Hello SOTGC community,
Believe it or not I am still waiting to run into the business owner who claims he/she went into business to follow up on delinquent accounts. Most small businesses are started by someone with a particular skill or a passion for a product or service. Makes sense to me. Unfortunately, at least in the beginning, few understand everything involved in running a successful business. There are so many things to consider and act upon that it is logical that one person cannot possibly understand and be good at all of them.
Here is a very partial list of things to consider: space, sales, marketing, pricing, vendor selection, production, delivery, inventory, communications, payroll, accounting, financing, insurance, and cash flow to name just a few. Even an incredibly diverse individual with an understanding of how to manage each of these aspects is going to face challenges. It seems to me that trying to do all of them yourself is going to either run you ragged or deliver less than the stellar financial returns you are hoping for.
I wholeheartedly believe in outsourcing. Yes, I could do my own taxes, but I’d rather not. I happily pay my CPA each year both because she does a good job and because it is a task I simply do not enjoy. Payroll is another area that can be quite tedious. Based on the success of so many payroll companies, it appears I am not alone in the thought. Have you ever considered things you probably already outsource such as janitorial services, billing services, delivery services, production, and security?
Companies that provide outsourced solutions generally offer both expertise and efficiencies not possible for the average small-business owner. They stick to exactly what they know and do well. Because their focus is specific, they can generally do a better job and lower expenses in the process.
I worked on my own car once. I failed and came out so bruised people literally asked me if I was in an abusive relationship. Working on cars has ever since been one of the things I willingly outsource. I own a hammer but that does not imply that I could build a stable abode. Whatever your core competency, can you imagine your customers doing a better job at a lower cost than you?
If you often feel there are not enough hours in a day, why not consider hiring professionals to address some of the tasks that fall outside of your greatest strengths? Everyone doing what they are best at is bound to create a more successful company.
To our fiscal health, Colleen Kay