When you start your own business it is more than likely you will want to spend any more money than you really have to in order to keep things running. However, even for startup and small business owners doing everything yourself can be counterproductive and in the long run very costly. Here are a few of the business processes you should consider outsourcing and why.
Web Design – Every business needs a website, whether they actually sell online or not. In the 21st century not having an effective web presence can be a real business killer. But a bad website can damage your company as well. Yes, there are a myriad of free website building tools out there but they are limited in scope and do not allow you to take full control of your own site. Hiring a web designer to create a unique, search engine friendly site for your business will pay for itself rather quickly.
Bookkeeping – Keeping great books is essential for any business (especially when tax time rolls around) but with all the other things you have to do to keep your startup business on track it is a task that tends to get put on the backburner. You don’t have to hire an accountant to actually come and physically work with you there are some great bookkeeping services out there that can take care of everything for you remotely with a minimum of fuss.
Payroll – Even if your startup business only has one or two employees and works with a couple of independent contractors getting your payroll right (especially in the eyes of Uncle Sam) is about a lot more than just pulling out the checkbook every Friday. For instance, do you actually understand the legal definition of an employee versus an independent contractor? The rules are far more complicated than you might think and paying them the wrong way can lead to big tax trouble. Plus do you really have the time? Hiring a payroll service takes a lot of tedious work out of your hands and means that you will never have employees threatening to walk out of the door because you were too busy at that client meeting yesterday to remember to deposit their wages.
Accounts Receivable – As a startup business owner various statistics suggest you will wait an average of 56 days to get paid by those who owe you money if you try to collect it all yourself and still manage the day to day operations elsewhere. You also probably do not want to gain yourself a reputation as a bad guy and are a little shy about calling customers and asking them for money anyway. Hiring an outside firm who are experienced in successful collections and posting techniques means that you will have more money in the bank, sooner so that your business can continue to flourish and grow.