Are you still handling a lot of the mundane aspects of your small business, like bookkeeping, taxes, or even collections? If so, you need to stop! You're not only hurting your business, you're probably doing it inefficiently too.
The recent strong storms in Oklahoma caused some damage to my home. We labored with the insurance for quotes, and finally decided to hire a reputable construction firm to handle our repairs. The simple fact was that although I could fight with the insurance company for payment on the supplemental work, why should I? These companies have experience working with insurance adjusters to bring more money to the table, and ultimately benefit me. Plus, and even more importantly, I could devote my time and efforts to my clients, which in turn ultimately benefits me more.
The same is true for your small business: get rid of the tasks and projects that are costing you valuable time and money, and concentrate on those duties that will grow and build your business.
I can't tell you the number of business owners I speak with who tell me they're "handling" their delinquent accounts. Yet, when asked how much they've collected, they simply reply "nothing" or "we've had a few." I always want to shout, "then what good is your process if you can't produce results?"
You should immediately evaluate what processes and tasks take time away from your business, and outsource those to someone else. Take a few minutes and look over how your business is running. Can you "scrape some fat?" Can you hire someone else to get the job done? If you're not sure, then spend 30 days tracking the time you spend on every part of your business, front and back, and how much those efforts benefited you financially. In other words, did you make any money by doing the task, or did it just create headaches and wasted time?
If you're wasting time, get rid of the baggage. Those firms that handle your tasks have consistent experience working with businesses to achieve results, and they can probably accomplish those tasks faster than you can. Plus, you have the benefit of providing another business with jobs and a small income. After all, business management is a symbiotic relationship.
If you need help outsourcing some of your legal needs or an evaluation of your small business, our Oklahoma City law firm can help. Jeffrey Taylor is a small business attorney dedicated to helping solve your legal issues. Please contact Jeff at (405) 748-0318 or , for a consultation with an attorney.