We understand the compulsion to try and save money where you can see in your business model. Particularly, when you are taking your first steps out onto the market. This often leads new business owners to cut out areas of their business model that they don’t think they need. For instance, many business owners are not bothering to hire an accountant.
Instead, they are completing the accounting work in their company by themselves. This is a mistake for a few reasons.
First, it will take up your time, that you could have been spending elsewhere. For instance, improving levels of customer care and boosting their satisfaction. It could also lead to mistakes in your finances. A key error might be when calculating the amount you owe the government in tax. Paying less than you owe in tax will almost always result in a fine, and it’s the last thing a young business needs. It could easily put pressure on your company, causing it to drift out of the market.
The good news is that you don’t have to hire a full-time accountant. Instead, you can outsource and still get the service you need for a fraction of the cost. Thus, you will be able to keep your costs in check while still getting a crucial part of your business model taken care of.
Let’s look at at some of the other areas of the business model that you can’t cut but you can still save.
Human resources will always be an expensive part of your business model, but it is also completely necessary. A HR team will keep your business in check, ensuring that you are not accidentally ending up on the wrong side of the law. It’s quite possible that this does happen, particularly with new hires. You need to be very careful when hiring a new worker in your business and ensure that you keep up with the right regulations. A HR team can help you here, and that’s just part of the crucial role that they will fill in your company.
But you can still cut costs down here by investing in the right software. You can learn more from DataServ, but the main point is that software will allow you to reduce the number of HR workers that you need in your office. You can still outsource some of the workers as well, but the software available is going to take a lot of the pressure off.
Finally, you need to make sure that you have a marketing team for your company. This can be in house or outhouse. The good news is that you can reduce costs by completing some of the easier jobs yourself. An example of this would be social media marketing. To market through social media, you just need to make sure that you are adding content regularly on a schedule. You can then use a freelance content writer to create the articles for you, and suddenly you have a cheap marketing campaign ready to go.