6 Areas Outsourcing Can Save Your Business Time and Money
The startup costs of opening a new business can seem daunting. One of the most costly aspects of opening a business is staffing it because you can’t do it alone, though you might have considered it at one point. Even if you had the knowledge to perform every duty, you simply wouldn’t have the time. One solution to this conundrum is outsourcing.
Nearly any function of your business can be outsourced. This means paying a professional who is not your employee to complete the task. Here are some areas where outsourcing might work for your business:
1. Accounting
Hiring an accountant to keep track of your taxes and expenses can save you vital time and resources. Most new businesses aren’t large enough to require a CFO who sees over the day to accounting operations. You may simply need someone who can spend a few hours a week organizing your tax obligations and profit and loss statements.
2. Transportation
It’s also highly unlikely you have the ability to manage your own fleet to get your goods to retailers. Transportation outsourcing can be as simple as using UPS. If your deliveries are local, there are also local transporters who can save you time and extra expenses on insurance and vehicles.
3. Human Resources
From benefits management to payroll, there are companies who specialize in this type of work and they are called Professional Employer Organizations. A PEO can even perform the task of hiring your employees and structuring your compliance documents.
4. Manufacturing
This is one of the most expensive cost areas for your business. You have the idea and the plans, but outsourcing to offshore manufacturing or even one in the United States can make the goods a reality and likely at a fraction of the cost. Save the real estate expense for later when business is booming.
5. Marketing
While social media is affordable enough that even a child can do it, the experts know how to do it best. Coming up with ideas for a strategic campaign can give your company the edge it needs to compete. You can even outsource your sales team and product fulfillment.
6. Administrative
Looking to shared office space also offers the advantage of shared equipment, utilities, and administrative workers. This offers a flexible office solution with lower rent and shorter leases.
Outsourcing key areas of your business operations will provide you time for planning and save you capital for later expansion.
