What is one thing a small business should consider outsourcing to save time and money?
To help your small business save time and money, we asked financial experts and business leaders this question for their best advice. From hiring a CPA to using a virtual assistant, there are several ways small businesses should consider outsourcing to save time and money.
Here are ten things a small business should consider outsourcing to save time and money:
Hire A CPA
Get A Content Creator
Work With A Professional Graphic Designer
Consider Outsourcing Your Human Resources Function
Save Time By Getting An Accountant
Outsource 24/7 Support
Invest In Good Business Intelligence
Clear Your Plate With A Personal Assistant
Identify Redundant, Low Value Tasks
Web Development
Hire A CPA
I think it depends on the business, but generally I think a small business should consider outsourcing its booking and CPA services. Having a reliable bookkeeper and CPA can obviously save you money by identifying tax saving measures, but they can also prevent audits by taxing authorities and other revenue killers. Most business owners also struggle with the tax code, meaning that dealing with those issues is not an effective use of time.
Robert Reder, Blythe Grace
Get A Content Creator
Regardless of whether it is social media, SEO, email marketing, or anything in between, I would highly recommend outsourcing these activities. In order to create engaging and visually appealing content it takes a lot of skill and even more time, so by hiring a professional you will be able to direct your time towards your areas of strength and modes of genius.
Court Will, Will & Will
Work With A Professional Graphic Designer
Although there are many free graphic design tools out there like Canva, you will always get better results working with a professional. Regardless of whether you are a big franchise company or a small business, it is important to have well designed branded materials that help you stand out from your competition and appear professional. In the long run, you will end up saving a lot of time and most likely see more positive results working with a professional designer.
Eric Blumenthal, The Print Authority
Consider Outsourcing Your Human Resources Function
As a small business is ramping up, a reasonable area to consider outsourcing is Human Resources. While this may seem like a critical area, many outsourced and fractional professionals can provide excellent services at a more affordable rate. While it's hard to put a finger on the timing, many point to 50 or more employees (and growing) as a point to consider hiring the role in-house. Having someone who can grow alongside you is a great way to save time and money while your bottom line grows, too.
Jenn Christie, Markitors
Save Time By Getting An Accountant
Many business owners feel they have to do everything themselves. What this does in reality is cause them lots of waited hours learning a new skill and procrastinating doing that task, which is causing them money. The biggest area I see business owners should outsource is accounting. Many business owners are not well versed in accounting and find it very frustrating and confusing. Outsource that task. There are people who love accounting and are very well versed in those numbers. That will not only save you time but frustration and money. No matter what one area in your business that you dread doing or are not comfortable with doing - outsource that task. In the long run, it will save you lots of money and time. Remember your time is money. Could someone do that same task in half the time it took you?
Steve Feld, Biz Coach Steve
Outsource 24/7 Support
By outsourcing your customer support, you can build a stronger, more focused team without sacrificing customer satisfaction. When you choose the right company, you can improve efficiency without damaging brand reputation. Customer support allows you to offer 24/7 support, saves on overhead and relieves pressure on your team, providing a more robust level of flexibility. For small businesses, outsourcing your customer support is a smart way to build agility and strength into your business model.
Benjamin Graham, AnswerConnect
Invest In Good Business Intelligence
Unless data analytics is the core business for a company, it pays off to outsource it. Non-tech companies often don’t have enough expertise to speedily develop comprehensive yet user-friendly business intelligence systems, demand forecasting and competitive analytics. Trial and error attempts may be much more costly and distort the view of a company's performance. Simultaneously, service providers often have a vast knowledge of the best analytical practices impossible to accumulate by individuals.
Michael Sena, Senacea
Clear Your Plate With A Personal Assistant
We all have personal stuff we need to work on and outsourcing a personal assistant is a great way to clear up more time from your plate. Even having someone work on small administrative tasks, such as collecting reports and more, is a must for capitalizing your time! This paves the way for more business-focused activities, like taking on more clients.
Loren Howard, Prime Plus Mortgages
Identify Redundant, Low Value Tasks
A valuable exercise is to identify where you are spending your time each day/week. If you work several hours on low value tasks on a daily (or weekly basis), ask yourself “is this the highest use of my time?” If not, take the time to document what you do, batch the tasks and delegate them to your team. To help 'sell yourself' on outsourcing, clarify how much your time is worth (e.g. $100/hr, 250/hr, $500/hr, ...more?) When you clarify your "time value" and you see what you are paying yourself to do low value tasks, you’ll quickly outsource. As a result, you’ll find your team doing it faster AND cheaper than you. This will free you to invest more in areas that ARE the highest use of your time.
Mark Jamnik, Enjoy Life Daily
Web Development
Outsourcing website design is well worth the investment. Small businesses don't require a full-time web designer, so finding an agency or freelancer is the best option. After the initial design, maintenance costs are minimal. Don't try to build your website on your own.
Brian Greenberg, True Blue Life Insurance
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