Your business is your baby. Like most new parents, you want to be the one to do everything: feed, clean, change, cook dinner, clean the house, walk the dog etc…. However, as small business owners and new parents alike know, trying to do everything leads to burnout, depression, health problems and more.
Especially when first beginning, you may feel like you wear many hats as a small business owner. But, being a successful small business owner does not mean that you have to be responsible for everything from payroll to changing the toilet paper roll in the bathroom. That’s where outsourcing comes in.
The benefits of outsourcing are numerous. Outsourcing tasks can save you money on overhead costs and it can help you get home a decent hour so you can also help with that above-mentioned baby. Even if you are already delegating jobs to employees or co-workers, outsourcing can still help to concentrate your business’s finances and labor on its core focus.
It may seem counterintuitive, but one of the most responsible things you can do as a business owner or manager is to understand your strengths, weaknesses, limitations, and have an accurate picture of your available time. Once you understand that, it’s time to think about what should be what responsibilities should be outsourced in your company.
5 Tasks to Outsource for Your Small Business
1. Accounting Tasks
Accounting in business is a term that encompasses quite a bit—bookkeeping, taxes, payroll, financial forecasts etc…. Keeping track of your business’s finances is a mountain of work for a single business owner to do, and it can be expensive to hire a full time accountant to help. Outsourcing a few or all of your accounting needs can help.
What accounting tasks can be outsourced?
How complicated payroll is can depend on how your business is set up. Are all the employees salaried? Are some hourly? Can extra bonuses be earned? Are any employees working on commission? What’s the paid vacation time like? Counting hours, calculating commission, and just getting everything ready for payroll can be an extremely time consuming task.
But, don’t forget that there are also taxes involved with payroll. The employer needs to determine the amount of federal and state income tax and FICA taxes to be withheld from each paycheck and make sure that payments are submitted to the IRS. Not paying payroll taxes can come with some pretty hefty consequences.
Outsourcing this job makes sure that payroll gets done correctly and on time.
“Bookkeeping is the recording, on a day-to-day basis, of the financial transactions and information pertaining to a business.” Like payroll, bookkeeping is a necessity, but it can be tedious and take up a lot of your time. Choosing this as one of your tasks to outsource can save you a lot of energy that could be better used elsewhere in your business.
Small business taxes can get complicated and drive you crazy once tax season rolls around. It’s also something that you want to make sure is done right. Outsourcing this task can offer you peace of mind and save your sanity.
2. Phone Calls
Teenagers may have you thinking that emojis are the only medium of communication these days, but phone calls still are a prominent part of the workplace. Not answering phone calls or taking too long to return calls could lose you leads and existing customers. Hiring someone specifically for phone calls can be expensive. So, for this job, you can outsource by hiring a virtual assistant or call answering service.
3. Social Media Marketing
I clearly remember learning about social media marketing for the first time. Twitter was just getting off the ground, and though I was familiar with Facebook from my personal account, I didn’t know much about using it for a business. I soon realized that social media marketing wasn’t the “fluff” that I thought it was, and to do it well would take more than just logging into Facebook every few days.
Social Media has an enormous impact on consumers. For example, 40% of people on Twitter have said that they have bought something as a “…direct result of a Tweet from an influencer.” Therefore, this isn’t a job that should be taken lightly.
Engaging with customers and leads in a meaningful way, that can lead to purchases and customer loyalty, takes time. It’s more than just blasting about the sales and discounts your company is offering each day.
Let someone else take over your social media accounts to promote your brand, products, and content in an effective manner.
Cleaning may sound like a silly task to outsource, but if you are working in an office space, it needs to be cleaned every so often.
The other day in an office, I watched the director spend 20 minutes washing a bunch of coffee mugs that were left in the sink. That was 20 minutes that she didn’t spend working on a task related to her job description. Furthermore, that was 20 minutes that she was getting paid her director’s salary while she washed dishes.
It’s not a bad idea to promote washing your own dishes to employees, but when it comes to other chores such as vacuuming, dusting, and cleaning windows, you want to consider outsourcing that to an individual or cleaning company.
Short for ‘weblog,’ blogs have become fairly ubiquitous throughout the web. You will be hard pressed to find a business without one linked to their website. The key element of a blog, that separates it from a static website, is that it has new content or blog posts fairly frequently (daily or weekly). Coming up with quality content that is posted on a regular basis takes time—especially if you aren’t used to doing it. Just because you don’t have the time to do it, doesn’t mean you have to miss out on this aspect of inbound marketing. Freelance bloggers can easily be found to help you with your content.
Looking for more information about outsourcing your accounting services? Contact Lucid Advisory and Finance.