A growing business is a fantastic problem to have, as many business owners will say in jest. However as your business grows, so does your administration, premises, inventory, employees – and the demands on your time.
Take stock and begin to put your finger on what you can outsource to smooth over the transition to a larger operation. You will be grateful for this as your business expansion gains momentum!
As bookkeepers, of course, we’re going to say “Hire a bookkeeper”… but there are several areas you should look at streamlining in preparation for business growth.
But okay… while you are here… let us start with your bookkeeping:
Why you should outsource a bookkeeper
When your business is growing, you may need to change its structure which might also mean how it reports business activity to the ATO.
If your business was just a one-person operation, and is now a partnership or an incorporated entity, BAS statements can become more complex.
If a bookkeeper can catch a business in the formative stages, we can set up systems such as Xero and Dext to capture receipts, pay the right amount of super when it comes to payroll, and help with reconciliations.
As an example, we service some personal trainers who are out most of the time with clients, and once we set up their Xero accounting, we only have to clean up their reconciliations, generate profit and loss statements, and do their quarterly BAS.
When accounts get out of control, it can lead to incorrect pay going out, interrupted cash flow, and of course, incurring the wrath of the ATO and their auditors.
Marketing and Communications
It’s vital that businesses market themselves through social media, newsletters, blog posts, videos, and other pieces of content. However, if you only attend to it “when you aren’t busy” you won’t see the benefits.
Outsourcing marketing is crucial in keeping the momentum of your growth going – the more marketing your business can muster, the more reach you get. There are many specialist digital marketing, copywriting, videography/photography, social media marketing, and graphic design firms that can assist with all aspects of your marketing and communication – both external and internal.
Virtual Assistants to cut down on admin
Another aspect of your business you should consider outsourcing is a virtual assistant.
Virtual assistants can handle your emails, scheduling, and other administrative tasks remotely on a part-time, full-time basis or as-needed basis.
If you are trapped under “busy work” as a business owner, a virtual assistant can help streamline your business with tried and true processes as well as get things organised while you’re focused on other tasks.
Some virtual assistants can also set up business automations to eliminate the need for anyone on your team or theirs to perform manual labour… while others may specialise in the marketing support you need.
A virtual assistant can help streamline your business by introducing processes to ensure that you and your administration function stays organised. Some can also set up business automations to remove unnecessary manual tasks such as linking your web based forms to internal databases and automatically sending emails or performing actions with zero touch from your employees.
Outsourcing is a low cost, minimal fuss solution to ensure that you can scale up as your business grows without having to worry about recruitment, training and an increase in costs.