Starting a new business? Check out these 4 key areas you can outsource to boost your results!
When starting a new business it’s ok to feel like it’s too much to handle – trust me, it has happened to more than a handful of entrepreneurs. Hiring people to help you take care of all your tasks can cost more than you can afford. This is where business process outsourcing comes in.
Let’s face the facts: starting a new business is expensive and it consumes a lot of your time. Having to deal on your own with so many attributions and costs can make anyone go crazy and it’ll distance you from focusing on your core business.
Outsourcing can be extremely helpful and it can (and will) dramatically influence the time and money you spend setting up all details of your new business. Instead of wasting your time worrying about bureaucracy, hiring third party companies can be exactly what you – and your new business – need to skyrocket your results.
4 Areas you can outsource to take your new business to the next level
It’s not an exaggeration to say that almost every internal process (other than those directly correlated to your core business) can be successfully outsourced. Outsourcing processes to specialized companies may be exactly what your new business needs to grow and achieve success.
Outsourcing means basically hiring a specialized company to take care of tasks you don’t need to handle internally – or don’t have the time to do so. It also normally means spending less and getting a result that’s better than if you took care of them yourself.
Almost every business outsources one or more processes. When starting a new business, take a couple of minutes to consider everything that’s not strategic to your business. Those are the processes/tasks than can be outsourced to specialized, third party companies such as accounting, helpdesk, human resources, etc.
Stay tuned and check out these 4 key areas you should definitely outsource to get better results at a lower cost.
Managing HR processes can be very complicated and time consuming. If your company doesn’t have much need for an internal HR department, why should you spend so much time learning about laws, labor fees and many other subjects outside your field if you could hire someone else, specialized on these topics, to handle it for you?
Instead of worrying about recruitment, handling hiring and firing documentation and many other functions, why not hire someone else to cater to your demands on a pay-as-you-go plan? As your new business’ internal HR needs grow over time you may need to consider hiring someone to take care of that internally but, in the meantime, outsource it and spend your time growing your business.
We live in a digital world and that means that, in order to be noticed, a business must constantly state its online presence. Producing relevant content to attract new leads and managing social media accounts can be quite exhausting if it’s not your area of expertise.
Take a minute to think about all your current marketing costs and analyze what could possibly be done by someone other than yourself. I’m certainly biased to say that inbound marketing is the go-to strategy and producing content that’s informative and relevant is definitely key to attracting qualified leads.
You may not have the time (and money) to hire a content producer and/or a social media manager but they’re way too important to be left unattended, that’s why you should consider outsourcing alternatives.
Finance and accounting processes are definitely among the top 3 most outsourced processes. Hiring and retaining qualified professionals for these areas of expertise is one of the main reasons why many small business make it work by hiring simple accounting software such as Quickbooks or outsourcing the processes.
It’s also a fact that, unless your business is medium/large you won’t have enough demand to justify the need a full-time accountant. Outsourcing these processes will help you save significantly amounts of money while focusing on strategic and growth issues.
Administrative/back office processes are yet another significant cost category for any business. These processes include dealing with office equipment, internal support, infrastructure, etc. Many new business opt to begin their activities at a shared location such as coworking space in which many companies share the space as well as administrative management costs.
By opting to share space and work at one of those spaces you’ll likely spend a lot of money you’d otherwise spend on rent, furniture and other appliances. These spaces normally offer full administrative support and offer plans that charge per person (which means that, even though they’re a great way to locate your new business, as your team grows it may no longer be a cost-effective alternative.
In order for your new business to boom you need to focus on what you do best, that’s the secret behind 10 out of 10 successful companies. Value your company’s intellectual capital above all and use your time and money to grow your business instead of wasting it on tasks that could easily be outsourced.
Get over your fear of outsourcing and allow your business to be about what it really matters!