Why Outsourcing Your Finance Department Is A Good Thing
by Kaitlynn Sirotkin, on Sep 14, 2016
When you’re first starting out, it’s difficult to afford the talent that will take your business to the next level. As a founder, you yourself have limited strengths making it impossible to execute on every part of your business. Because of this, it’s becoming more common for startups to outsource talent until you can bring that talent in-house. By working with other experts, you will educate yourself on some best practices in areas that you might otherwise be clueless about.
Take a look at the departments most startups choose to outsource.
Every company is looking to hire a “growth hacker” - that person who can take your company to the next level by building and captivating a customer base through skilled experimentation. Experienced and talented growth hackers come with a hefty price tag, some costing upwards of six figures. Thankfully, marketing agencies continue to pop up and can help you manage all aspects of your marketing strategy: social media, content creation, CMO services, SEO, online advertising, etc.
You don’t need a bookkeeper and accountant when your business is in its early stages. They are expensive and what you’ll likely need them to do doesn’t warrant a full-time employee. By outsourcing your finance and accounting, you can rest assured that your taxes are in order and that your business is financially sound and running efficiently. Until you raise a significant amount of money, you can save yourself a few headaches and pennies by working with an experienced team.
Let’s face it, sales people are expensive. Between their base salaries, commissions, and the cost of CRM platforms, it just might make more financial sense to outsource your first few salespeople before hiring one internally. Not only will outsourcing sales cut down costs, but, you’ll gain valuable insights from sales professionals with years of experience. Rely on their expertise when it comes to pitching your product or service, and then make changes on the fly to close more deals. You will gain more market information, with more speed. They can also help to onboard your first few sales hires and train them on what works and why.
If you want to run lean and save your business money, you can make that happen with outsourcing. Your time is valuable so consciously consider your strengths and what you need a little help on in regards to your weaknesses.