Outsourcing is all the rage. And for good reason. According to market research conducted by Deloitte, 59% of businesses that outsource functions do so to reduce expenses.
Not only can outsourcing save you money, but further research by Deloitte has shown that it makes businesses more nimble and can provide a competitive edge.
While outsourcing has many advantages—and can accelerate the growth of your startup—there are some business tasks that you could do well to keep in-house. Doing so will actually save you money if your startup is still in its early stages.
Want to know what these tasks are that you should do in-house? Read on!
As a business owner, responsibilities start to mount up pretty fast. One of these is human resources. As the owner of a startup, you may find most human resource responsibilities resting solely on your shoulders.
While it can be tempting to outsource these right away, you can save money in the early stages of your startup by simply handing these tasks yourself. If your team is still relatively small, you will be able to handle this role for less than you would have to pay a company to do so.
Additionally, maintaining a direct relationship with your initial staff will build trust, team spirit, and unity.
Recruiting is often thought to be part of human resources, but it has lately been reconsidered to be a separate function. Which is why it is worth mentioning that recruiting is another startup task that should be kept in-house in the initial stages.
If you are not scaling your team on an unmanageable level, the hiring process can be done with relative ease for less than if it were outsourced.
Also, if you as the business owner take on, or have a hand in this process, you will be able to keep your finger on the pulse of your company’s culture and the type of people who make up the core team of your business.
Finance is a popular function to outsource. Bookkeeping, accounting, and payroll can admittedly be one of the most onerous of business owner responsibilities.
But, if your startup is still in its early stages, taking care of your own payroll can be easy and a lot more cost effective than paying an external company to handle the monthly payroll of possibly no more than a handful of people.
Also, with all of the options available today, you can get help with your payroll without hiring a company to handle it. Instead, you can make use of some of the online tools that are available.
For example, you can use services like ThePayStubs to easily generate paystubs and manage payroll.
Now You Know Which Business Tasks Not to Outsource
Outsourcing is a great way to streamline your business, reduce costs and enable smooth and easy scaling. But, to ensure that you are not wasting money, there are some tasks that you should keep in-house during the initial stages of your start-up. Otherwise, you may end up wasting precious capital on things that you could have done yourself.
Now that you know which business tasks to keep in-house, you can outsource the smart way.
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