Outsourcing isn’t a business strategy reserved for only huge corporations—many small businesses benefit from outsourcing certain functions to third parties. Below, we list some of the most commonly outsourced services for small businesses and how they help companies on tight budgets stretch their dollar further.

Marketing

Marketing and advertising are crucial to any small business to attract new customers and expand its market share. After all, how will you consistently find new customers if your target market isn’t aware of your business or doesn’t know what you do?

But creating a compelling marketing strategy with advertising campaigns across multiple platforms is difficult and time-consuming. Using an outside firm dedicated to expanding your business’s reach instead of splitting up the duties between yourself and other employees is a wise use of resources.

Accounting

One of the most common business functions that small businesses outsource is bookkeeping. Unfortunately, we can trace many small business failures to poor financial management or a lack of oversight of bookkeeping.

A third-party accounting department takes care of the mundane but still crucial aspects of running a business, like:

• Accounts receivable
• Reviewing expense reports
• Financial forecasting
• Financial statement preparations
• Tax filings
• And more

You may have your system of financial organizing and accounting, but you’d be amazed by the difference that professional services will make for your business’s bottom line while freeing up your time to focus on other areas.

Compliance

Compliance is another commonly outsourced service for many small businesses. Your business can benefit from outsourcing everything from OFCCP compliance to insurance billing for private practices.

When it comes time for an audit or internal investigation, non-compliance can result in severe penalties or even litigation. Instead of fretting about compliance details and language, outsourcing the job to professionals is well worth the investment.

IT Management

Information technology and general website logistics are other areas that many small businesses need help with. Whatever industry the business is in or the service provided, an online presence is vital to a small company connecting with customers.

Instead of obsessing over the smallest details of website design yourself, outsourcing to a third-party IT management company will make your online presence look more professional. And you’ll notice a difference in your business’s outreach and customer satisfaction when professionals run your IT management.

We hope our list has given you some ideas for improving your business with selective outsourcing. If your business struggles in any of these departments, bringing in a third party can make a big difference.

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