For lean startups and small businesses with an exceptionally small staff, it’s incredibly easy to find yourself wearing too many hats throughout the workweek as tasks and responsibilities pile up without dedicated team members to handle them.
While some switching between roles can actually ensure you’re staying on top of everything that needs to get done day in and day out, overloading yourself with internal tasks can not only lead to burn out and stress, but keeps you from concentrating on how to best move your business forward in the first place.
No matter what size your business is today, effective time management is essential to ensuring you’re able to grow tomorrow.
When it comes to small business and startup operations, time is a commodity. To use yours wisely, outsourcing internal duties might be the solution that frees you up to start growing the business.
Let’s run though four internal activities Madison, Wisconsin small businesses can outsource to trained professionals.
1. Small Business And Startup Payroll Processes
This is an area that carries big legal risks for those who aren’t familiar with the ins and outs of tax law. Dropping the ball here can mean huge repercussions from the IRS when payroll taxes aren’t completed properly––penalties that could potentially cripple your business.
Outsourced accounting services not only free you up to work more closely on the revenue-building side of your business, but reduce the constant anxiety that comes with knowing it’s squarely up to you to get it right.
Outsourced accounting firms diligently update their services when rules change at the federal, state, and local levels––somewhat common occurrences that can catch business by surprise if they aren’t paying close enough attention.
If you’re using valuable time to manage this side of the business, outsourcing can provide an affordable solution that can ultimately allow you to take a more active role as a leader rather than a manager.
2. A Wide Range Of Marketing
It’s an incredibly important component to any small business struggling to get their brand visible and establish a positive reputation in the industry. Simply put, marketing ties directly to sales––the engine that ultimately drives revenue.
If you commonly find yourself too busy to close on your next batch of sales, it’s time to start thinking about finding an agency that can provide valuable help.
Whether it’s simple consulting, public relations, or specialized marketing campaigns a third party can plan and carry out, getting traction in your market with a skilled marketing team is important if you intend on sustaining business for the long-haul.
3. Administrative Support
This can be a common need among entrepreneurs new to managing a business on their own. If you simply don’t have the capability to take care of every task and still have time to work on improvement and growth, subscribing to a virtual assistant service is a cost effective way to ensure everyday business responsibilities are completed consistently.
Here are just a few of the things these virtual assistants can help with:
• Email management
• Personal scheduling
• Newsletter preparation and publishing
• Travel management
This is often the most neglected task small business and startup owners continuously struggle with time and time again. Accounting encompasses much more than number crunching and record keeping––it’s the tool businesses use to measure and compare their performance and financial health from week-to-week, month-to-month, and year-to-year.
Accounting mistakes can’t be ignored or shrugged off. Wrong figures this month will lead to even less accurate figures next month––it’s a domino effect that can leave your books in chaos if steps aren’t taken to make sure every financial action is being accurately accounted for.
Outsourced bookkeepers not only ensure your books are completely accurate and complete, but finish the work much quicker than the average in house accounting manager.
In addition to keeping up your books, outsourced accountants are a resource you can reach out to for professional advice and guidance when owners face tough financial decisions and need a practical course of action that takes their budget into account.
It’s tough to succeed if your finances are in disarray. For help getting things in order, contact our start-up accounting and CFO services experts.
Photo credit: Digital_Third_Eye