New advice released by leading entrepreneur site from industry insiders and CEOs tells SME and start-ups owners where and when they should outsource their business, vital information for those involved in Britain’s record-breaking year of new business.
Since the turn of the year Britons have registered over 385,000 new businesses with Companies House, a record-breaking figure that is 15% higher than the same time period in 2015. The insolvency rate between January and March has also decreased by 3.6% as more start-ups attempt to buck the trend of previous years that has seen many start-ups fail in their early years. These statistics, from government-backed organization ‘Startup Britain’ offer encouraging signs of UK economic growth and development. The key for these start-ups and many other small businesses is survival and to succeed where others have failed.
According to the likes of Forbes and Fortune magazines, as well as many successful CEOs, many reasons why start-ups fail come down to money, or lack thereof, poor planning, poor bookkeeping and poor staffing. The majority of these issues can be resolved with a sensible outsourcing plan and in a recent article on website, entrepreneur.com, they have provided budding entrepreneurs with the top 3 things that you should be outsourcing.
At the top of the list is Content Marketing, regardless of your enterprise you should have a strong online presence because you can bet that your competitors do. To manage the marketing aspect online, the article advises that you outsource this. Rand Fishkin, founder of moz.com said the following about content marketing:
“Best way to sell something — don’t sell anything, earn the awareness, respect and trust of those who might buy.”
Your small business may not have the budget to hire a team exclusively for content marketing which is exactly why you should outsource it.
Second on the list was staff training and development, the importance of keeping your staff up to speed from early on will pay you dividends in the future. Doug Harward, CEO of TrainingIndustry spoke on the matter stating:
“For many companies, training is a necessity. But the development, management and delivery of training is a distraction.”
Whilst company-centric training can and should be carried out within the company, IT training from a company such as NexusOS and industry based business knowledge will continuously aid your company.
The third item on the list that you should outsource and potentially the most important is ‘your weakness’. Sujan Patel, entrepreneur and marketer states that you should “look at your team, your processes and the work you have to do on a regular basis when considering what to outsource.” For many this could mean the outsourcing of finances, bookkeeping or planning, for others it could mean using outsourced IT support or even administrative tasks. Patel also added “look at the difference in costs between a full-time hire and outsourcing. That difference alone could help you decide.”
Start-ups and SMEs are about making the right decisions at the right time and choosing when and when not to outsource could prove vital to your future success.