There are a lot of moving parts when it comes to running a business. Whether you’re a one-person company or you manage a team of employees, chances are, you won’t be able to do everything by yourself. If your business is struggling to find balance between cost and efficiency, outsourcing might be the best path forward.
Outsourcing isn’t an industry-specific idea. It doesn’t merely apply to businesses with inventory warehousing or logistics needs. All kinds of small business tasks can be outsourced, giving you extra time to grow your business.
How outsourcing can help
Many small business tasks can be handled by entrepreneurs in-house. However, that doesn’t mean it’s the most efficient option. If you’re spending all your time balancing books, solving IT problems or packing boxes, who’s focused on building and improving your business?
In some cases, outsourcing can save you both time and money. It might be cheaper to outsource a service than hire someone to do it in-house. This reserves your brand’s resources for core company tasks, all of which support your business’s growth. Outsourcing is often crucial when businesses begin to scale, since all your attention needs to be on what you do best.
Commonly outsourced small business tasks
While some of your business’s core processes should be completed and managed in-house, others can easily be passed off to an external partner. Here are a few commonly outsourced tasks for small businesses.
- Shipping and logistics: Shipping and logistics are two of the most common processes small businesses outsource to partners. Trusting another company to store, fulfill and ship your business’s goods helps you eliminate the need for warehouse space, extra staff and delivery vehicles while potentially expanding your service area.
- Content marketing: Content marketing is a growing piece of many brands’ marketing strategies, but writing blogs and posting on social media can divert your attention from more important matters. Outsourcing your content creation to a creative agency or freelancer allows you to maintain that strategy while reserving time for internal operations.
- Bookkeeping and payroll: Every business needs to stay on top of their finances. Taxes, payroll and accounts paid and received are critical for understanding the financial future of the business and avoiding fines and fees. Unfortunately, these tasks can take a lot of time. Outsourcing these tasks to a skilled accountant or bookkeeper can improve efficiency in this area, free up your time, reduce risks and provide more certainty with your financials.
- IT: Very few small business owners are also technology experts. If your business relies on tech to operate every day, you need to have some sort of support system in place when something goes wrong. Hiring a dedicated IT employee isn’t feasible for most small businesses, which is why the IT outsourcing industry is so popular. External partners can provide on-demand tech support as needed, so you can stop poring over manuals.
Outsourced partnerships are some of the most important to the operation and growth of your business. But don’t negate the importance of other relationships, as well! Partnering with suppliers, lenders and third-party administrators is equally vital to your business’s success.
When it comes to selecting a partner to get your business funded, choose Tenet Financial Group. Our team connects entrepreneurs with funding products like SBA loans and ROBS to keep businesses capitalized and on the path to success.