Companies often outsource projects for practical reasons, such as they don’t have the internal skills for a project, so they hire an agency specialising in the area to collaborate with them. However, that’s not the kind of outsourcing we are referring to. Instead, we are interested in outsourcing for strategic reasons. If you are currently positioning your company for a period of major growth, perhaps your goal is to grow from €1 million annual turnover to €5 million, outsourcing some of your core functions could be the catalyst that gets you there!
Outsourcing means thinking about your role differently
If you are the owner of a small to medium company, then you probably have fallen into the habit of saying “I’ll do it” a lot. It’s understandable, you know how everything works, and it’s your baby, so you want to make sure whatever is happening is being done right. But the time comes when you have to let your company spread its wings so that it can stand alone as a successful entity in its own right. Basically, you need to start delegating tasks and spending your valuable time on the strategic side of the business.
Outsourcing gives you the freedom to do this. Instead of worrying about micromanaging every cog and wheel of your business or spending money you don’t have on hiring in a team, outsourcing is a cost-effective way of freeing up the resources you already have for more valuable work. With more time and energy available, true business development can begin. It is a fact that if you are trying to do everything, your business won’t grow. With a bit of breathing space, your focus can shift from day-to-day business to planning for the next quarter, the next year, the next five years.
What should I outsource?
At Beyond, we advise outsourcing two core functions. Of course, you are not going to outsource something you specialise in. What you need to identify is your headache. Perhaps your original team has grown into many teams and it’s getting too big to manage? Now could be the perfect time to outsource your HR function. Or maybe you’re ready to take your marketing to the next level? Outsource to a marketing agency. Or perhaps you want professional management of your finances and financial advice to support your business goals? Outsource your accounting! Identify what core function could be improved upon and then take the time to find the right provider of those services.
Finding the right outsourced agency for you
The right outsourced agency will become a valued business partner for your company. The first thing you’ll want to identify is if they have the skills you require. That’s actually the easy part! Much more challenging is finding out if you will be a good partnership.
As an accounting firm, we’ve recognised that a genuine understanding of how our clients approach business is vital for a healthy, long-lasting partnership. We are all in business, but that doesn’t mean we all approach it in the same way. When there is a mutual understanding, communication channels are always open and trust is built.
Therefore, what you need to find out is if the outsourced agency understands you. Our advice would be to get in a room with the people you’ll be working with and pick their brains. Find out what their values are, what kind of project management style they have and how they prefer to communicate. The more questions you ask at the beginning, the better off you’ll both be in the long-run!
Thinking about outsourcing your accountancy function? At Beyond, we don’t just crunch the numbers… we offer impartial business advice and build long-lasting relationships with our clients. Call us today on 01 639 2963 to find out how we can help!