Small Business 101: Outsource or In-house?

Most small businesses take root from an innovative idea and a desire to make their customers’ lives easier in some way. But there’s much more to a growing business than a groundbreaking product or service—and handling the minutia of management, finance and marketing can be downright daunting. Since you can’t specialize in everything, it’s important to recognize areas where you or your in-house team may need help.

Ask yourself early on what functions will need outside expertise. Consider outsourcing the following areas to save money and simplify your life:
 

Payroll
In addition to other business services, many credit unions offer comprehensive outsourced payroll. This includes everything from payroll tax administration and compliance assistance to web-based payroll processing and direct deposit. Sound like a foreign language? Outsource it!
 

Marketing
While some digital marketing can be executed in-house, unless it’s your forte, outsourcing the bulk of your marketing efforts will generate far more business in the long run. This includes your overall marketing strategy, web and brand design, and multi-channel marketing campaigns.
 

Employee benefits
Whether you have a team of 10 or 100, providing affordable retirement options is critical for recruiting and retaining employees. Thankfully, there are a variety of outsourced options available, including IRAs, 401(k)s and profit-sharing plans. However, according to a recent survey by paychex.com, 53% of companies still aren’t offering a retirement savings plan to their employees. Check out this helpful comparison to see which offerings are best for your particular business model.
 

Business insurance
Protecting your business is paramount, but that doesn’t mean you have to manage the details! Companies like Mountain America Credit Union will find you the best quote on everything from general and professional liability insurance to worker’s compensation and commercial vehicle insurance.
 

Bookkeeping
Accounting is no picnic and, as your business grows, managing your finances can become quite the task. Avoid costly tax penalties, invoicing and cash flow issues by automating and outsourcing as much of your bookkeeping as possible. Whether you use accounting software or contract with a local finance expert, set yourself up for success with streamlined accounting.
 

While you can’t (and shouldn’t) outsource everything, calculated delegation is the best way to ensure that you’re free to focus on what YOU love—building your business.