BusinessGrowthSmall Business

Three Ways Outsourcing Could Help Your Small Business Grow

2 Mins read

Is your growing company falling behind because you’re so busy you can’t hear yourself think? Entrepreneurs know better than anyone that there are too few hours in a day.

If you wish you had more time for creative thinking and problem-solving work, you need to give outsourcing a try. Outsourcing some of the most draining areas of your business could be the key to freeing you up for the work that helps your business grow. Here are some great outsourcing opportunities to get you started.

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Shutterstock Licensed Photo – By Pasuwan

Hand Over Your IT Headaches

Managed IT is making its mark on the SME environment, and for good reason. Research has shown that over half of small to medium-sized businesses are outsourcing at least some of their IT requirements, while a further third would like to in the near future. The benefits are huge. Aside from the peace of mind that you get from handing over responsibility for your systems and sensitive data to experts, you also stand to save as much as 40% compared to hiring your own full-time IT team. IT services are also a great option for growing companies who need to be able to scale their operations at short notice in response to increased demand.

Spare Yourself the Mountains of Paperwork

If you’re doing all your paperwork the old-fashioned way, it’s only a matter of time before you’re buried under a mountain of invoices, receipts and miscellaneous documents with no hope of ever seeing the light. Get an accountant if you don’t have one, as you will need one eventually. Modern solutions such as Gift Processing, file management and mail handling could be the answer to your prayers.

Get Your Payroll Rolling

Let’s be real: nobody loves doing payroll. Apart from the technicality and complexity of compliance requirements, an error means that your staff will have incorrect pay, and that’s the last thing you want when you’re trying to show your team that you value them. Many SMEs find tax and HR compliance a total nightmare until they decide to bring in payroll experts, or super-efficient software, to streamline the process.

Not only can outsourcing payroll drastically reduce your errors in terms of HR and tax compliance, but it can significantly reduce the operating costs of your business. It’s worth noting that businesses that outsource their payroll requirements typically save around one fifth more than similar sized businesses companies that manage payroll in-house. On top of significant savings, you also stand to benefit from increased employee trust, as you’re far less likely to inflict accounting errors on your staff on payday. That means you won’t risk losing all that top talent you’ve managed to recruit!

When your company is getting busier and more demanding, managing everything in-house is not necessarily going to be sustainable. Not only do you risk making mistakes, but you won’t be able to scale your business to keep up with growing demand. This means limits to your growth. Outsourcing could be a great solution if you find the right option that works for you. These ideas will help you make the right choice for your company.

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About author
Ryan Kh is a big data and analytic expert, marketing digital products on Amazon's Envato. He is not just passionate about latest buzz and tech stuff but in fact he's totally into it. Follow Ryan’s daily posts on Catalyst For Business.
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