What business functions should you outsource?
For many small business owners, we are emotionally invested in our business. You have seen the growth from inception and have worked in every area of your business. But one of the hardest missions is outsourcing the right tasks to the right people.
Apart from helping the exponential growth, the maintenance and risk control of your small business or start-up, outsourcing will help you find that work-life balance that we all seek. In addition to that, you can finally spend your energy on tasks that grow the operation of your business.
Below are five responsibilities that you can outsource that will contribute to your business's success and create free time to spend on important tasks.
1. Content marketing
Content marketing is a strategic marketing approach focused around easy-to-consume content with intentions to bring value to your target viewers. Content marketing is published in a manner that avoids being too pushy towards selling your service or product.
The content you create and distribute builds trust with the leads you acquired to maximise the possibilities of getting a new customer who trusts and love your product.
According to Small Business Trends, Over 50% of businesses are spending their time and money on the creation of content. Unfortunately, many small businesses similar to yours don't have the budget or time to spend on content marketing.
Instead of worrying about producing and sharing content yourself or exploring the internet to find a marketing team, I recommend you tackle this challenge by outsourcing it. 60% of companies are now outsourcing content creation in some form.
With the increase of demand for content production, you will have no issues finding creators that fit your budget. Employing a freelance writer is an affordable option for a small business, or if it is in budget, collaborate by including an agency that specializes in this field. Both options can benefit you when building a meaningful connection between you and your customers, alongside driving sales and brand awareness.
2. Administrative tasks
It's easy to get lost in minimal scheduling and administrative tasks. For a small business owner, it is paramount that your time is spent on your core methods to develop your business. Luckily, there are affordable solutions to outsource these tasks. When outsourcing tasks to virtual assistants, you will only pay for hours in which jobs are being worked on, this will eradicate lost time spent on responding to emails, setting appointments dates and other monotonous duties. When you automate scheduling with the use of software, you can concentrate less on working in the business and more on processes that grow your business.
3. Conversion optimization
The most common way to generate new leads is through digital marketing. Content production supports your message to convert leads to trusted customers. According to Word Stream, businesses average a conversion rate of 4.40% on google ads search network.
Many aspects result in a conversion rate increase. However, keeping track of all the moving pieces is a time-consuming task for the untrained eye. Considering the model of your business and margins of your product or service, a small boost in conversions can generate additional income for your small business whilst finding new customers who are specific to your industry.
Conversion optimization can easily become disheartening when going about it yourself. With continuous moving pieces to test and monitor, I would recommend collaborating with an agency that has the expertise in conversion optimization.
Unless you are a certified accountant it is recommended that you outsource your payroll. There are important regulations and different tax laws to consider when carrying out the responsibility of paying your employees. You will need a level of attention to minimize mistakes that result in penalties from the HMRC, which lead to losing thousands of pounds and an unhappy team.
Instead of stressing over payroll yourself, or sustaining the cost of employing a permanent accountant, seek a reliable accounting service to maintain this area of your small business. There are fantastic services out there that allow you to decrease expensive mistakes, so you can continue to invest your energy on running and growing your business.
Small businesses are vulnerable to poor cash flow management. Without possessing the necessary resources you need to track the spending and receiving of money, it will quickly become a multi-tasking nightmare for a business operator.
Multitasking can contribute to a 40% decrease in productivity and a drop in productivity is a drop in your business's success.
Mishandling your business's finance is something you most definitely want to avoid. The investment in outsourcing bookkeeping can result in adding an experienced team to your rooster of high performers which can contribute to your business's accomplishments.
Outsource your weaknesses
It can become overwhelming thinking about all the different areas of your business that you can outsource. Take a step back and look at your company, your methods and the tasks you have been doing daily. Once you have established what areas of your business are struggling, consider outsourcing those duties. The variation in costs with a full-time hire compared to outsourcing could be the deciding factor.