Smart Spending Saves Money
“If you think hiring a professional is expensive, wait until you hire an amateur.”
Many business owners are very good at running all aspects of their business. They are a “Jack/Jill of all trades,” so to speak, when it comes to their particular field/industry, as well as the administration, accounting, marketing, and human resources just to name a few. There are so many integral parts that go into running a successful business. However, sometimes keeping all these balls in the air can become just too much to deal with or it may consume all your time and pull you away from the critical selling part of your business. It may be the time to consider outsourcing some of your tasks to professionals.
There are many reasons to hire a professional to help you with your business. With so many things to organize within your company, from staffing, to accounting, to the legal aspects, you may become overwhelmed and miss something. Did you remember to pay the payroll taxes? Have you sent in this month’s ad to the paper? Did you file the GST return? Have you paid your Chamber membership? If you are busy quoting jobs and working with clients, some tasks may be missed or you may not have the time to do them.
For example, while you are computer savvy and may be able to do your own bookkeeping, what takes you three hours may take a bookkeeper or accountant one hour. Hiring a professional just gained three hours to see to other details of your business. Fernie has a number of bookkeeping services that can help you keep on top of your finances and give you advice to improve your bottom line. Teresa Caufield of Perfect Circle Management notes bookkeepers and accountants keep up-to-date on tax changes and other government regulations that affect your business. This knowledge can save your business money and time.
Maybe you are at the beginning of your business adventure. While there are many do-it-yourself kits on the market, talking with a lawyer about your business structure can ensure you avoid a false start, states Graeme Nunn of Rockies Law Corporation. While the thought of starting a partnership business might sound like a great idea, a lawyer can walk you through the many business structures and their implications including the tax and liability. Further, Graeme notes that, most importantly, lawyers can provide professional advice with respect to the partnership agreement. All partnerships should have a partnership agreement, and knowing what clauses are required can save the partners time at formation and in the future. I asked Graeme about some common mistakes businesses make and we spoke of name and registration errors, structure errors, personal liability, financial matters, and succession planning.
Another reason to outsource some parts of your business is that in the business world today, the landscape is so fluid and changes so rapidly that it can be a full-time job to keep up with the changes. For example, marketing professionals will be up on the latest trends regarding consumer behaviour and social media platforms. They will be able to tell you if Twitter is the best social media to use for your product. Perhaps using Instagram to promote your business isn’t worth your time because you will be targeting the wrong demographic. And by outsourcing your marketing to a professional, you will have time freed up to focus on the changes in your own industry.
Or perhaps CRA has called and you are being audited. To hire an accountant for audit consultation could prove to be quite useful since tax legislation is not easy to understand. Accountants are also used to dealing with auditors and will know what to expect. Or perhaps you are having an issue with a staff member. There are many misconceptions and assumptions made about various Canadian labour laws so hiring a Human Resources specialist or even a lawyer could help you in the long run.
There are many great reasons to outsource or hire professionals for some of your business’ most important jobs. Letting the experts take care of the details will allow you the time to focus on what you do best.