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How 21st-Century Solutions Could Save Your Business

Owning a business nowadays can be a struggle. It can cause stress, worry and be a financial burden. Today we are going to be looking at how you can alleviate some of those daily stresses just by updating some of the ways you do things.

StrategyDriven Managing Your Business Article | How 21st-Century Solutions Could Save Your Business

Outsource

Trying to do everything yourself is something every entrepreneur is guilty of. The result is always the same, exhaustion and burn out which results in a very moody boss.

The solution to this has been made ever more available, especially over the last 10 years. Outsourcing no longer has to be an outside consultant, prancing his way around your offices telling you what you should do.

It is now a fantastic option when it comes to adapting to survive. The key to succeeding in business is simple, it’s all about cash flow. So you can save some money, that’s perfect, right?

You can have your leading expenses outsourced and have all of your IT solutions dealt with from an outside company. You can even have a company operate a customer service solution for you. These companies are great and over the space of twelve months, they can save you an average of around 60% on what you would generally be spending on a salary.

Cloud

The cloud has become one of the most valuable tools we can use as business people. It can offer so many solutions.

Most people still think of the cloud as just a space for storage. In reality, it is so much more. Nowadays we can have cloud-based bespoke customer management systems that we can access on an international level. We have access to cloud-based accounting systems that allow us to manage international finances all in one place. We even have companies like SimplyClouds that will allow us all in one license service on our software.

Turning to the cloud can not just help you as a business, as far as 21st-century solutions go, you should be utilizing it at every turn. It will allow you to operate from anywhere in the world, at any time.

Should you be looking to expand, all of your data is in one place and easy to duplicate to a second or even third location.

Social Media

Gone are the days of expensive, bank-breaking advertizing campaigns. You now have the power of social media at your fingertips.

Social media is so much more important than you think. If we go back 20 years, it would cost huge rates just to reach a few thousand people. Now, with a little bit of knowledge and the right campaign, we can hit millions overnight.

Companies have built their reputation built on nothing more than Facebook videos, vines, and Youtube videos. The perfect thing about these videos, they not only cost nothing, given the right amount of hits, but the videos also start to bring in revenue for you.

Although it is a tough market to hit, you should consider approaching a social media mogul who can push your campaign. One thing you should not do is ignore the power of social media, it could be your winning move.

Why You Should Consider Outsourcing for Your Business

The key to working harder is to work smarter. Your business depends on you being able to do what you do best without being bogged down by the day to day tasks that can take up some time. Running your business automatically means you have a lot on your plate to manage meaning multi-tasking is the name of the game.

StrategyDriven Tactical Execution Article | Why You Should Consider Outsourcing for Your Business

But when it comes to the task in hand, you want to make sure your time and focus is where it needs to be and you aren’t tied up with tasks that take up too much of your day and pulling your attention elsewhere.

This is where outsourcing comes in. Regardless of if you have a team working with you or not, there are many advantages in hiring a third party to take care of tasks for you so you know you are getting the job done and done well. So what should you be looking at outsourcing?

Employees.

More specifically, the hiring of employees. you need to make sure you have the right people for your company, however, if you don’t have the time or expertise in interviewing and sifting through CVs, you may find outsourcing this task to a reputable company such as Checkr could be beneficial to you and your business.

Social Media

There is no denying that social is a huge marketing tool for almost every business. That being said, it takes up a vast amount of time to promote your business and create content to attract and engage potential customers across many different platforms. Hiring outside of your company means that not only do you not have to train a staff member or create a department to take from this for you, but you benefit from qualified professionals to be able to manage all of the content creation and promotion too.

Technology Services.

It can be expensive to make sure you are up to date with the latest technology services available. Even more expensive to keep a member of staff on-site to deal with any issues. Taking up a managed technology services package from an industry expert is one less thing you have to worry about maintaining for your business. Take advantage of their expertise and knowledge to keep you up and running at all times and not just when something goes wrong.

Administration

Think of replying to emails, following up on leads, enquires to scout for new business. Maybe you need business meetings transcribing or notes inputting into online files. All of this is something you could potentially hire a Virtual Assistant for.

Virtual Assistant work from remote locations and each one has a different set of skills. Once you find someone who can benefit your company you can work out a package that benefits you and your business with this then freeing your time to focus on areas you need to.

These are just a few areas where you can work smarter to help grow your business and meet your growing demands without pulling yourself in too many directions.

How to Use Outsourcing to Boost Your Profits

StrategyDriven Managing Your Finances Article | How to Use Outsourcing to Boost Your Profits | Entrepreneurship | OutsourcingOutsourcing is a word that’s used a lot in business articles and guides for business owners, but is it really worth considering if you only have a small business or are a sole trader? If you think of outsourcing as something that only medium to large companies need to do, you’re missing out on a powerful way to boost your profits, because the benefits of outsourcing have no relation to the size of your business.

Because of its association with more sizeable businesses, outsourcing tends to be viewed as a situation where a whole section of a large corporation or organization is subcontracted to another company. For example, a hospital that pays a specialist cleaning company to undertake all the housekeeping duties.

There could be fifty or a hundred employees taking care of the hospital with not one of them being employed directly; the hospital pays the cleaning company, and the cleaning company deals with staff management. The hospital director gets a clean hospital without having to worry about looking after staff, equipment, recruitment, rotas, and all the other responsibilities of doing the cleaning in-house.

