Getting the Help Your Small Business Needs: 5 Roles Your Small Business Should Outsource
As a small business owner, you wear many hats. Whether you’re trying to run a busy restaurant, give the best care to sick pets at your veterinary clinic, keep a plethora of contractors on task for your construction company or just keep yourself organized as an entrepreneur, everyone needs key supporters in their corner.
You may not have the budget for an employee, but there are crucial tasks and roles that you need fulfilled by qualified professionals. That is where outsourcing can provide the necessary help to take your business success to the next level.
Don't try to outsource your business's core competencies. Instead, focus on what you're good at and let someone else handle the rest. If you have the financial resources, consider contracting out the following tasks:
Marketing Professional: Promoting your company is essential to its success. A marketing specialist can help you develop your brand, design your website, plus implement new strategies, produce engaging content, and schedule all those social media posts that you just don't have time to do.
Bookkeeping/Accounting/Tax Professional: You don't want to make any mistakes in your small business's financials, so let a professional handle them for you. Hire a contractor to keep accurate records for you so you have everything you need when it's time to file your taxes. Which accounting professionals should you consider?
a. Bookkeeper: They are responsible for providing accurate, up-to-date financial information about a business, keeping their finger on the pulse of how a business is performing. Most often, their reports go to business owners and managers to help them make decisions.
b. Enrolled Agent (EA): A federally recognized tax specialist who focuses narrowly on managing tax arrangements for business or individuals. EAs boast a wide range of knowledge in such tax-related subjects as income, estate, gift, payroll, levies, returns, inheritance, non-profit and retirement taxes. An EA will work with you year-round to limit your tax liability.
c. Certified Public Accountant (CPA): A CPA offers a wider set of accounting, tax and financial services for businesses. Their broad scope of knowledge can help their clients set and achieve their financial goals through money management and financial planning.
Legal Counsel: A general business lawyer can provide legal advice on a wide array of matters. However, if you have more of a specialized business, you could need the advice from a more specific form of legal counsel, such as:
a. Employment & Labor Lawyer: Using an employment and labor lawyer only makes sense when your business has employees. If it does, your business should comply with state and federal laws. An attorney in this area of the law can help you draft employee manuals and ensure safety standards are in place. They can keep your business protected should issues concerning wrongful termination, workplace discrimination, and/or sexual harassment arise.
b. Mergers & Acquisitions Lawyer: It pays to have a mergers and acquisitions (M&A) lawyer representing your interests in any transactions when you buy and sell businesses. You’ll negotiate for the property and assets of those businesses. It may not always be clear what you’re entitled to during these negotiations.
c. Tax Lawyer: While your EA or CPA will work with you to uncomplicate your tax liabilities year-round and help you in any potential audit, any legal action taken against you by the IRS will require a good tax lawyer.
d. Intellectual Property Lawyer: These lawyers are qualified to handle matters concerning copyrights, trademarks, patents, and even brand recognition concerns. If your company has trademarks or patents, or if you need to ensure you’re not infringing on anyone else’s IP rights.
e. Contract Lawyer: If your business uses contracts, consider hiring a contract lawyer to draft and review them to make sure your business is represented properly.
Information Technology Specialist: Unless you’re running a business that is heavily reliant on technology, you likely don't need an IT professional onsite every day. However, when you have to install new software or troubleshoot printing issues, by outsourcing IT, you can call for occasional help and pay by the hour or the job.
Shipping/Logistics: If you’re selling and shipping merchandise to customers across the country or globe, hiring a business to fulfill those orders for you can save you time and money. Often they have the ability to negotiate discounts on the creation of the materials and shipping expenses.
Outsourcing some of these key roles can help your small business save on labor fees, improve efficiency, and focus on priorities. Trying to be everything to your company can have you running in circles, so don’t forget to emphasize your abilities and hire out those tasks that are outside your wheelhouse.
The guidance provided in this post is generalized and not intended to provide any legal/financial advice. Are you unsure about the financial effectiveness of your business practices? Don’t worry! We can help you get and stay organized, limiting your tax liability throughout the year. Call us today to discuss financial services that addresses your business and specific industry.