The Growing Business Owners Guide to Outsourcing
September 10, 2021 | Iowa's Ongoing Manufacturing Workforce Shortage
Running a business takes a wide variety of skillsets – accounting, payroll, sales, marketing, human resources, etc. Chances are most people are not an expert in all of these categories, which is when outsourcing can be a great idea for your business.
There are many ways growing businesses can benefit from outsourcing.
• Outsourcing frees up time for internal staff. Are you and your staff working overtime to complete the administrative tasks of the business? Your time may be better spent on activities such as strategic planning, marketing business services and ultimately selling your services.
• You gain access to a team of experts. The business owner gains access to experts in a variety of fields without having to pay multiple additional fulltime salaries. A win-win.
• You could gain access to high quality benefits. Business owners who outsource to a Professional Employer Organization, also known as a PEO, gain access to Fortune 500 type benefits at more accessible price points for the employer and employees.
When Should I Outsource?
There is no right or wrong time to outsource functions of your business. Here are a few things to think about:
• Your business could use some extra assistance, but you cannot justify adding another full-time employee to your team.
• You and your team are struggling to keep up with the day-to-day tasks, such as payroll processing, human resources, or benefit administration
What Can I Outsource?
In today’s world, most business functions can be outsourced. Leave the tedious administrative tasks to the experts and focus your time and energy to selling your services and growing your business. Step one is figuring out which functions of the business need to be outsourced and then doing research to find the best fit for your business. A Professional Employer Organization serves as a one-stop-shop for critical business needs including benefit administration, human resource outsourcing, payroll management, and more.
If you love your business but have noticed a stall in the growth or you are getting bogged down with the administrative tasks – it may be time to consider outsourcing!