There are many small business owners who have exceptional talents and assume that their natural abilities can take their business to the next level. But in all actually, doing something single-handedly can impede the expansion of the business just as easily as evading certain tasks will.
The key to taking the small business to the next level, over time of course, in order to achieve the six-figure mark is through outsourcing. Outsourcing encompasses the everyday back-office tasks and work that require specialized knowledge, thus allowing the business owner more time to focus on generating revenue.
The time to outsource is different for every small business. Depending on the size and type of the business and what the daily duties require, some companies may make use of employees to handle the everyday operations. While other companies may need help from time to time from freelancers/subcontractors who have the expertise, and when hiring someone fulltime for the job doesn’t warrant the costs.
There are very few small businesses, if any that have an operating budget to handle all the needs of the business. And there aren’t any CEOs who have the time or the energy to place all of his or her attention on every aspect of the functioning of the business. Outsourcing helps businesses look beyond secondary undertakings to concentrate on assisting and satisfying the needs of its customers, allowing for the businesses priorities to be more defined.
Managers don’t have to burden themselves anymore with the “Only I can do it best” mentality. They can relinquish control by outsourcing to others proven qualified. Back in the day, it was normal practice to wait until a business grows exponentially to outsource tasks the staff could no longer handle. But it has been recently reported that the way technology has developed, it often makes more sense to outsource from the start-up.
There are several things to consider outsourcing from the beginning. A business can outsource the bookkeeping; contract a virtual assistant, web designer, writer, graphic designer, project manager. Many of these people can be found on job boards located on the Internet. A business can find contacts through professional networking, or by simply asking someone trusted for a referral.
Also, subcontractors keep the overhead expenses such as payroll taxes, health insurance and worker’s compensation low so that business owners can use their money on more suited expenditures. It also limits the business owner’s risk in dealing with government regulations, competition and the like. Mainly, because freelancers are better equipped to handle the risks particular to their market.
As you now contemplate the costs associated with outsourcing the needs of your particular business model to reach the 6-figure mark, you may end up concluding that you don’t have the funding available to outsource. However, one resource available to business owners is business credit cards. You can apply today and receive a funding estimate tomorrow without it showing on your personal credit reports, and if approved you will be on your way to outsourcing the tasks that has been keeping your business from increasing financially.
Business credit cards are based on a personal guarantee. So, there are several criteria that must be met to be approved: 720 credit score, 30% debt-to-credit ratio, no bankruptcies, no foreclosures, no missing payments in the past 24 months of making application, one or more credit cards with a $5,000 maximum limit and a 10 year personal credit history. And if you are short on any of these criteria mentioned, you can receive mentorship from business credit card consultants on how to meet those must-haves.