3 key tasks every Entrepreneur should outsource:
Outsourcing is not an unfamiliar word in the entrepreneurial sphere. More and more entrepreneurs are trying to infuse this tactic in their business to be more productive.
First, it is important for the entrepreneur to know and plan which areas of their businesses are better suited to be outsourced to an agency or group of freelancers.
There is no doubt that there are parts of your business that you would prefer outsource for multiple and obvious reasons. Why spend days or weeks working on tasks that are simply frustrating for you? Would it not be better to outsource those things to someone who has a track record of delivering superb results?
In times where competition is at an all-time high, it is pertinent to maximize productivity by leveraging other people’s time. Outsourcing is your most important form of leverage. If you want to grow your business fast or even put your business on auto-pilot, nothing will be more important than outsourcing. Here are some key tasks that you as an entrepreneur should outsource:
Bookkeeping
Research from the American Psychological Association shows that when multiple projects are managed at once, there is a 40% drop in productivity. Projects move forward slower, and stress levels are at their peaks.
“Juggling is an illusion,” writes Gary Keller, chairman of Keller Williams Realty. “In reality, the balls are being independently caught and thrown in rapid succession. It is actually task-switching.” On average, multitasking costs the global economy more than $400 billion annually.
Payroll
“Payroll” goes well beyond simply calculating the salary payouts for employees. One mistake with payroll can trigger tax audits and make your company lose thousands of dollars.
In 2014 alone, the IRS levied more than $2 billion in fines against small businesses as a result of mistakes, omissions and improper filings.
Rather than handling your own payroll, or maintaining the overhead of a full-time accountant, the outsourcing your payroll to a reliable service is a good idea. Companies like Wagepoint or Intuit can help you avoid costly mistakes, and free up your time so you can focus on running your business.
Scheduling and administrative tasks
It’s easy to get bogged down in dozens of small tasks that take up your time each day. As a small business owner, you need to focus on your core processes to grow your business. When you hire a virtual assistant, you’re paying only for the hours in which tasks are being handled, and you can eliminate a lot of wasted time spent on emails, appointment-setting and other repetitive tasks. When you automate employee scheduling tasks using software, you can focus more on the big picture.
There are a lot of areas to outsource. Have a look at your team work, your processes and the work you have to do on a regular basis. Consider outsourcing those areas where you and your team struggle to complete day to day tasks. Also, look at the difference in costs between a full-time hire and outsourcing. That difference alone could help you decide.
Techmode Outsourcing Ltd is there to help you outsource your payroll, accounting or management.
Resources: https://www.entrepreneur.com/article/277914