It is a critical question that never seems to be fully answered in the realm of small business: which tasks do we keep in-house and which ones do we outsource? From franchisees to entrepreneurs who build their own businesses from scratch, knowing when to pay someone else to do something can mean the difference between long-term success and just barely hanging on. As a full-service payroll provider, we have plenty of experience on the frontlines of outsourcing.
Companies that do choose to outsource one or more functions must always consider both the costs and benefits of doing so. No one-size-fits-all answer works for every small business. Rather than trying to offer such a solution, we believe it is far better to equip clients with options and effective outsourcing strategies that will help guide future decisions.
Decide Where You Want to Spend Time
Every small business owner and his or her management staff only have a limited amount of time to spend on certain tasks. Therefore, the first and most important outsourcing strategy is to decide where and how you want to spend most of your time. For example, consider payroll.
Keeping your payroll in-house means dedicating some of your time to making sure everyone gets paid and your legal requirements are met. You can reduce the time spent by working with an online payroll partner, or eliminate your time investment by turning the entire thing over to an outsourcing partner. If the time spent on payroll is time you would rather be spending on something else, consider outsourcing.
Always Be Aware of Your Opportunities
We focus on full-service payroll, online payroll, and other related services because this is our core business. But other outsourcing opportunities exist. A good strategy for small business owners is to always be aware of the available opportunities should a need arise.
A small business owner may not realize the company would benefit from a particular kind of outsourcing if he/she does not first note that the opportunity exists. So as a small business owner yourself, keep your eyes open. You may see an outsourcing opportunity in the future that can truly revolutionize your business.
Be Willing to Spend Money
Our third strategy for outsourcing is to be willing to spend money. You know that old saying that says you must spend money to make money? Well, it's true even in the world of outsourcing. Outsourcing will ultimately save you money by increasing efficiency and reducing labor costs. However, there is often an initial outlay required to get the ball rolling.
Shop Around for Partners
You shop around for the vendors that provide the supplies and equipment your business needs, shouldn't you also shop around for outsourcing partners? Absolutely. Regardless of your outsourcing need, shopping around makes it possible for you to compare service and pricing. It makes sense to get the best possible value so that your decision to outsource actually results in financial savings.
Whether you are looking for a full-service payroll partner or someone to whom you can outsource other tasks, developing effective strategies for evaluating your needs and finding the right partners will make your business a more successful one. Here at BenefitMall, we would be honored with the opportunity to explain why we should be your full-service payroll provider.