Big business does it all the time to take the work pressure off their companies and you can too.
Small business owners must know how to multi-task. If you have ever worked in a large corporation where there was a person for every job, you might be unpleasantly surprised at how many responsibilities you must juggle when running your own small business. In any given hour, you might be pitching an idea to a potential investor, completing your own tax return, running to the bank to deposit a cheque, fixing your computer and taking out the trash.
What you should outsource
Some entrepreneurs love the variety that multi-tasking brings to their day, while others hate the distraction. If you’re the latter, bring order to self-employed chaos by outsourcing these functions:
- Bookkeeping. You should be out selling, not entering invoices and receipts into a software program. Get someone else to do it.
- Cleaning. Whether you’re working from home or leasing a small commercial space, spend a few bucks on a weekly cleaning service.
- Website design. Unless website design is your business, never try to build your own. It will create a first impression of your business and should be designed by a professional.
- Personal errands. Waiting at home all afternoon for cable installation will chew up valuable sales time or billable hours. Hire a personal concierge to sit there for you.
- Writing. Yes. Writing. If you manage a blog or contribute to someone else’s, you can outsource articles and blog posts to freelance writers. This will most definitely save you time and money.
When deciding to outsource, consider necessity, opportunity cost and cash flow. Does the job absolutely have to be done? If not, drop it. If yes, will it cost you more in lost opportunity to do it yourself than it would cost to pay someone. For example, if you bill out at $50 an hour and you would pay someone $10 an hour for the job, it would be false economy to do the task yourself if you could make money as they work. If, however, there is absolutely no cash to pay a person, you may, like so many entrepreneurs, find the time by burning the midnight oil and working weekends.
Cost effective outsourcing options
You can outsource to companies that specialize in the tasks you want done or you can find independent contractors or freelancers to do the work for you. Typically, the former is a bit more expensive as companies have overhead to deal with while independent contractors do not.
Finding your outsourcing partner is easy
There are certainly the traditional means to find contractors such as the yellow pages but, with the Internet and networking, there are more possibilities. You can start your Internet search by using Google or choose one of many classified websites such as Craig’s List. You will find all kinds of services there – businesses and independent contractors. And don’t’ forget your network of friends, families, your banker, accountant, lawyer… Send them off an email saying what you need. You may just find an outsourcing partner that works with you for years.
How have you outsourced, or plan to outsource, to save you time and money?
{ 4 comments… read them below or add one }
I agree, there are so many more important things that a company should be concentrating on, which is why outsourcing is such a smart business strategy. You are able to cost effectively run your company while getting the same high quality result, and you are also free to focus on your company's core competencies.
With the multitude of tasks and work you have to manage as a small business owner, seeking help through outsourcing is a great solution. You are able to cut back on the mundane tasks of day-to-day operations but still maintain a certain level of standard. At the same time, you can concentrate on the what matters when it comes to the growth and expansion of your business.
Only security guards, cleaners, etc. were outsourced in the past. Now, almost every profession can be outsourced! This is great because it provides employment to those who need it.
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