Are you the visionary who comes up with great new product or service ideas? Do you know the best way to enter a new market with your product? Or are you a business developer at heart? Whatever your skill set is, as a small business owner, you are asked to do so much more than your expertise on a daily basis. While cash flow may be something you worry about, it may be more cost effective to get help with areas you don’t have experience. You focusing on what you do best may be the best thing for your company. For example, one of the areas that is often outsourced is accounting and tax – for good reason! It is complicated, and there are others who know this world like the back of their hand. Outsourcing your accounting functions to a CPA who works with other small businesses can free you up to worry about company growth or the next big thing in your market. Other functions that lend themselves to outsourcing are strategic planning and marketing. Bringing in experts with experience in ways to help you grow your business can pay off in the long run. It is also beneficial to have an outside perspective as you grow your business – often you can be too close to it to assess trends and develop solutions. I am fond of iterative marketing – trying a series of strategies for a short time, measuring effectiveness, and then only continuing with those strategies that work. You selectively add in additional, new marketing strategies when appropriate and continue with the measurement process. What I like about it is you aren’t stuck with outdated marketing strategies that don’t work, and you have the opportunity to try new strategies frequently and evaluate their success or failure.
Think about what you do best and areas that you have experience. Consider ways to outsource the areas that are necessary. Talk to other small business owners about how they handle all of the tasks that small business owners have on their plates. In this age of innovation, there is bound to be a solution out there to help you!