How SMEs can benefit from outsourcing

It is not unusual for SME owners to wear multiple hats within their businesses, from bookkeeper to HR manager, and all points in between. At the same time, owners are often the most time-poor, struggling to fit everything that needs to be done into the hours available.

The problem can be compounded if a business owner becomes caught up in many non-core but essential functions of the business, which limits time available to focus on the core business – growth, innovation and improvement.

In doing so, many SME owners fail to recognise the value of their own time as a key asset to business growth and development. Most SME owners will be familiar with the following conundrum: your business needs a diverse set of skills to operate smoothly and remain competitive. Further, it’s likely that the smaller your business, the smaller the pool of skills available to you, which leads many to have a hand in all business functions, regardless of their importance or relevance to the core business.

That’s why learning what activities can and should be outsourced is key for any SME owner who wants to be set up for success, irrespective of business size. The concept is not complex. Efficient outcomes are achieved by matching tasks to the individual with the skills most suited to performing the task.

If an SME owner has developed a product over many years, that owner’s time is likely to be best applied to continuing product development, and marketing or selling that product. They may not gain significant benefits from spending their time wrestling with an accounting system, tackling complex taxation concepts or designing a website, for example. They need to leverage from specialists to achieve efficient outcomes in these areas.

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