The UK is experiencing rapid growth in the incorporation of new companies; according to government statistics, the number of businesses that became a limited company in 2020-21 increased by an astonishing 21.8% on the previous year. This growth suggests the growth experienced by new business owners across the country in a new golden age of small businesses.
But the downfall of such an age is the fierce competition between businesses, necessitating smarter and quicker growth – something which many may find difficult to budget or manage. However, there is one powerful way to facilitate that growth in outsourcing.
By outsourcing certain tasks or departments, you can free up company time invested in the administration of those tasks and money that can then be used to grow in the right places. Here are some of the key considerations you will want to make regarding the three departments most befitting of outsourcing.
Legal
Firstly, attempting to handle the legal side is a difficult enough task for solicitors and professional legal advisors, let alone small business owners. Professional legal counsel is a necessary expense for your business, but retaining an entire department full-time would not make sense for your budget. Using a solicitor on an ad hoc basis for necessary paperwork and advice would be the best move.
If anything were to go wrong with a supplier or business partner, you could file for a professional negligence claim through your solicitor. If you anticipate drafting legal frameworks for an upcoming merger or acquisition, you pay a retaining fee to have your solicitor effectively on-call as an advisor.
Accounting
Accounting is an extremely important part of any business. Accurate reporting is the cornerstone of your business’s financial standing, and mistakes made in profit reports could have legal ramifications. If your business is small, you may not have the budget for a full accounting department, or you might be attempting to record your income and outgoings yourself. Retaining the services of an external accountant can ensure your reporting is professionally vetted and accurate and pay for itself in terms of avoiding potential penalties or business sanctions from accidental impropriety.
Marketing
Lastly, marketing is crucial for expanding your customer base and the longevity of your business – whether you are B2C or B2B. Your marketing needs will not be the same as a well-established major vendor in the same industry as a smaller business. Reach out to a marketing and SEO specialist that uses marketing attribution software rather than paying a full department’s salaries for a limited number of smaller-scale campaigns. Working with them on a campaign-by-campaign basis can ensure results and mitigate costs.
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