As the nation fights to pull out of this economic crisis businesses must be prepared to take an objective look at their bottom line. By eliminating unnecessary overhead, companies can concentrate on building and expanding their foundation, placing the emphasis on their core product or service.
With the advancement of technology there are many cost effective strategies entrepreneurs and small business owners can implement to leverage their enterprise and increase efficiency.
Most small business owners wish they had more time to focus on growing their business, but are too often bogged down with tedious tasks that are so time consuming they prevent and/or slow down their growth. The solution is outsourcing; whatever your companies requirements, you can literally outsource almost anything.
Human Resources (HR) - Depending on the size of your business and how much control you want to maintain over HR functions, you can either outsource all your HR needs or contract for individual services.
The basic services offered by HR outsourcing firms:
- Overseeing organizational structure and staffing requirements
- Recruiting, training, and employee development
- Personnel File Maintenance
- Tracking Department objectives, goals, and strategies
- Benefits administration
- Employee orientation programs
- Ensure compliance with all State & Federal labor laws & informational posting requirements
Payroll- Many employers outsource some of their payroll and related tax duties to third-party payroll service providers. They can help ensure filing deadlines and deposit requirements are met. If your business does not keep accurate records you could be fined. California passed a law that imposes a $750 payroll fine on small businesses that aren’t able to quickly produce accurate payroll records upon an employee’s request; it is rumored that other states will follow with similar legislation. Outsourcing payroll will greatly streamline business operations.
The basic services offered by Payroll outsourcing firms:
- Processing payroll and record maintenance on behalf of the employer
- Reporting, collecting, and depositing employment taxes with State and Federal agencies.
- Timely filing of Quarterly State and Federal Employer Tax Returns
- Provide Calendar Year-end services such as issuing W2s, reconciling 941s & DE7
Information Technology (IT) Services – Remaining adaptable to the market is crucial to any small businesses success. In the majority of industry, 100% of business functions are run on computers. Your business relies strongly on your network which requires a strong IT infrastructure. StoneHill, an Industry leader, recognizes the importance a business’s health and offers a free Technology Review. By outsourcing these services you can convert fixed IT costs to variable, significantly decreasing overhead and creating an increase in service availability and overall efficiency.
The basic services offered by StoneHill and other IT firms:
- Maintenance Plan
- Managed Services
- 24/7 Emergency Support
- Online Disaster Recovery
- SPAM & Virus Filtering
- Special Projects
- Communication Network Set-up & Maintenance
So one of the first things you would learn in any beginning finance class is that you need to have a budget. Budgets are invaluable tools for helping you run your business smoothly and efficiently. Have you budgeted for IT?