If your formerly small business has experienced significant growth recently thanks to the thriving economy, you're probably feeling a mixture of excitement and uncertainty — after all, you're undoubtedly an expert in running a small business, but operating a larger business comes with a significant amount of uncharted territory. You're probably already dealing with an uptick in the number of employees and increasingly complicated financials and are unsure about how to go about handling all aspects of managing a large business.
Fortunately, today's economy also has given rise to a number of individuals and companies that provide specific services on as as-needed contractual basis, and you probably already use some of these services on a limited basis. For instance, you may already use a local service to provide office cleaning. It may be time to consider which business tasks you can outsource, and which ones should be done in-house.
Following are just three of the many specialized tasks that it may make sense for you to outsource in your business.
1. Payroll Administration
With small businesses, payroll administration is traditionally in the hands of the owner or a trusted assistant, and this is fine when staff sizes are small. However, payroll services that are equipped with the latest payroll-generating software can get the job done much more efficiently and accurately. Professional payroll services are also up-to-date on the applicable state and federal taxes, and because these can change yearly, small business owners often struggle with staying current.
2. IT Support
Even though your business has grown substantially lately, it still might to be big enough to warrant a full time IT person, so consider outsourcing this task to the experts. You'll save money by paying for IT services on an as-needed basis, and by using a managed IT service, you'll have access to cutting-edge technology that otherwise wouldn't be available to you.
3. Business Travel Management
If the recent growth of your business means that you and your employees will be traveling more, you should think seriously about hiring a business travel management service. These services do far more than simply make reservations — they can assist in budget creation, help you craft a workable company travel policy, and provide troubleshooting in the event that travel plans go wrong due to natural distorters or other extenuating circumstances. These companies also have extensive buyer power that can result in significant savings on your part regarding business travel.