When you start up your business, you’re full of energy, wanting to make it a great success, and you’ve done your business planning as far as you can to turn your vision into reality. Once you’re established and your pipedream becomes the real-life enterprise you had envisaged, it’s time to take stock and work out how best to grow the business.
You have a major decision to make here. Are you going to try to keep all your administration and specialist needs, such as finance, IT, and marketing, in-house, or will you consider outsourcing some or all of those functions to experts?
To outsource or not to outsource?
If you are a bit of a control freak, you may want to try to keep everything that pertains to the business in-house. However, it’s expensive to hire specialists because you have to pay salaries and all the ongoing costs that come with employing people directly. It’s not necessarily the wrong thing to do and you can build a solid team, but it’s not a cheap option.
It’s not unreasonable to think you can do it all, either by yourself initially or with trusted workers. However, it’s worth looking at outsourcing some of your repetitive, highly skilled, and specialized tasks to others. Why?
Freeing up your time
Your main job is to generate income through your innovation and ideas. That’s why you set up the business. Your imagination has brought it to this stage, so why not look for help outside the core business itself?
This is where an umbrella company could make a real difference. Umbrella companies act as employers to agency contractors for fixed-term contract assignments. If, for example, you need a bookkeeper to look after the repetitive work of accounts payable, basic tax issues, shipping inventory, and data entry, then an umbrella company will point you in the right direction. Many individual contractors use umbrella companies as their employer, organizing their taxes and expenses and often offering insurances and other services.
What you get for an affordable fee to an umbrella company are high-quality professionals who can be given specific and important tasks to carry out without the burden of being on the company payroll.
Take IT as another example. Unless you are a tech startup, the chances are that you’re going to need help building a website and setting up email accounts that actually work on the various devices you want to use (think desktop and laptop computers, tablets, and smartphones). Your time is precious and it does take time to get all the tech aspects running smoothly. It makes sense to outsource it so that you can get on with business growth.
Use the experts
You can save time and, potentially, costly mistakes by bringing in experts for certain aspects of your business. Smart business owners know when to delegate straightforward but time-consuming operational matters. Keep an eye on what’s going on, but trust the professionals to do a good job for you.