Most Useful Services Business Owners Should Outsource

Whether you run a small to medium sized company and are trying to grow your business or you’re heading a large organization and want to increase profitability, outsourcing certain business functions have made a huge difference to your efforts. In general, third-party vendors that specialize in specific areas of business can do their job much better than you can. Some business owners try to take on all processes within their business or offload them to a senior member of staff. Unfortunately, this can be a huge waste of resources. Outsourcing business functions is a great way to ensure they are completed professionally and in a timely manner. Here are 7 services business owners should outsource.

1. Accounting and Finance

Accounting functions are the most commonly outsourced services for small businesses. This is down to the level of specialist knowledge required to complete these functions. By trying to tackle these services by yourself you can risk non-compliance, incorrect financial reporting and reduced cash flow. You can risk serious consequences by taking the DIY approach, such as hefty fines and other penalties.

2. Customer Support

Customer support is one of those services that many small to medium sized business owners try to do offhand. Speaking to customers and keeping them happy sounds simple on paper, which means many business owners don’t put in enough thought into their customer support strategy. However, your customers are the bloodline of any business, it only makes sense you should pay as much attention to this area of your business as you do elsewhere. Outsourcing customer support services to a third party will increase conversions and help ensure existing customers are well looked after. Not only will customer enquiries be answered promptly, but they will also be addressed with the utmost professionalism. Excellent customer support can help you build a great reputation and will keep customers coming back for more.

3. Marketing

Marketing services can be incredibly varied, they include web design functions, content creation, social media management and PR. An experienced marketing company can tackle these functions with creativity and innovation, which means you and your existing team can focus on your primary roles within the company. Professional marketing vendors have the in-depth knowledge to create marketing strategies and campaigns to help build your brand, increase brand awareness and get your company noticed by your target audience. All in all, an excellent marketing team can help boost profitability and improve revenue.

4. Human Resources

It doesn’t matter how large or small your company is, as long as you have a handful of employees you will find that HR plays an important part in your business. Human resources cover everything to do with your employees, and there is a huge number of services related to HR. These services might seem manageable, and you might be tempted to take these tasks on yourself or delegate them to a member of your existing team. However, HR functions require a lot of time and concentration to complete. Outsourcing HR services to a specialist who knows what they’re doing can save you a lot of time and money. In addition, employment solicitors can help you manage your relationship with your employees. Below are a few functions that external HR companies can help you with – you can hand over all HR functions, or simply focus on individual ones such as those below:

Payroll Services

One commonly outsourced service for small businesses is payroll. This tedious function involves allocating wages, working out taxes for all employees and calculating work hours while complying with payroll-related laws and regulations. Payroll involves a lot of paperwork, so an HR agency with a qualified, or sophisticated HR software that you are completely comfortable using can be a huge help.

Compliance

Keeping up with the latest employment regulations and legislation can be difficult, especially when you already have to think about other important aspects of your business. Unfortunately, being caught unaware by sudden changes isn’t forgivable. You can be given heavy penalties if you find yourself non-compliant – even if it was accidental. Third party HR companies specialize in all areas of human resources, and so they are up to date with all legal requirements and recent law changes. Furthermore, they understand what it takes for a business like yours to be compliant, and they can help you implement any necessary requirements efficiently.

Training

All training and development opportunities within a company falls on the head of the HR department. If your company doesn’t have one, you can either pick up the knowledge yourself and then relay the information to your staff, or you can save time by employing a third party to help you out completely. Training in the workplace can include orientation to help new employees get to grips with various aspects of the company, such as the culture, values, and organizational structure. It can also include products and services training, technical skills training, and safety training.