Every business owner will know that even if they had a management degree from one of the best management institutes in the country when they started their business, they had to relearn everything. One does not necessarily need a business management degree in today’s world of information explosion. Everything that you need to know about business management or anything else is available on the internet. This is the reasons that before you start a business, first of all, make sure that you have the skill set to manage it in the long run. Then again conduct some online research where you will also come across information about multi-tasking companies to whom you can outsource your non-core activities as mentioned at the beginning of this piece.
Outsourcing is a boon not only for large established organizations but also for smaller ones and start-ups. In the modern market, it is downright impractical and sometimes impossible to employ full-time resources for many peripheral business activities. These include internet marketing, promotional events, and activities, booking travel schedules for your employees or yourself, arranging conferences, seminars, and many more. Anyone who owns a business is already aware of the hurdles faced when one tries to do these things yourself.
The best option for all businesses is the new companies that have come up to provide their services in several niches and become a one-stop solution for all their clients. These companies in one place provide all your peripheral requirements like business growth system, virtual office, booking or airport lounges, etc. When it comes to your internet marketing needs, there are some astute companies which don’t only provide the services as mentioned above but also provide email and Microsoft office, website design and hosting, business CRM, social media and digital marketing. The best part is that they also help you with critical legal issues like IR35 and others.
Apart from the above mentioned, the other common mistake most small to mid-size businesses and start-ups make is that they tend to hire all their employees full time, whereas they should opt for a certain percentage of full-time employees and otherwise go for freelancers. There was a time when businesses that associated with freelancers, faced problems like lack of discipline and punctuality, but today’s market scenario is very different. In the market of today, many individuals prefer freelancing, because it gives them the best option to create a work-life balance for themselves. Earlier the people who did freelancing did it to avoid hard work, but today’s freelancers realize the fact that they will have to work not only harder but also smarter than people who opt for full-time job.
The other mistake made by businesses is not to make the right choices while deciding upon the distribution of their liquid and fixed capital and assets. Here again, most of these businesses are established ones from the old school who think in an old fashioned way. Here one would say that the newer entrepreneurs are more astute because they follow the new school of financial management. However, it is best to avoid putting all your financial resources in one place, rather like the old age which says – do not put all your eggs in one basket. Consequently, it is necessary to invest your financial resources only in fixed or movable assets. On the assets on which your core business depends on, the rest you should outsource or hire on a rental basis.
Of course, most astute businesses do not do this, but some newbie’s in the business arena may make a mistake the mistake of saving money by not paying the rightful taxes and duties to the government. Here you need to understand that you have legitimate ways of doing this instead of opting for shady methods. Hence you should consult a financial consultant for not only this purpose but also the distribution of financial resources. A good chartered accountant will be kind enough to guide you in all financial matters.