Is Doing Every Function in-house Costing Your Business?
Several businesses often fall into the ideology of doing every task in-house. And the reason is that it allows better control over business operations. But is the need to micromanage costing your business in terms of rising inefficiencies and costs?
Committing to doing it all in-house implies divided attention. Your focus ideally should be reserved for the core operations and not secondary tasks. In addition to this, you might not have the resources or skills to carry out these non-core functions effectively. The overall effect of doing everything in-house is lost time and money. And that doesn’t sound like something any business would want.
Time is money. Make sure you’re making the most of your time by outsourcing these non-primary tasks.
Bookkeeping & Accounting
A single error in the financial statements can mean huge repercussions for your business. Unless you have a degree in accounting, you should hire a professional company for bookkeeping and accounting. This way, you can reserve time and resources for main tasks in hand.
Business Communications
Are you confused by NSW etendering requirements but you’re attempting to do it anyway? That’s such a waste of time and effort.Â
Tenders are a great opportunity to win new business for your company. Don’t let mediocre writing skills cost you covered contracts. Hire an experienced technical writer for tender writing. The same goes for other aspects of business communication.Â
IT Functions
There are only so many times turning off devices and turning them back on will be a sufficient solution for your IT issues. Avoid downtime by outsourcing IT maintenance and repairs to an IT company. It’s much more cost-effective than hiring and training an in-house team.
Payroll Services
Payroll is a time and labour-intensive task. The cost of hiring a team of payroll operations is higher than its returns. Outsourcing this service to an external company will be beneficial for your business. From managing employee remuneration to keeping track of leaves, outsourcing is the convenient solution.
Website
Your business is essentially represented online by your website. A dull, poorly-designed website will impact a visitor’s willingness to do business with you.
Don’t miss out on the benefits of a well-designed website, get a professional involved. Similarly, you should hire an experienced content writer for your website and blog content.
MarketingÂ
Advertising and marketing require creativity and quick-thinking. Not having a proper marketing plan in place can lead to product failure. Look for a marketing agency that can implement an impactful marketing plan to help you gain an edge over your competitors.
Customer Service
Customers often gauge a company’s service quality by their customer service. Instead of employing an in-house team, you can outsource this service at a cheaper cost and also avail the benefits of 24-hour services.
Administrative Tasks
Administrative tasks might be menial, but they are unavoidable. Instead of wasting precious time, you should assign these tasks to a virtual assistant. Digitalising administrative tasks also lessens the scope of human errors.
Tax Filing
Filing for taxes is a complex process, which you might not have the knowledge for. For the sake of accuracy and efficiency, you’re better off outsourcing this task.
Social Media Management
Social media has emerged as an important tool for businesses for promoting their services and connecting with a wider audience. However, managing business social media accounts is vastly different from posting on your personal handles.Â
Without proper strategies, you’re wasting the potential of these platforms. It would be better to involve a social media expert to handle your accounts.
The Bottom Line
When it comes to running a business, it’s important to understand where to draw the line. Your goal should be to prioritise tasks you’re good at and delegating the rest to external experts.