The test of whether outsourcing can work for you is to examine the numbers, which will tell you if outsourcing is viable in your circumstance or not. You may be a small business with a handful of employees or someone who works alone out of their back bedroom, but the same financial calculations are as applicable to you as they are to the hospital director. The bottom line is, can you earn more in the time it takes you to perform a task than it would cost you to pay someone else to do it? That’s the essence of how outsourcing boosts your profits in a nutshell.

In practice, what it means is that if your profit is $35 per hour as a freelance researcher, and it costs $20 an hour to employ an assistant to do all your admin, every hour you spend doing admin is costing you $15. If you spent those hours doing more paid work, you could have all your admin done for you and still be making money. In some cases doing tasks yourself could well be costing even more if you don’t have the skills to complete the task effectively and efficiently.

For instance, if you do all your own SEO, that could be taking you five hours each week, so straight away you’ve got the difference between how much you’re losing by not earning, and the cost of outsourcing the task. However you’ve also got the loss you’re incurring by spending more time than an expert would, and not being as effective as an expert at optimizing your business presence. By outsourcing to a specialist like Orlando SEO, you can devote more time to earning, and have a better return on the investment than you’d get if you carried on trying to do your SEO yourself.

Have a look at what you’re doing that could be done by someone else, and see how much it would cost to outsource those tasks. Even if you just take on a remote assistant to do two hours a week, if you make $35 an hour and pay them $15 an hour, over a year you’ll boost your profits by over $2,000 a year!

When Should Your Business Outsource Expert Advice?

StrategyDriven Managing Your Business Article |Outsourcing|When Should Your Business Outsource Expert Advice?Sometimes in business it’s useful to call upon expert advice rather than trusting your instincts. You can hire advisors for pretty much anything, but there are a few times in particular when such advice can be valuable. Here are just a few key times to seek advice.

Handling complex legal matters

Business law can be complex and that can be times when its worth getting advice to ensure that your company is meeting all the legal requirements that it should be. Advice may also be necessary when putting legal defence measures in places such as trademarks and health and safety measures, as well as making claims against other people. You can use sites like Lawbite to find a legal advisor suited to your cause.

Making difficult financial decisions

There may be times in business when you need to make difficult financial decisions. This could include finding ways to cut costs or searching for ways to find extra funding. Financial advisors can be useful to call upon in these situations and may know the best route to take in order to save you money. They may also be able to help you get out of business debt. There are many firms out there such as like Sterling & Law that specialise in giving financial advice to businesses.

Solving tech issues

Modern businesses are very reliant on technology. When this technology fails, expert advice if often needed – especially in the case of viruses and bugs. Outsourcing IT support via a company such as Frontline could help to keep your business protected. Such companies are able to offer support remotely so that you don’t have to wait for an IT technician to come out to your office.

Taking on your first employees

The decision to hire your first employees is a big step and requires putting in place multiple measures. This includes having a payroll system, adequate health and safety, insurance and the ability to afford their wages and other legally entitled benefits. Companies like BrightHR can help you with this, guiding you through all the requirements that you need to meet before you hire your first recruit. HR services may also be able to help with other employment-related queries.

Improving your marketing

Many forms of marketing can be DIYed, but sometimes it’s useful to seek some professional advice to ensure that you’re going about it the right way. Marketing consultants may be able to help you identify your target audience and the best ways of reaching them. They may also be able to help you work within a budget. Companies like Red Sky Strategy specialise in giving out marketing advice that is specialised to each client. Other companies may be able to offer specific advice catered to certain marketing strategies such as SEO or social media marketing.

When Is The Right Time To Hire Your First Employee?

StrategyDriven Managing Your People Article |Hiring Employees|When Is The Right Time To Hire Your First Employee?Although it’s entirely possible to run your business by yourself for as long as you want to – maybe even forever – that’s not what every business and every business owner needs. In fact, for some businesses, not taking on staff can be detrimental and reduce growth, or even cause the business to stagnate.

Knowing when it’s the right time to hire your first employee, however, can be difficult to determine, especially if you are nervous about doing so. Move too soon, and you won’t be able to afford it, wait too long, and you’ll have missed too many opportunities. Read on to get a better idea of when to start the hiring process.

You’ll Make More Money

It is an expensive time when you hire someone. Not only will you be taking time away from the business to read through resumes and interview candidates, but you’ll suddenly need to be paying someone a regular amount of money each week or month. If you are unable to do that, your employees won’t stay around, and they might even take the matter further and sue you for their money. Plus you’ll need to pay taxes, insurance, and maybe contribute to pensions schemes.

You will need to add this all up and determine whether or not you can afford to take someone on. You will also need to work out how much additional revenue you can bring in by hiring someone. It might be that they can pay for themselves and then some. You should wait until you are financially stable, however, as it is a gamble that might not pay off.

You Can Do It Right

When we say do it right, we don’t mean all the admin and other exercises that need to be done when you hire someone. You can outsource much of this and TriNet’s payroll services can take on what you cannot such as managing your payroll for you or simplifying your taxes.

What we mean is that you need to be able to find the right person for your business, and, when they are hired, you need to be able to ensure that they are looked after. Getting these aspects right will help you immensely. You’ll have someone you can trust who, because they feel happy and satisfied in their work, will be loyal. Loyal employees are wonderful as they will mean you don’t have to start all over again and spend more money looking for other workers.

You Need Something Specific

As noted above, outsourcing can be a wonderful way to ensure that work is done accurately and professionally. You can do this with many aspects of your business, and it will mean that anything specific that needs to be done and requires a certain skill set can be completed.

In time, however, you may find that it would be easier to hire someone to do the work in-house. Some business owners prefer to have someone working just for them, and if this is the case and you no longer want to outsource yet can’t do the work yourself, it could be time to hire your first employee.