Running a small business involves a lot of tasks that aren’t associated with the core goal of growing your business. Although they are crucial, handling these responsibilities on your own can be time-consuming and take your focus away from why you started your business in the first place. Rather than spreading your time and talents too thin, investigate small business outsourcing and establish a team of professionals to support your business. When you leave these commonly outsourced services — banking, accounting, legal, insurance, technology, and mentorship — to a team of experts, you can put your energy into helping your business thrive.
Financing is a big part of running a small business because you need working capital to purchase raw materials and supplies, pay employee salaries, or expand your business. However, most small business owners don’t need to borrow large amounts of money, making them less attractive to large banks. Credit unions are more willing to approve loans for smaller amounts. They also offer lower interest rates and fees, better loan terms, and faster loan approval time.
When business owners are asked what tasks eat up too much of their time, payroll and bookkeeping are among the top answers. This is a commonly outsourced service that most business owners are eager to pass on. A professional accountant can help your business avoid missteps that could ultimately lead to a tax audit and major headaches. Beyond payroll and bookkeeping, many professional partners can also help with business audits and tax preparation.
A small business owner should outsource legal services right from the start, getting guidance on how to set up their legal business entity (a corporation or LLC). From there, a business attorney can help with contracts, employee disputes, mergers, and acquisitions, or lawsuits.
When researching property insurance, liability insurance, workers compensation insurance, and employee health insurance, you’ll soon realize that the options available are numerous, very different, and honestly, quite confusing. Instead, enlist the help of an insurance broker who can research and negotiate the best insurance options for your business’s unique needs.
Even if your business seems very far removed from the tech world, you’ll need to incorporate technology into your day-to-day operations. This includes setting up employee emails, storing files on a server, or securing your website. Knowing that more than 60% of all cybercrime targets small businesses. It would be wise to use this commonly outsourced service to protect your business from potential risk.
Starting a small business is a big step. You have the idea, you have the talent, and you have the drive. But do you know how to put this into action? Small business owners are best served by seeking out a mentoring program in their area, like SCORE. A business mentor can help you grow your skillset in business operations like business strategy and planning, product development, marketing, finance, and hiring.