As your small business grows into something bigger, your ability to manage everything yourself begins to dwindle. It simply becomes too difficult to keep putting on different hats at various parts of the day for 60+ hours a week. At some point you have to admit you need help. But while hiring employees represents a large portion of the solution to this problem, it isn’t the only option on the table. The alternative choice is to turn to outside services.
With this in mind, here are five professional services you should invest in if running a rapidly growing small business:
Whether sending large shipments or receiving small parcels on a regular basis, shipping is sure to play a role in your growing business. When shipping plays a key role in the operation of an enterprise, achieving a cost-effective means of shipping is crucial for long-term success. This can be achieved by hiring a service which aims to find you the best rates for shipping available. Whether in need of parcel or LTL freight broker services, small businesses are encouraged to explore this option for achieving optimum shipping costs, rather than attempt to manage the responsibility themselves.
Law is a complicated system of rules and regulations which will inevitably affect us all. Those running a successful business are most certainly going to need to secure the services of an attorney at some point. It could be to deflect the potential for a lawsuit, or perhaps in pursuit of filing one. It could also mean hiring an estate planning attorney if the business owner wishes to prepare in the event they are no longer around to run the company. There are many reasons a business needs a lawyer, so it’s in the best interest of a business owner to have one on retainer or at least on speed dial.
Very few products or services are able to sell themselves. At some stage they require some marketing efforts to generate buzz and attract consumers. Business owners are therefore going to want to invest in marketing services, particularly digital marketing services focused on social media, email, and content creation. While it’s true that many facets of digital marketing can be done in-house, such as strategic social media posts and coordinated email campaigning, these responsibilities become a time-consuming nuisance for business owners once the company picks up steam. The cost-benefit analysis rules in favor of outsourcing marketing as soon as possible.
Another part of most businesses which often originates in-house is accounting. Thanks to modern software, just about anyone can keep track of the spending and earnings of a small enterprise. However, as the company grows, the movement of money starts to get more complicated and harder to track on a daily basis. Juggling financial recordkeeping along with the running of the company itself is a recipe for disaster down the road, especially come tax time. The solution is hiring an outside accounting firm to manage the books for you, giving you the chance to focus more on the matters directly affecting the company.
Lastly, we seriously encourage owners of small businesses in the midst of rapid growth to build a relationship with a business-focused bank as soon as possible. These institutions open the door to financing opportunities which are otherwise going to be difficult to secure. They also provide professional-grade financial advice which can be trusted, considering they succeed when you succeed. Furthermore, the benefits of a business checking account make it easier to manage multiple financial facets of small business, including accurate tax records and accepting credit card transactions from customers.
We all want our small businesses to succeed. Yet when they do, we often have a hard time adjusting to the new reality of rapidly growing business success. To optimally manage a successful company, one must not only hire the right people, but turn to the right services when needed. Do this, and your business is sure to keep on growing.