A good product and a strong work ethic may be a starting point for a successful company but there are many other aspects of running a company that are core to its sustainability. Historically, the roles of bookkeeping, accounting, human resources and IT would be managed internally however the rise of outsourcing offers an opportune approach to freeing up your spare time allowing you to focus on your strengths.
Your time – or lack thereof- can be spent concentrating on what is best for your company whilst you outsource certain tasks to specialist firms or freelance consultants for a marginal fee.
Accounting & Bookkeeping
You may wish to manage the general bookkeeping and accounting for your company to keep costs low. A basic excel spreadsheet may be all that is needed or a more expansive program could be used. There is also a wealth of knowledge available online at your disposable to provide guidance on this.
Outsourcing these tasks to a specialist firm could be an invaluable tool. Accountancy firms can ensure your records are up to date and you are complying with all of your statutory duties. An experienced eye can identify ways in which to make your company more tax efficient saving you money in the long term.
IT and Web Development
In the information age an effective website is often a fundamental feature of a successful company. Freelance writers can provide informative content for a minimal fee. SEO managers can also ensure your website is visible attracting potential new customers.
In recent years more and more companies are turning to social media to promote their brand. Many firms exist to manage your social media image.
Employment law can be daunting. As your company grows you may need to draft employment contracts, resolve disputes or deal with redundancy matters. We recommend managing this in-house where possible but there is the option to outsource this to a specialist firm if needed.
Small businesses can be overstretched answering phone calls, responding to emails and dealing with general administration work. Many firms exist to assist with this and could even save you the costs of employing additional staff.
In essence, time is money and the more time you spend in each of these areas the less time you spend generating revenue.