Entrepreneurs at times try to do everything their business requires by themselves. The honest truth is that certain tasks are not worth their time and could be spent doing something far more beneficial for the company. Outsourcing certain areas of business can help save large amounts of money as well as keep staff numbers low. The first thing that needs to be done is to list out monthly expenditures to see where money can be saved. The money being saved should not come at the cost of quality of product or service, though, so be careful of this. The following are areas of business to outsource as well as the benefits that it offers to an entrepreneur.
Digital marketing can become a full-time job for an entrepreneur as it encompasses quite a few areas. The tough part about digital marketing is that it is nearly impossible to be effective without quality content. If you cannot write well as an entrepreneur, it is better to outsource this to a freelancer or digital marketing company. A freelancer can be just as efficient at a lower price as many freelancers do not have overhead costs like digital marketing companies. The advantage a company would have is all of the relationships they can leverage in order to make a marketing campaign a success. Try out a few options with small campaigns to see which offers the best ROI and see which company/freelancer will be used going forward.
HR can be a tricky area to handle for an entrepreneur as there are so many compliance policies that need to be followed. Reed Group’s leave compliance services can help with things like extended leave or managing leave time. The last thing that an entrepreneur wants is to break a law that has to do with human resources then have the company be open to a lawsuit. Outsourcing HR also helps reduce disgruntled employees as things are handled by a third party so terminations seem to be less personal. One drawback is that a top performer with too many write-ups or late arrivals could be on the chopping block. Finding a way to mitigate this is important as you do not want to begin firing people that help increase production numbers immensely.
Data Mining/Contact Information Gathering
Gathering contact information is the perfect task for a freelancer to handle as the founder of the company could be spending time doing something else. This will only cost a few dollars per hour and can yield thousands of dollars’ worth of sales if the contact information is correct. Data entry is another thing that should be outsourced, especially for a company that collects large amounts of data. Creating sales lists can help convert at a higher percentage than ever before by grouping sales prospects. This allows a form of customization with a pitch via an email if targeting one type of business in the group the email blast is going to.
With all of the platforms that allow for easy tax filing, it has become increasingly difficult for companies to justify in-house accounting departments. There are even apps available that make it easier than ever to track business expenses when traveling for the company. Even this position can be filled by a freelancer that has their CPA as certain businesses have easy taxes to file. More complex finances might require hiring an accounting firm to make sure the company does not raise any red flags with the dreaded IRS. Being able to predict cash flow as well as money going out/coming in can help business immensely. Lack of cash flow can slow business or even bring it completely to a halt. Look into other options for accounting as this can save company money making the business more profitable.
Website Management/Ecommerce Store Management
The last thing that a founder of an ecommerce store wants to do is to check constantly whether the store is up and running. Finding a reliable hosting company is the first step then hiring a team to help keep the website running at optimum levels. The most important thing with ecommerce stores is having product copy being as high quality as possible. The product description can make or break a sale so a company that has experience with this as well would be a perfect fit. If the hosting company does not offer these services a digital marketing company is sure to handle this or even having a freelance copywriter can solve this issue.
Outsourcing is easier than ever with all of the technology that has us connected worldwide. Consider the above when thinking about outsourcing as it could be the answer to lowering overhead costs monthly. Even a small amount of savings will add up over the course of the year, so remember that no savings are too small!Opinions expressed here by Contributors are their own.