Outsourcing: Are you smart with your time?
When it comes to managing their business, there is one thing that many SMEs are reluctant to do: outsource. You may well be one of those companies. Maybe you don’t trust another firm to do things exactly the way you like, or perhaps you don’t think you can afford it. But a reluctance to outsource could also be stopping your business from reaching maximum productivity, efficiency, and profitability.
The benefits of outsourcing
You can outsource almost anything in your business. You can outsource your marketing, your accounting, research, human resources; you name it. Doing so comes with many benefits, one of the biggest being that it saves you valuable time.
When you outsource an aspect of your business, you invest in time. The company you outsource to takes control. They free your time to focus on other, more critical tasks in your business. For example, you can develop new products, find new business leads, network, or secure finance. The resultant profits from the extra time on your hands often outweigh the costs of the first outsourcing.
In the UK, YouGov predicts that the UK’s small businesses collectively spend 2.4 million days per month carrying out additional accounting tasks. By outsourcing to a reputable accountant, small companies could have 2.4 million more productive days, increasing their profits immensely. In this case, outsourcing doesn’t just relieve stress; it also makes you money.
The second benefit of outsourcing is that it helps you improve an aspect of your business that you may be struggling with. For example, if you are struggling to manage your accounting due to a lack of knowledge, outsourcing allows you to benefit from someone else’s expertise. When you outsource, they can take control of your accounts and make useful tweaks.
This helps to make sure your accounting is as smooth, straight forward, and cost-effective as possible. And the best bit is you don’t have to do anything! You can focus on the things you are passionate about in your business, in the areas where your skills shine.
Another benefit of outsourcing is that you get excellent value for money. When you outsource, you work with companies who specialise in something, be it accounting, marketing, graphic design, or PR. This means that many of these companies have the knowledge and ability to invest in the latest technology and working methods.
Therefore, they won’t only lighten your load; they will also make use of automation and state-of-the-art software. This will speed up the work they do for you. You’ll never have to shell out on this technology, but you still receive all of its time-saving benefits.
On the face of it, outsourcing might look like an inefficient use of your limited finances. But, as you can see, the benefits far outweigh the costs. Is it time you consider handing some of your responsibility to someone else so you can focus your attention where it’s needed?
Outsourcing is an excellent option for businesses looking to take the next step in growth, and when you do, Big Hand is here to help. Outsourcing to our expert accounting service can take the pressure off your shoulders, and our business advisers will help steer you in the right direction. To get started, get in touch on 0161 327 2911.