As a small to mid-sized business owner, there are a lot of balls to juggle. Often, you don’t have bandwidth or resources to staff internal departments to support all of the basic functions of a business. And yet, you still need to stay on top of marketing, accounting, human resources, sales, customer service, development and public relation. The list goes on and on.
Depending on the size of your business, and the resources at your disposal, certain functions can be easily outsourced. And sometimes, doing so will save you both time and money.
This post will examine four of those functions, and will explain why it makes sense to leave them to the experts.
Everyone understands implicitly that to grow your business, you need to go to market. A sound brand, a lead generation initiative, social media strategy – all of these things are critical to sustaining a healthy level of momentum and growth. And yet, a seasoned marketing professional almost always costs upwards of six figures. Even if you are lucky enough to find a qualified individual, it is unlikely they will be able to implement a full marketing strategy without having to spend additional money on outsourced resources.
It makes much more sense to outsource the marketing function to an established agency. Search for an organization that has experience in your particular industry. Ask for references and samples. Make sure you will have a dedicated representative who will be available to meet with you on a weekly basis.
Obviously, if you have a physical store or retail outlet, it is unlikely that you will be able to outsource the sales function. However, if you have a B2B offering, or you are selling services, you can map out a fairly robust sales strategy using outsourced sales resources.
For instance, there are organizations that will generate leads on your behalf, qualify them, ensure they meet the criteria that you have defined, and pass them over when they are ready to close the deal. Similarly, you can outsource the sales cycle right through to close. Because that function would be at arms’ length, you would not have the same measure of control but you would have much less headache, and often better expertise.
Recruiting and hiring top talent can be a daunting task, especially if you are in growth mode.
Hiring an internal HR team to own this function is very expensive. Find a recruiting agency to work with you closely, based on your needs and interests. They have access to a database full of viable candidates, and often have recruiting resources to which you do not necessarily have access. Usually recruiters get paid only after they have made a successful placement, so it is a fairly low-risk investment.
Outsourcing your accounting operation saves time and money, and actually reduces risk.
Using a team of experts from a reputable firm provides much more experience than hiring an internal bookkeeper. It is also much more scalable, as your business grows, to defer to the expertise of an established firm. Furthermore, an accounting firm is going to have resources and technology at their disposal, which will reduce risk and speed up processes.
Outsourcing these four functions will save you considerable time and money. There is no need to absorb the costs of benefits for employees you simply don’t need. And you will potentially have better resources available to you by outsourcing.
If you are thinking of outsourcing your accounting operations, contact Miller Bernstein today.