When you start a business by yourself, there’s good chance that you do everything from accounting through to marketing. The trouble is, there are only so many hours in the day, and as your business grows and you need to meet demand, eventually you will run out of time. The obvious solution is to start hiring employees – but there are inherent risks involved when you do this. A better option for you might be to consider outsourcing, and in today’s post, we’re going to take a look at a few of the reasons why.
Ultimately, if you want to grow a business, you need to generate as much income and reduce as much spending as you can. And an essential way of doing this is to hire professional help. Take your accounting and bookkeeping as the perfect example. A good accountant will be able to save you a massive amount of money in taxes and also advise you on ideas on cutting business costs.
Helps you cope
A lot of people forget that to grow a business means having a system in place that meets growing demand. The technology you rely on is a great example of this in action. As a small business, you can get away with small, uncomplicated systems and processes, but things get more involved and time-consuming to deal with as you grow. You will need to look at everything including web host, database size, servers and even things like IT security. Outsourcing your technology, therefore, can free up a significant amount of time that can be spent on other, more critical tasks.
Removes unnecessary tasks
While we are on the subject of tasks you do that you shouldn’t really be doing, have a think about how much time – and money – you waste on the small stuff. Let’s assume you are worth $2000 a day to your company when you are out making sales. But you only do this for 3 days a week, and the other 2 are spent updating records and doing all the admin for those transactions. In effect, you are costing your company $4000. Or, more accurately, it is costing you $4000 to perform perfunctory and basic admin. So, outsourcing to a virtual assistant, for example, enables you to pay the going rate for those tasks – $150-200 or so – and you can spend your week focused on achieving your $2000 daily target.
Being a Jack of all Trades is something that a lot of solopreneurs pride themselves on – but the reality when you are trying to grow is that you simply can’t know everything. Outsourcing gives you a level of expertise that you can’t hope to achieve yourself, and can also have a hugely positive impact on your business. Take SEO for example. While a simple concept, it takes a lot of time and energy to get results, and unless you have 3-6 months or so to learn everything, it will be far more efficient to seek out an expert.
As you can see, outsourcing isn’t just a case of spending money. It’s about freeing up your time and energy you need to grow your business – and reap the rewards.