The UK market is saturated with small businesses. There are approximately 5.5 million small businesses in the UK which means there is a high level of competition within every sector. These companies will likely comprise of very few staff and so the employee’s time has to be spent effectively to maximise the business’ chance of success.
To ensure people are using their time wisely, prioritising what business functions are to be done in-house is vital. Choose the areas that can be outsourced and free up your time to focus on the areas your team specialises in.
Following the pandemic, around one-third of UK businesses will outsource at least one business function which highlights the prevalence of this being done. If you’re unsure which parts of your business can be outsourced then this article is for you.
Read on to discover the top 5 business functions that can be outsourced by small companies.
Accounting
Accounting is vital to every business. Ensuring your finances are in order can be make or break for a business. If finances are not correct then you may face penalties from HMRC which could bankrupt your business.
Training to be an accountant takes years and for a small business, you don’t have years to train someone up. Instead hire professionals and let them take your financial stress away.
Marketing
Without the right experience, marketing can be hard to crack. There are now so many elements that can be utilised including digital and physical marketing. Outsourcing to a marketing agency is a sure-fire way to get noticed and you’ll most likely make a return on investment with all the extra traffic your business will receive.
IT
For a small business, the likelihood of your IT problems being on a smaller scale is high. Therefore, you shouldn’t need to hire a worker to take care of this business function. Outsource your IT problems to a business that can be on hand whenever you need them and have expertise in many different areas.
Manufacturing
Many small businesses won’t have the funds to have their own manufacturing sites. This is where outsourcing will come in handy. The likelihood is it will bring lower costs of production and you may be able to strike up a good deal with the company you are outsourcing to.
Research
Research can take a lot of time to get right and it may come at a high cost. If your small business cannot afford a full-time researcher then it will be a good idea to outsource it. A research company will have the skills, the time and the resources to perform proper market research. With this added research, your small business will be able to thrive with the knowledge gained.
