Did you know more than one-third of all small businesses outsource a portion of their work to an outside vendor?
Outsourcing allows small companies to work more efficiently and potentially cut overhead costs. If you’re considering outsourcing for your small business, what types of functions lend themselves to this process?
Top Tasks to Consider Outsourcing for Your Small Business
Many small business owners remain under the impression that they can do it all. But when you’re the business owner (with a little experience under your belt), you’re likely to come to the realization that you need some help, whether it’s in the form of expertise you don’t have or just an additional person to free up a bit of your time so that you can focus on what’s important. That’s the function of outsourcing.
There are thousands of options for the small business owner considering an outsourcing partner. Here are some of the more common tasks many small business owners choose to outsource:
- Accounting is one of those areas of expertise many of us simply don’t have. There are legal implications of the money flowing in and out of your business. Accountants can keep your accounting operations legally compliant and help you better understand overhead costs and cash flow.
- Administrative tasks are constant in many small businesses and a virtual assistant can help lighten the load. Outsourcing to a virtual assistant if your business has a lot of paperwork can free you up to focus on building the business. A virtual assistant takes care of the minutia of running a business, whether it’s creating correspondence or an Excel spreadsheet, managing a database, or managing your email inbox. This is a low-cost outsourcing resource because many virtual assistants charge as little as $10 or $12 per hour.
- IT management is one of those areas that is so specialized it sometimes takes an outsourcing expert to get your software and hardware up and running. This could include setting up Wi-Fi or phone systems or handling IT security. You can also outsource by using online software tools. For example, if you’re using Microsoft 365 Online for your business communications, you’ve outsourced email and other tools to Microsoft.
- Manufacturing is often outsourced for less cost than handling production in-house. Setting up a dedicated manufacturing factory requires some hefty small business funding, something that many companies don’t have until after some serious growth has occurred.
- Marketing is one of those “necessary evils” that many small business owners probably don’t enjoy. Marketing encompasses everything from an online advertisement, social media, and even the written content on your website—and these are just a few of the areas that outsourcing partners can handle.
Outsourcing Small Business Funding to the Experts
While you’re choosing which outsourcing partners you need, don’t forget about a partner to help you fund your business. Benetrends can help you find the best funding solutions for your business, whether it’s a ROBS (401(k)/IRA rollover) strategy, SBA loan or other options. We offer over 35 years of experience with small businesses and franchises and a track record of successful launches and growth. Contact our team to find out how we can help your business today.