Overhead can overtake small businesses in a hurry. But too many business owners impede their revenue growth doing everything just to save a few bucks.
Strategic outsourcing solves this dilemma.
Many entrepreneurs reject outsourcing because of the extra cost. However, they fail to calculate the value of opportunities lost because they sank too much time into energy-sapping tasks best left to others. Simply put, they save money but they do not make money.
As an example, I could put together my own PowerPoint presentations if I chose to do so. But I would spend twice as long as as an extremely proficient designer, and in the end, it would look half as good.
If I did it myself, I might save $50 in outsourcing fees. But it would cost me two hours of my workweek, two hours I could spend figuring out how to raise 10, 20 or even 100 times that amount in revenue.
So in the spirit of creating more time in your day to grow your business, here are five key outsourcing opportunities for small businesspeople:
1. Accounting
This may seem obvious, but it is too critical to leave off the list. Not only is accounting time consuming, it is also more and more of a specialty trade (especially in highly regulated states such as California). Accountants know the rules and can keep you out of trouble. They are highly efficient because they do this stuff every day.
Rule number one: Find a good bookkeeper for day-to-day accounting, a great payroll company to handle paychecks and withholdings and an even better CPA for tax accounting.
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