Tips to ensure your invoices are paid on time. Getting invoices paid on time is always crucial for your business, but never more so than now! Having regular incoming payments
Making your business our business! The benefits of outsourcing for small businesses.
There are numerous reasons owners of small businesses might look at outsourcing some types of work functions. The benefits will be different for each company, but overall, we find our clients use outsourced services to save money, gain expert input and to support their strategic growth plans.
We think it is a no-brainer – obviously! However, if you are still contemplating outsourcing, here are a few reasons to help you make a move!
1 Reduce the cost of operation
The biggest motivating reason for any business owner to outsource is understandably to save money.
Particularly in times when trading is difficult, a company will want to reduce operating costs. This reduction can come from outsourcing your business support requirements to a more flexible solution which can ebb and flow with your needs.
2 Free up your resources
In times of uncertainty, businesses will want to manage their headcount very carefully. No business owner wants to make redundancies but if you need to, outsourcing appropriate functions allows you to manage your crucial staff better.
They will be freed from administrative tasks and can concentrate solely on re-building your sales. Outsourcing also allows you to have experts-on-tap. For instance, most small businesses do not need a full-time HR function initially but do need HR support from time-to-time, so outsourced support is a perfect solution.
3 Company re-structure
The company business model may need to be re-structured, particularly after this summer of uncertainty and the end of furloughing. You may have had to pivot your company to suit the new trading ‘norms’ and find you need different expertise. The job roles of your current employees might have changed as well, so instead of hiring new employees, outsourcing will offer a better and more flexible option.
If you have had to make people redundant over this tricky time, outsourcing gives you a breathing space to ensure your business keeps on moving whilst you re-think your future needs. Whatever your need, outsourcing is a win-win.
4 Improve efficiency and productivity
All businesses have times of flux when keeping up productivity can be difficult. Outsourcing is one way of bringing in expertise as and when you need it and finding the best way to increase profitability at a fixed or lower cost than increasing headcount.
5 Reduced business risk
Most of us are being cautious now, but there are always times when companies do not want to increase their business risk by taking on new staff or specific functions. Outsourcing these functions means that you can reduce your financial risk. This is particularly true when you outsource a particular service to a highly experienced team. One example we use is our payroll service. It is vital your team get paid correctly and on time. You also need to understand the legislation around producing your payroll, from sick pay to benefits schemes to ensuring you file your returns on time. Our clients outsource their payroll needs to us as payroll processing can be time-consuming, expensive, and stressful.
Their time is better used in growing their business and maintaining their customer service.
Compliance is another area we find our clients are keen to outsource. To stay compliant requires a constant eye as laws and legislation change – think of the basic requirements you need to be on top of for your company – Health & Safety, GDPR, HMRC, The Pensions Regulator and Companies House – and how much of your time these take to set up and maintain.
Making your business our business! The benefits of outsourcing for small businesses – saved money, expert input & support for growth plans.