28th February 2018
There is an old adage which runs to the effect that business owners should spend 80% of their time working on developing the business and 20% working in the business. It’s a good maxim but it is one which very few small business owners manage to live by. Whilst small business ownership can be extremely rewarding, it can also be all consuming. So much so that the challenge of maintaining a good work/life balance is regularly cited as one of the prime causes of stress for SME owners.
You don’t have to look far to see why that should be the case. When you are looking to start up in business the temptation is to save costs by doing as much as possible yourself, to keep control and to stay close to every aspect of what is in effect a very personal project. And even when the business grows that drive to keep everything in house still remains.
This can place a strain on any business owner. So much so that a study in 2015 revealed that nearly half of small business owners cancel social plans at least once a week, a quarter take less than ten days annual leave and the same percentage admit to falling ill due to stress or overwork. And whilst these are worrying statistics in terms of mental and physical health, they also serve to highlight another issue; when small business owners spend so much time in the business, how are they going to be able to step back and plan ongoing business success?
So maybe it is time for a new approach, one in which we draw on other’s strengths in order to free ourselves to do what we do best, building our business. And let’s start with the recognition that every business already operates at the centre of an interconnecting web in which we respond to customer needs whilst simultaneously relying on suppliers and external infrastructure. Expanding this web through outsourcing is therefore a natural step on the road to further development.
Apart from freeing up time there is another good reason why businesses should consider outsourcing processes such as finance and accounting, tax and payroll, and that is making the most of others’ expertise. Type in ‘business tax return’ to a search engine and you get over twelve million results. And although the government and HMRC have taken pains to develop detailed guidance, it can be all too easy for the non-specialist to miss something. In the best case scenario that could simply result in not taking advantage of potentially tax-efficient allowances. Add in the benefit of a regular dialogue and the peace of mind which comes from outsourcing your finance and tax to a specialist and businesses can find that far from being a pure cost, outsourcing can be a valuable aid to business growth.
Thompson Jenner’s Exmouth Partner Paul Carnell said “Whether helping with day to day administration such as bookkeeping or payroll, or providing one-off advice to owners or boards we see our role as partners in your business success.” If you are ready to free up time and gain peace of mind by outsourcing some or all of your finance and payroll function get in touch for outsourcing solutions in Exmouth, Exeter and the South West. Our specialists are ready to work with you to develop solutions which are right for you and your business.
If you would like to find out more or meet to discuss the services which we are able to provide, please contact Paul Carnell or one of our other specialist Partners on 01392 258553 or 01395 279521 to arrange a free initial meeting.
