If you are running a small business, you might always find yourself juggling a lot of responsibilities. You would sometimes ask how you can make things better and easier without greatly exhausting yourself.
There are a plethora of answers and choices for that. There’s a choice between buying tools, building solutions, and outsourcing. It all boils down to your wants, values, and the kind of problems you are facing. However, your startup may benefit the most from outsourcing some of your duties.
But even if the choice of handing over your projects to outsiders is the trend, you need to remember that there are things you still need to consider. You will know which method is the best by using the questions below:
What’s my problem?
Know that the best tools for your business entirely depend on the problems that you have. If you can’t handle the financial aspect of your business, you might want to consider getting an accounting solution to that. If you’re not into promoting your brand, getting a marketing solution might be the answer.
You need to analyse what you need to achieve and know the hardest or the most important aspect of your problem. Let your needs be the factor that drive your decision. If you want a faster solution, building a customized solution may not be the best choice as it takes time.
Time and money are important for you business as they can affect your choice, so choose wisely and stick to the solution that will cost you less of both.
Who else has an insight into this problem?
Once your needs have been identified, it’s time to seek for expert help. Connecting with network experts can help you make a fully informed decision. Look through your contacts to find people who have the know-how of the options that you have and haven’t thought of.
When do I need this solution?
Again, look into your problems and determine how soon you need the solution for it. Aside from that, a sense of urgency should be present; hence, you also have to ask how soon you need to see the ROI from your tool.
For instance, if you’re after a system that takes care of invoices, you probably need the tool as soon as possible. Otherwise, you won’t get paid by your buyers. However, if you simply need a performance tracker for every employee, there’s no need for you to hurry up as it isn’t time-sensitive.
Outsourcing invoicing or payroll work is best when you are pressed for time. Solutions are delivered to you faster and there’s less mess on your part. You see the return of your investments at a time rate that’s advantageous to your business.
What percentage of my needs will be solved by this solution?
If you’re wondering how a method works for your company, always live by the 80 per cent rule, which states that 80 per cent of your problem must be solved by a particular tool. If it does the job within the suggested percentage, then purchase it. Otherwise, if you’re still supplementing that tool yourself to entirely solve your problem, it’s probably wiser to build your own solution or outsource.
Can this tool remedy other problems?
It’s really satisfying to know when we buy something and it gets to solve other problems that it wasn’t initially designed for to solve. When purchasing a tool, always look into the by-products that it can bring to your company. Does it aid other functions in your business? If it does, then it’s safe to say that buying that tool is worth the investment.
Now imagine hiring a virtual assistant who doesn’t only schedule your calendar but also does bookkeeping and social media management for you. How cool is that?
Today, we are given the power to pay for complete services. Outsourcing solutions redefine the way we do business: faster turnaround time and more neat long-term results. There are times that we get a more professional finish from outsourced work than from our in-house employees.
As long as you are aware of your needs, look into the available options and keep in mind the 80 per cent rule. From there, you will be able to come up with the most efficient solution to your problem.
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