4 Business Processes Too Risky For Most Entrepreneurs To Handle Alone by Forbes – Entrepreneurs

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No one can do everything. As businesses grow, founders who once fulfilled roles as salespeople, product designers, marketers, IT gurus, and human resources managers must delegate those tasks to others. Fail to delegate, and the company can’t grow beyond the capabilities of a select few.

Ryan Graciano, co-founder and CTO of Credit Karma, recently wrote on Quora about how he helped his company scale to include 85 million users. His answers lean toward the technical, matching his background, but he recognized the importance of people above all.

“Scale your technology by scaling your people,” he said. “You can recover from a lot of mistakes, but screwing up your hiring will kill your company. Of all the things you will be worried about, this is the one you need to consistently care about the most.”

Not every company can hire a full-timer for every role, though. Small companies can’t afford to maintain a staff of lawyers, accountants, marketers, and designers. Even big companies with big budgets don’t necessarily trust themselves to tackle all the ins and outs of running a business when others can provide those services at a higher level for less money.

Before you represent your own company in court or try to build a new office by hand, consider whether a professional could do a better job. Outsource these processes so you can spend more time growing and less time struggling:

1. Payroll Processing

Everyone loves the story of the founder who writes checks from his own bank account to pay employees before the business strikes it rich. Unfortunately, most of those stories end with high turnover and costly financial mistakes.

“In addition to messing up tax filings, there are a number of payroll errors small businesses often make,” explains OnPay, an all-in-one payroll provider. “Input errors, erroneous pay amounts, and inadequate tracking of details like vacation and sick time are few of the mistakes that can lead to extra work (and unhappy employees).”

Startup founders and company leaders should never try to handle payroll processing on their own if they don’t absolutely have to. Some employees may be understanding, but most won’t tolerate uncertainty about their paychecks. Find a good payroll company to outsource payroll processing to so everyone gets paid on time every time.

2. Legal Services

How many startups can afford to keep a lawyer on staff? Many young and growing companies take an “out of sight, out of mind” approach to legal troubles, but when that approach fails, it fails badly.

Lawyers don’t just represent companies in court, though. Businesses deal with all sorts of fine print during setup, regular operations, and transition periods. Without counsel, a company could easily miss some important steps and open itself up to liability or other problems down the road.

Find a lawyer who specializes in areas like startup law or industry-specific regulations. According to Silicon Hills Lawyer, “Law has numerous specialties and subspecialties, much like healthcare, and you want to ensure that, if you’re building an early-stage technology company looking to raise outside capital, your main lawyer(s) has deep experience in exactly that.”

3. Receptionist and Administrative Tasks

Not all time is created equal. Company founders and executives shouldn’t spend their precious minutes making complex travel arrangements or filling out reports. Those jobs are important, of course, but leaders’ time is more useful when spent in planning, negotiations, or other high-value areas.

“Virtual assistants can help with almost any type of essential but time-consuming job,” says Amy Vetter, serial entrepreneur and CPA. “For example, database management, business reports, internet research, personal correspondence, gift sending, meeting planning, email maintenance, editing, social media maintenance, newsletters, banking, and travel arrangements.”

In other words, a virtual assistant can handle everything a CEO doesn’t need to. Instead of paying a full-time receptionist for a part-time job, look for a virtual assistant who can handle the dirty work in a quick and cost-effective manner.

4. Marketing and Content

Today’s consumers expect a lot more from brands than they used to. Companies have to maintain a presence on several social media sites, churn out content for blogs, write email newsletters, create sales collateral, manage digital ad campaigns, and more. Founders and leaders can learn to do all that, but they frequently lack the marketing chops to make the most of their industry smarts.

Outsourced marketing might sound like a luxury, but for growing companies, that investment can make an incredible (and profitable) difference. Vanhishikha Bhargava, founder of Contensify, recommends that growing companies outsource marketing to focus on the most effective channels.

“When you outsource, you can tailor the marketing services you require as per the monetary and other resources available to you,” Bhargava says. “One month you might want them to take care of social media, and the other you might want them to focus on SEO only.”

With so many industries squeezed for talent and workers turning to the freelance life in droves, more companies should consider the value of outsourced services. Outsourcing doesn’t just save money; it also gives companies access to the knowledge of the best and brightest in a variety of fields. Leave the headaches to the pros so you can spend more time on the things your company already does well.

Entrepreneurs are primed to take risks — but not all of them are smart.

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May 23, 2019 at 05:04AM
https://www.forbes.com/sites/serenitygibbons/2019/05/23/4-business-processes-too-risky-for-most-entrepreneurs-to-handle-alone/
Forbes – Entrepreneurs
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