The Alternative Board (TAB), a business advisory board that provides advice to businesses, conducted a survey on 323 business owners about how they manage their time. Results show that 68 percent of business owners spend most of their time “in” their business and only 32 percent “on” it.
“In” their business means doing repetitive tasks, like sending out emails and other administrative tasks. “On” their business translates to tasks involved with their specific products and services. In the same survey, 73 percent of business owners wished they had more time working on the core processes involved with their business.
The survey results reveal the owners should switch priorities and work on the tasks that actually concern the core of their business. One way to do this is by outsourcing some of the repetitive, day-to-day processes.
Outsourcing some business processes helps you focus on generating income. It might seem like a good idea to hold on to every single process and do it yourself, but repeatedly doing so will continue to take up most of your time. Outsourcing allows you to work on developing your core service.
But which tasks can you outsource?
It depends on your business. A general rule is that you can’t outsource work that’s crucial to your core business process. Gregg Landers, an expert on growth management, enumerates a general category:
Tasks that require specialized knowledge
As your company expands, so does your IT needs. And looking into a service that manages the technology of your business will give you access to experienced professionals who can take care of your growing IT needs on a need-to-do basis.
Even if you have an in-house IT services department, outsourcing work that involves specialized knowledge of specific tasks helps you save time and money in troubleshooting the problem.
Highly repetitive tasks
Some of the work that could fall under this category are tasks that involve data entry, shipping inventory, and accounts payable. You can outsource this work to someone else, so your in-house team can focus on developing new products or services.
Many freelance professionals can help you with repetitive administrative work, like data entry and inventory, as well as tasks involving customer service and logistics.
Tasks that require highly skilled expertise
Try a high-level professional who reviews business processes you’re not too familiar with. An example of this is a freelance financial analyst who can evaluate the financial health of and investment options for your company. Other than a financial analyst, you should look into a tax accountant or a bookkeeper. Financial professionals are crucial to the growth of your business, especially when you’re a startup and looking to limit your staff to a minimum.
Outsourcing work not only frees up your time but saves you additional expenses, too. With freelance professionals or managed services, you don’t have to worry about the cost of recruitment. You also don’t have to think about losing valuable skills when a worker goes on vacation or calls in sick.
Most business owners spend the bulk of their time on matters that may not add significant value to their company. Don’t let administrative or repetitive tasks waste your time. Focus on strategic activities. Outsource key processes today and watch your business grow in the future.