Every business owner has been there.
Running a small business often feels like being a plate spinner, with numerous tasks and responsibilities demanding your attention simultaneously. This can not only affect your productivity but also take a toll on your mental well-being.
For most small businesses, hiring an internal staff member to cover this workload is simply not financially feasible. Fortunately, there is an alternative solution to this problem.
Outsourcing allows a business to delegate certain tasks, processes and responsibilities to a third party while reducing your costs and workload. Furthermore, outsourcing enables you to leverage the expertise of specialists in a particular area, leaving you with more time to focus on your business.
When your budget is tight, weighing up what parts of your business to outsource can be a tough decision. In this article, we’ll outline what some of the best processes to outsource are, and how to improve the efficiency and productivity of your small business.
Accounting and Bookkeeping
As a business owner, the last thing you want is to be consumed by tedious and time-consuming tasks that divert your attention from more critical areas.
By outsourcing your accounting or bookkeeping, you can ensure that crucial processes such as maintaining accurate financial records, handling payroll, preparing taxes and financial statements, and monitoring overall financial performance are handled by experts in the field.
At Elephant Advisory, we believe that utilising a professional accountant or bookkeeper is essential for businesses of all sizes.
Not only does it allow you to offload tasks the burden of handling your tax and legal responsibilities, but it also provides you with access to important business and financial expertise. This includes receiving guidance on significant decisions such as your business structure, pricing, and overall business strategy.
IT Support and Infrastructure
To be a successful small business owner, you need to have strong decision-making and management skills. You don’t need to be an IT guru.
By outsourcing the management of your IT support and technological infrastructure, you can ensure that your tech systems run smoothly by IT professionals.
Outsourcing your IT department also offers the advantage of scalability. Initially, when your budget and technological needs are smaller, you can easily outsource more advanced responsibilities like cybersecurity, hardware procurement, and troubleshooting. This flexible approach allows you to align your IT support with the evolving demands of your growing business, ensuring efficient operations and optimal technology utilisation at every stage.
Outsourcing IT support allows you to save time and harness the power of technology in your business, making it an ideal solution for small businesses looking to maximise efficiency.
Running and managing a business undoubtedly involves a significant amount of administrative work.
And, when you don’t have a large number of employees to handle this workload, a lot of this responsibility will fall back on you as the business owner. Unfortunately, business owners often don’t realise that much of this work can be outsourced to a third party.
Tasks such as receptionist duties, scheduling, document preparation and taking care of customer service and feedback can all be easily outsourced to third-party providers.
By offloading the burden of administration, you free up your precious time, enabling you to be more effective in other crucial areas of your business.
Human Resources and Recruitment
Hiring a qualified internal human resources team member can bare a significant cost and is often only done once a business reaches a larger size.
Unfortunately, this means that smaller businesses miss out on expertise that may be essential for hiring effectively and cultivating a successful team culture. A skilled HR professional will play a crucial role in managing your staff, from their recruitment to their ongoing development within your business.
Making the decision to hire a team member is a monumental step for the future of your small business, so getting assistance during this stage is crucial. An HR expert brings an in-depth knowledge of recruitment strategies, candidate assessment techniques, and employment laws, equipping you with the insights needed to make sound recruitment decisions.
Access to HR expertise remains equally important as your team grows over time.
HR functions such as employee development, performance management, conflict resolution, and even termination are all integral to the culture and efficiency of your workforce. Outsourcing these tasks to an external party can be a wise decision, ensuring you have access to the necessary HR skills and expertise required to navigate these challenges effectively.
What about offshoring?
If you’re looking to gain access to expertise and manpower but can’t afford the cost of an Australian wage, there is another solution.
Offshoring offers a way to retain operations and processes within your business while benefiting from lower labour costs in other parts of the world.
As the digital age continues to revolutionise how businesses are able to operate, an increasing number of functions can now be efficiently performed by offshore teams at a significantly reduced expense. This includes common tasks such as:
- Customer Support
- Data Entry and Processing
- Administrative Tasks
- Content Creation/Digital Marketing
- Research and Analysis
- IT Support
- Sales and Lead Generation
If you are unsure of how to recruit and incorporate an offshore team into your business, the ElephantBPO team will be able to walk you through the process.