In business process-management, small businesses with tight budgets have to resort to outsourcing for successful completion of projects.
Small businesspeople must capitalize on money matters and save in time management — all while overcoming staffing shortfalls for strong results.
All of this is especially true for micro entrepreneurs.
There are at least four business processes that are being outsourced.
Cash flow is of paramount importance. As an important function, it’s often better to outsource accounting and bookkeeping.
Accounting and bookkeeping professionals can help you stay on track. Make sure they’re up-to-date on financial matters and have applicable software.
But there are possible caveats.
For instance, I once made the mistake of hiring a tax-accounting firm that didn’t use the same software. This meant the firm inflated fees unnecessarily because the accountant didn’t inform me that they would manually enter all data into their system. The CPA firm’s nondisclosure added $1,000 to the tab. So, it was unnecessarily costly until I terminated them. Later, I learned the firm’s managing partner had a drug-abuse problem.
Admittedly, as I progressed as a consultant and expanded my practice for my own clients in tax and other financial affairs, I eventually did away with CPAs. (See tip No. 3 Administrative.)
You might need a separate payroll function, which can also be a big headache especially when not properly administered. Thousands of dollars are at stake.
Consider the countless regulations, requirements and tax laws at the state and federal levels.
Expertise in accounting, bookkeeping and payroll will also protect you in the event of audits.
For administrative help, you can get virtual assistants. They can help you with a myriad of repetitive chores.
You can also consider hiring a personal assistant. A personal assistant is versatile person who can help a micro-business owner with a huge myriad of tasks – personal and business.
Some are quite good and can be found on LinkedIn, depending on your needs here’s an excellent example.
Actually, for my firm’s needs, I was very fortunate to have had part-time personal assistants who either had or who developed strong financial skills.
Initially, I rented my business in an office building. Then, I discovered the tax benefits by working out of my home.
That’s how part-time personal assistants have helped me tremendously. With their talent and only working short hours, clients have wanted to hire them away from me.
In hiring assistants, I keep an open mind, for example:
The first was a young housewife – a retired Air Force mechanic who wanted to learn new skills by working part-time. Not only did she manage typical administrative and bookkeeping functions, she installed new mini blinds and a new screen door.
Because she received so much training in managing the books, she balked at pay increases I felt she had earned.
The second was a former consultant with an MBA, whose strengths were in financials. Plus, with her strong consulting background, she periodically suggested strategies that helped me manage my clients.
The third assistant with a financial background became so enamored with my firm’s services, after leaving a client meeting with me she wanted to learn business development. I trained her in sales and she was able to set appointments that led to new business.
Many small businesses opt for content marketing help. That can include ghost blogging, press releases and writing Web site copy to generate leads and enhance client relationships.
If you’re ready for research or traditional marketing on TV and radio, you can hire a freelancer or small adjacency for public relations or advertising.
Whether you hire PR or media-advertising expertise, screen them for negotiating skills for the best value to get you top-of-mind awareness in the marketplace.
Cyber security is a must. You absolutely have to take precautions to protect your information technology.
Online marketing is so important now; you might also consider freelancers with proven skills in search-engine optimization and lead conversion rates.
Use due diligence. Sophisticated tech vendors and consultants of all sizes have been known for cost over-runs.
Your technology dilemmas can worsen with the wrong choice – whether the person isn’t up-to-speed or simply isn’t the right fit for your organization. Either can cost you time and money unnecessarily.
From the Coach’s Corner, here are relevant tips:
Hiring a Personal Assistant? Hire for 8 Qualities — The right choice of a personal assistant can make a huge difference in your operation. Basically, you need someone who can manage you – represent you well in a variety of tasks – an assistant who can make you look good.
10 Tips for Hiring the Right Attorney for Your Business — In selecting the right business attorney, talent and skill levels are among the crucial traits needed for your success. Here are 10 tips.
Basics in Hiring a Consultant to Help You Improve Your Company — When hiring a consultant, here are some pointers to keep in mind.
6 Tips to Save Time and Money by Hiring the Right Tech Consultant — If you need to hire an information technology consultant, it can be costly in time and money, if you choose the wrong person.
“Time is money.”