When was the last time you saw a great opportunity for your business but didn’t have time to pursue it? Most entrepreneurs come to the conclusion that there are not enough hours in the day. So how do you resolve this problem? Outsourcing could be your solution. Many business owners resist outsourcing because they are reluctant to let go of control, but when done correctly, it can be the key to your success. Here are some signs that it might be time for you to get some outside help.
You don’t have time to do the work properly. When you have more work than you can handle, it makes sense to outsource it. As the owner of the business, you need to keep your eye on the big picture. If other tasks are pulling you away from your most important priorities, it is time to take action. You may need to outsource these tasks permanently, or perhaps you just require some temporary help to get you through a busy period.
Somebody else can do it better. While you are an expert in your business, you are not an expert in everything. The fact is that somebody else may be able to do the task much better than you can. If you find yourself Googling “Generally Accepted Accounting Practices” to help you create a financial statement, it may be an indication that you need to hire a professional. Remember, the goal is not to prove that you can do it all. Your priority is to get it done right and if that requires hiring a professional, then so be it.
It is cheaper to hire someone else to do it. When you are a business owner, time is money. Every minute that you spend on a task is a minute that you could have spent making a sale or chasing down a new customer. It is important that you carefully consider the value of your time when you are deciding whether or not to outsource a task. You may find that in a lot of cases, it is actually cheaper to hire somebody else to do it. Also, when you outsource the task to someone who is doing the same task for other companies, the shared fixed costs and operational efficiencies that they develop generally allow them to do the job more cheaply.
You are the CEO of your business and sometimes that means knowing when it’s better to hand over a task to somebody else. Whenever you find yourself short on time, money, or expertise, outsourcing might be your best option.