A lot of smaller businesses think that ‘outsourcing’ is only for big companies. After all, why would a company with just 2 directors need outsourcing? Well, how about cutting costs? Increasing your efficiency? Growing your business?
As a small business owner, it’s very easy to fall into the mindset that you can do it all, but sadly that’s rarely the case. We take a look at why business process outsourcing could be the answer to your prayers and how it could benefit your business. But first, let’s take a look at what you can outsource and whether it’s right for you.
The good news is virtually every business function can be outsourced. Payroll, accounting, administration, marketing, purchasing, HR – you get the picture. All of these business processes can be given to someone else who will do it at a lower cost, and probably faster than you could yourself.
But just because you can outsource it, doesn’t mean you should! Outsourcing isn’t just about getting a job done; it’s a business strategy that should have a positive impact on your business.
Your first step should be to identify which business processes you could outsource and then select the one that will give you most overall value. And if you need help, just give us a call as we’ve lots of experience of helping clients with this exact dilemma. By working closely with one of our Tring clients, we identified that they were spending far too much time on bookkeeping. They outsourced that business process and are now focused on what they should be doing – making sales and reaping the rewards!
Outsourcing isn’t right for every business, but here are some tell-tale signs your business would benefit.
1. There aren’t enough hours in the dayIt’s easy to think that you will have time to update your social media accounts, in-between sorting out payroll and catching up on 1001 emails. Give yourself a break – outsource something.
2. You don’t have the equipmentIf your business requires expensive equipment, then it might be time to outsource that area of the business, so that you can invest your hard earned cash into other areas.
3. Seasonal business cyclesOutsourcing doesn’t always have to be on a long-term basis. If business fluctuates with the time of year, then outsource just during your busiest times. This will be more cost-effective and help you save time when you need it most.
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1. Reduce your operating costsJust because you need to do x doesn’t mean you have to recruit someone to do it. Business process outsourcing is often cheaper than hiring and training someone to do that role. And the money you save can then be used to invest into other areas of your business.
2. Focus on your core business activitiesBy outsourcing time-consuming processes, you and your team can focus on their day-to-day roles and activities that will, hopefully, help grow your business.
3. Increase efficiencyWhen you or your team is doing everything themselves, it’s easy for things to fall through the cracks and for errors to be made. If you give the business process to a specialist outsourcing company, you can be reassured that the jobs will be completed quickly and properly.
4. Reduce riskIn today’s trying economic climate, outsourcing helps you manage your company’s risk. None of us know what’s going to happen in the next few months, so outsourcing is definitely an option to consider.
If you’ve never considered outsourcing before it can be a bit daunting to know where to start. That’s where we come in.
Over the years, we’ve worked with numerous clients around the Tring, Aylesbury and High Wycombe areas to help them with business process outsourcing.
We’ll work closely with you and a business coach to help identify which business processes you could outsource, and which would be the most beneficial to your business.
If you’re interested in learning more, please give us a call.
We help ambitous small business owners grow their personal wealth and achieve their ideal work/life balance.
Palmers Barn, Station Road, Long Marston, Tring, HP23 4QS UK.
Office: 01296 662322
VAT number:267 3184 85
Palmers Business Support was founded to help ambitous small business owners grow their personal wealth and achieve their ideal work/life balance. With accountancy as the central pillar of our offering, we take the view that timely accounts and efficient compliance is the bare minimum our cients should expect.
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