To stay successful and competitive, businesses have to constantly evolve and grow. Many small business owners have the drive needed to succeed but lack the resources of their competitors. As a result, half of all businesses close their doors within the first five years of operation. So what’s a small business owner to do? Outsource. Outsourcing provides access to amazing talent while allowing businesses to save money and work more efficiently.
1. You Can Scale As Needed
Over time, the needs of your business will ebb and flow. During a particularly busy quarter, you may need some extra help. But where does that leave you months later when things calm down? If you were to hire traditional employees, you’d still be responsible for covering their pay. By outsourcing, you’re free to scale back as needed. There’s no added pressure to keep employees on, even when times are lean. Simply let your outsourcing partners know that you need to cut back and you’re good to go.
2. Easier Hiring Practices
Finding the right talent for your company can take a great deal of time. While larger companies have the advantage of full HR departments, you may not have that luxury. Instead, the hiring process rests solely on your shoulders. That’s a lot of pressure. Between writing and posting job listings, preparing and conducting interviews, setting up payroll, and training new employees, the process can take a vast amount of time away from your daily operations. But outsourcing takes the sting out of hiring, especially if you work with a firm. Candidates are already vetted, so you can sign up for the services you need and get straight to work.
3. Outsourcing Saves Capital
Traditional employees come with numerous expenses. Aside from their salaries, you’ll need to cover benefits, taxes, work supplies, and more. These expenses can quickly add up — to nearly $4,000 per hire, to be exact. And that’s before you account for hidden costs. Outsourcing, however, eliminates this problem entirely. By hiring independent contractors or partnering with a firm, you won’t need to cover such expenses. You’ll pay for the services you need and only those services. In addition, outsourced bookkeeping services can help you make the most of your taxes. In turn, you’ll have more money to invest back into your business.
4. Small Business Outsourcing Provides a Competitive Advantage
Competing with industry leaders can seem impossible. They have so many resources that your business may not have yet. Outsourcing is a way to even the odds. You’ll get comparable services and expertise for only a fraction of the cost.
5. Greater Freedom
Upfront savings aren’t the only ways in which your business will benefit from outsourcing. Since there’s no need to train or hire employees, you’re free to focus on growing your business and raising capital as normal. Outsourcing provides all of the advantages of a traditional employee without any of the managerial tasks that come associated with day-to-day business. Administrative tasks are the responsibility of your outsourcing partners.
Final Thoughts on The Benefits of Outsourcing for Small Business
Outsourcing is a fantastic way to save time and money while still enjoying all the benefits of a great employee. But these are just a few of the benefits of outsourcing for small business. Want to learn how your specific business can benefit from outsourcing? Let’s talk! Get in touch today and start benefiting from a pool of affordable, friendly, reliable talent that will help your business get ahead.