taken into account when processing payroll, including employee leaves, bonuses and tax deductions.
It’s also easy to make a mistake when you’re handling the payroll yourself. Mistakes can cost a business thousands of dollars in the long run.
An outsourced payroll service will save you time, and ultimately, will save you money. Many agencies have guarantees that tax filings and payments will be accurate and made on time.
3. IT Support
IT plays an integral role in most business operations today. Maybe you have a customer-facing app, or you need support for internal operations. In either case, you’ll need IT support to fill this need.
If you’re not an expert in IT, you probably shouldn’t be offering support yourself. Outsourcing the job to a team of experts will ensure that your customers and/or your team receives the proper support they need.
Accounting is one of the most important aspects of your business. It involves budgets, cash flow and accounts receivable management.
Most small businesses do not have a dedicated accounting department, which means the business owner is left to manage the books. It’s easy to get overwhelmed and in over your head, especially when it comes time to file taxes.
If you only outsource one task, accounting should be a top contender. It allows you to leave this important task to a professional, who has the experience, skill and knowledge to manage your company’s financial affairs. Outsourcing accounting will also help you avoid costly errors.
5. Administrative Tasks
It can be difficult to focus on important core business tasks when you’re spending time answering phones and scheduling appointments.
Mundane administrative tasks can be outsourced to a virtual assistant. Many virtual assistants, also known as VAs, are paid per task, or you can work out another payment arrangement.
Outsourcing administrative tasks will free up your time to focus on improving your bottom line.