Startup enterprises often find it challenging to set-up full-fledged operations in the first year due to limited capital. Just like all other companies, these businesses have a long list of things required to keep their operations running smoothly.
Outsourcing some of your business functions can offer continuity, better risk management, and operational expense control. It can also reduce overhead costs while freeing up a good chunk of your time. Here are five small business operations that you can actually outsource to help you focus on other matters such as the growth of your startup.
1. Accounting
This is probably the one business function that causes the highest level of anxiety to small business owners. Fortunately, a reputable accounting outsourcing service provider can help you keep track of receivables, quarterly tax payments, payables, employee deductions, and more so that you don’t have to.
Outsourcing accounting and payroll tasks can save you considerable hours and headaches. Besides, letting an expert handle the accounting and financial reporting can help avoid costly mistakes.
2. Technology – cloud computing
Many startups have little wiggle room in terms of data losses, system failures, and other tech-related issues. Hiring an in-house IT expert makes sense when your company reaches a critical mass of software and hardware requirements.
Using cloud computing allows your startup to go on a greater scale with just a few workers and little capital investment. It also allows you to go global easily by deploying SaaS and PaaS technology. These services were not previously available to startups and medium-sized companies and now thankfully are.
3. Administrative tasks
Currently, virtual assistants are becoming more common, particularly for entrepreneurs and solopreneurs who work from home. Some virtual assistants can handle nearly everything from email inbox management to social media posting.
Moving to a shared location and utilizing executive office suites is an effective way of outsourcing your administrative functions. These suites provide full administrative support, ready offices, and don’t require a long-term lease. With these services, your startup could be up and running efficiently in various locations within a short period of time.
4. Marketing
Marketing strategies determine how your brand and business reputation are perceived by your target audience. While your startup may not afford the best marketers and marketing tech in the industry, outsourcing the marketing activities to a reputable marketing firm or consultant is definitely a step in the right direction.
Today’s marketers can handle web design, SEO, content marketing, social media, blogging, press releases, and other tasks remotely. When done correctly, these marketing activities can boost lead generation, conversion rate, and drive growth to your startup.
5. Human resources
Hiring employees and handling other human resource functions can be done by an outside agency easily. These agencies are more skilled at screening the right applicants and help your organization get the top talent within your budget in the industry.
When you outsource these five business functions, you can focus your attention, time, and other resources on your startup’s more pressing matters. This means that you will have more time defining new goals and setting the right strategies to achieve them.