Achieve Work Life Balance Through Outsourcing
Many people who start a business do so because they want freedom. It might be freedom to make decisions or freedom around their time and choosing where and when they work. However, the reality is for many small business owners is that once they start working in their own business they work longer and longer hours. There is a temptation to do everything yourself, often because that is cheaper and when you are first starting you don’t have the cash flow to support hiring staff.
Eventually though, you realise you are better off hiring other people that have different skill sets to you to complete either low value tasks or tasks that you don’t have expertise in. This can free you up to either spend more time outside the business or spend your time inside the business more wisely, working on high value tasks. As accountants we see the business sense in outsourcing many tasks for both improved business efficiency and for creating some balance in your life between work and play.
Here are our top 5 jobs that you can outsource:
Of course we were going to say bookkeeping! But this is a task that many business owners struggle to complete. It is usually not their area of expertise or interest so it can either be done incorrectly, or it gets put off and delayed. The longer you leave the bookkeeping the more receipts can be lost or forgotten. By having a dedicated person as your bookkeeper you have someone who can focus on ensuring your books are kept up to date and they can follow up in a timely manner anything that is missing.
2. Virtual CFO
Ok, this is the last one that we do at Sum and Substance. But different to bookkeeping, a Virtual CFO can help you at a more strategic level make financial decisions. They can implement systems and processes to ensure that you comply with regulations, tax requirements and business best practice. By having a VCFO in place audits and other regulatory compliance requirements are quicker and cheaper because you are already organised and in order.
3. Administration tasks
Admin tasks, including answering emails can be time consuming. You may be missing important customer opportunities if you don’t have the time to dedicate to these tasks on a daily basis. With the internet and cloud software you have have an admin assistant that is located virtually anywhere in the world. This can also mean that you can be providing customer service 24 hours a day if you have overseas clients.
4. Personal jobs
When we think of outsourcing we think of business tasks, but gaining balance in your life can also mean outsourcing some of your personal tasks. A house or office cleaner can save you time. If you are busy with your business, the last thing you want to do when you do get home is clean the house. You can also outsource other jobs such as dog walking, having groceries delivered and meals prepared or delivered.
5. Specialist jobs
There are a range of jobs that you could learn to do yourself, but to do so would take too much of your precious time and take you away from your true skill set. These tasks can be outsourced to experts who can do it better and quicker than you.
If you are looking to outsource some tasks let us know. While we can certainly help you with the the bookkeeping and VCFO, we also have a wide trusted network that we can refer you to for other tasks.