The biggest struggle for small business owners is wearing too many hats. When you become a business owner you immediately take on many jobs all at once, so it stands to reason you might not do them well. It’s the norm to do this at the beginning but as your business grows, is it the best use of your time? A MAJOR lesson I have learned in my 15 year journey as a business owner is to value my time. Do you value yours?
One of the things I hear over and over again is “I can’t afford to get someone else to do it!” Really? My response to this is to get the business owner to sit down and work out how much time they are spending on tasks that can be outsourced. Once that bit is done, I ask them to work out how much their time is worth. For example if they are spending hours doing their own bookkeeping, fitting it in when possible (late evenings, weekends), and their time is worth say £30 per hour (generally more), why wouldn’t you outsource to someone who can do it for £15 an hour? AND, they’d get it done in a much shorter time. Remember, the bookkeeper knows what they are doing. Base your time per hour by how much YOU earn in that hour. By outsourcing, not only are you using your time in a savvy way, you’re getting rid of the psychological baggage rattling around in your head – the niggle that reminds you you’ve still got it to do, the one that goes on for weeks then you end up doing the work all in one go when you’re tired and want to be doing something else. If you are losing time with family and friends due to working late evenings and weekends here’s a reality check. You CAN’T get that time back. It’s literally priceless.
Bookkeeping: Bookkeeping is the first task small business that owners routinely neglect and struggle with managing in their operations. Do not let this happen to your small business. By outsourcing your basic accounting services to a seasoned bookkeeper, you will have the ability to use updated financial information to run your small business. A bookkeeper can do your accounting work a lot faster and more accurately than you can, and it is affordable.
Payroll: Unless you run an accounting firm, you should not be doing your own payroll. If you hire an outsourcing company to do your payroll, then you can rest assured that you and your staff will have no issue when income tax season rolls around. If you do the payroll in-house, then you need to stay on the top of rules. The fees to outsource payroll are not very expensive, so do yourself a favour, let a payroll service handle it. (psst… I’ll let you into a secret, I outsource my payroll!)
Social Media Marketing: There are plenty of solopreneur marketing consultants and social media marketing agencies that can handle developing your social media strategy, content development and social promotion for your company. When you perform these tasks in-house, you often fail to retain the consistency of doing them.. Just remember that social media is a long term strategy, so be prepared to invest 12-24 months to achieve your goals.
Administrative Support: Do you often feel like you wish you had another pair of hands to help you in your small business? Utilizing virtual assistants is a cost effective way to get routine tasks handled in a business You can use a virtual assistant for maintaining your personal schedule, database, preparing mailings, email newsletters, copy editing, blog maintenance, booking travel arrangements, invoicing, collections, voicemail and email management.