Whether you’ve just started a new business or you’ve been growing for a while, there’s a good reason to outsource. As a business owner, you’re busy. You have to devote your time to the things that have proven to be the most profitable for your business. Unfortunately, ignoring everything else simply isn’t an option. That’s why outsourcing has stepped in as one of the leading ways for businesses of today to cut costs.
When you’re able to delegate important tasks to an expert or outside organizations, you can rest easy knowing those things are being taken care of. Not only that, but these outsourcing experts know what they’re doing. As a business owner, you’re good at what you do, but you’re not good at anything. Taking advantage of outsourcing companies and experts gives you the freedom to make the most of your time while drawing upon the best in their fields. So where exactly can you cut costs with outsourcing? Here are some of the most common and easy areas to outsource in your business!
Human Resources
Things like payroll, hiring new employees, managing a team, and more take a lot of time. They take so much time that an industry of Professional Employee Organizations or PEOs have become mainstream today. PEOs are perfect for businesses with fewer employees who can’t afford the expense of a full-time HR manager.
They can handle anything from payroll services to training new employees. Because they have industry experience and connections, they can even manage greater benefits for new companies like insurance packages or affordable business solutions. There are a lot of advantages to outsourcing your HR needs to a PEO today! Research the best peo services and companies for your business to stop wasting your time on admin tasks.
Financial Services
Small and midsize businesses don’t often need a full-time bookkeeper on staff. That said, accurate record keeping and tax accounts are key to a successful business. While many businesses get away with software like Quickbooks to keep their finances in check, sometimes you need more help. Outsourcing a CFO, known as a “fractional” CFO, means you can have a financial expert review your accounting needs a few hours a week as an outsourced contractor.
When hiring a CFO, you can choose a freelancer or a dedicated accounting organization depending on your needs. They might charge a flat rate fee or an hourly rate, depending on the scope of the project. Hiring a contracted CFO is much more affordable for small businesses and still provides bookkeeping security.
Marketing and Advertising
As a business owner, you probably know a lot about your industry. You know how to make a great product or service, but you might not know how to sell it. Even if you are familiar with marketing, this is an industry that’s always changing. Social media makes marketing today complicated if you aren’t honed in on the latest updates and trends.
A digital marketing company can bridge these gaps for you so you can focus on the parts of your business that matter most. A marketing expert can provide recommendations for reaching new audiences as well as manage an entire social campaign!
Shared Office Space
Office space is expensive, particularly for small companies who don’t necessarily need a larger space. Things like rent, utilities, internet, and more are all considered fixed costs for businesses. A way around this is by choosing a shared location instead. Things like coworking spaces are popular options for startups since they provide both a collaborative networking space as well as private office areas. These options are more cost-effective for small businesses since they offer administrative support and already have fully built office space with little need for additional setup.
Is outsourcing right for your growing business? If you want to cut costs while also getting the most value, these things above are easy to outsource to other professionals. Your company deserves the best if you want to see it grow. See how outsourcing can benefit your business today!
Founder Dinis Guarda
IntelligentHQ Your New Business Network.
IntelligentHQ is a Business network and an expert source for finance, capital markets and intelligence for thousands of global business professionals, startups, and companies.
We exist at the point of intersection between technology, social media, finance and innovation.
IntelligentHQ leverages innovation and scale of social digital technology, analytics, news and distribution to create an unparalleled, full digital medium and social business network spectrum.
IntelligentHQ is working hard, to become a trusted, and indispensable source of business news and analytics, within financial services and its associated supply chains and ecosystems.
