As an entrepreneur, are you trying to do it all when it comes to running your small business? While you may think you’re the only one who can do the work efficiently, that’s not really the case. If you want your small business to grow, you need to learn how to let go and start delegating tasks that really aren’t your forte. However, some entrepreneurs don’t want to hire full- or part-time employees to take on these responsibilities. That’s when outsourcing makes a lot of sense.
What Is Outsourcing?
Outsourcing has been a popular business solution for several decades. Outsourcing is exactly what it sounds like – a business looks outside itself to find a source (either an individual or a company) that has the expertise or skills it needs to perform certain job functions. Often, many small businesses outsource certain tasks like payroll processing, accounting, distribution, marketing and other important functions, because they can’t, or don’t want the responsibility to, handle those tasks on their own.
What Are the Benefits?
Basically, outsourcing can help entrepreneurs solve their problems. Some benefits you can gain from outsourcing are:
- You can fine tune your focus on your core business. By outsourcing tasks in which you’re not proficient, you can focus on those activities in which you excel. This will increase your productivity, efficiency and effectiveness.
- You can reduce your company’s overhead costs. You can hire extremely qualified professionals as subcontractors without having to incur payroll expenses such as salaries, payroll taxes, health insurance and worker’s compensation. Additionally, you don’t have to worry about building space or equipment needs that these individuals may have to perform their tasks.
- Outsourcing allows your business to stay flexible. You don’t have to invest a lot money into buildings or hire full-time employees for new projects.
- Outsourcing can help your small business act “big.” You’ll have access to the same expertise and efficiency that larger companies enjoy.
Why You Should Outsource Your Payroll
If you have employees, payroll is one of those functions that’s critical for your small business. But it can also be a headache to do. If you make an innocent mistake, you could face hefty fines from the IRS. However, by outsourcing your payroll to a services provider like The Payroll Department, you can rest assured that your payroll will be handled accurately and proficiently, because we’re the experts in what we do. Therefore, you can stay the expert in what you do and continue to concentrate on growing your business.
Learn how The Payroll Department can help you with your payroll today.
-Ariane of The Payroll Department Blog Team