If you’re like many entrepreneurs, you went into business for yourself for several reasons.
First, there was the independence of being your own boss. Then there was the empowerment that came from the feeling of controlling your own destiny. And, maybe at the heart of it all, you started it because you were very good at one specific thing.
And so it began. And like the late great Walt Disney said, you “quit talking and beg[an] doing.”
But maybe you didn’t realize that becoming a doer came with all sorts of functions and processes that seemed to have very little to do with the product or service at the core of your business. The rigmarole of real-life business needs took hold, forcing you to think about issues like compliance, backend technical systems, talent acquisition and balance sheets.
As Bryan Miles, BELAY CEO and co-founder says, “So many of us (entrepreneurs) love having our hands in 87 different things at one time; we enjoy having our say about every little thing.”
Has the thrill of your business started to wane under the weight of daily requirements? Are you focusing on paperwork more than the latest upgrade you’ve been planning to add to your service line? If so, there’s no better time than the present to realize you have alternatives outside of doing it all. And once you’re freed up a bit, you can get out of the fray and refocus on what you do best.
That could add up to less time on administrative, clerical, legal, IT, human resources, marketing and other matters. Parsing out instrumental business functions can also enable you to return to being a visionary, a thinker and a strategist, focusing on the bigger picture.
Companies of all types benefit from business process outsourcing to manage key tasks. Solopreneurs, small businesses, indie startups, mid-sized organizations, nonprofits and churches are among the types of outfits ripe for seeking outside help for core operational functions.
Here are six main areas that businesses engage with third-party services to provide.
1. Virtual assistance – email management, calendaring, travel booking, file maintenance, correspondence and outreach, and administrative continuous improvement.
2. Technology – Analytics, intelligence, hosting, security, website administration, programming and development.
3. Accounting – bookkeeping, accounts payable, accounts receivable, invoice management, payroll and reporting.
4. Human resources – talent sourcing, recruiting, interviewing, background checks, benefits consulting, expertise on tax matters, worker’s compensation and government reporting.
5. Marketing – content development, advertising, campaign development and execution, market research and social media.
6. Business development – lead generation, lead qualification, prospecting, sales and industry intelligence.
Outsourcing, transferring or contracting out business processes offers known advantages to organizations. These include cost savings, productivity enhancements, optimizing existing resources and accessing external talent. As a result, leaders, executives and internal teams gain the expertise and support necessary to run the business, while returning to a straighter, narrower and more focused path toward success.
BELAY offers expert-level options for organizations looking for bookkeeping, content marketing and administrative support. To learn more about our virtual solutions, go here.