Outsourcing for startups is probably one of the most crucial strategies that new companies can take, not only because it streamlines their business processes, but it also allows core members of the team to focus on growing their business.
But let’s get one thing clear: yes, it costs money. But instead of thinking of it as expenditure, think of it as an investment. After all, most of the work you outsource will help increase efficiency in other aspects of your business, and in some cases, can even help you get your ROI so you can focus on generating pure revenue and profits.
Of course, there are tons of things you could outsource, but here are some of the best business processes that startups should outsource:
Bookkeeping is an extremely important part of your business, not only because it helps you keep track of income and expenses, but also because it helps you stay on the IRS’ good side. But as your company grows and business starts picking up, your bookkeeping is going to need a lot of help.
A trusted monthly bookkeeping company can help businesses keep track of their ledgers and stay compliant with their local tax laws. Proper, high-quality bookkeeping, however, won’t just help you keep track of where your money goes and where it’s coming from; it also helps you identify your most profitable revenue generators, allowing you to think of ways to maximize it further.
Again, these types of services cost money, but if you get a reputable monthly bookkeeping company, your subscription will practically pay for itself once you’re able to see which cash flows you should focus on.
Relations between employees and bosses are the backbone of a healthy company, and for most startups, this isn’t much of a problem: a small team of 10 or 20 people might seem like it doesn’t need HR. But whether it’s 10 employees, or one hundred, or one thousand, maintaining a proper accounting of your human capital is of utmost importance.
Outsourcing your HR functions isn’t a new trend; it’s been going on for over a decade, and many businesses are seeing fantastic results that have given them a better understanding of their employees, what they need, and how to give it.
As with monthly bookkeeping, outsource HR allows you to focus on growing your business and expanding your revenue streams, not to mention minimizes the number of human services work for people in your team which, again, allows them to focus on their jobs better.
Social Media Posting
Every startup knows exactly how important social media is in the digital age, and one of the setbacks many startups face is building a social media team that’s tasked with maintaining a digital presence, building an online community, marketing the company digitally, studying analytics, and so on.
Sounds complicated? Well, that’s because it is. But outsourcing your social media management to specialized digital agencies will help your business minimize expenses and have complex data analytics and other creative needs in the hands of experts.