Description: Operating your business with a business mindset is the key here. You can only wear...
Description: Operating your business with a business mindset is the key here. You can only wear so many hats and you only have so much time in the day. Designing systems and outsourcing all the tasks that you can is the key to growing your business. If you could prevent yourself from withdrawing money from the business in the early months and use revenues to outsource as much as possible you will significantly accelerate the growth of your business.
Question: Provide your service and/or deliver on your product offering. All of the tasks involved in running your business happen here, including human resources, accounting and back office, shipping and receiving, etc. My small business is an Accounting Firm.
Homework Answers
As it is small business there are some functions company might have to outsource. Following are some of the functions company have to outsource to grow their business faster and also to maintain quality.
1. Human resource: Small business firms should be outsourcing human resources. They might hire specialist and also tie up with other recruiting firms which will help them finding best people for business.
2. Accounting: Company can outsource their accounting work. Accounting work requires special skills so as to maintain accuracy at work. If company decided to have recruit specialist in this field, it might cost high to company. Hence, if it is possible company can outsource their work to ensure quality and accuracy of work. This can help company time and efforts which is required in maintaining records and to prepare different financial statements.
3. Back office: As it is an accounting firm. Back office generally involves task related to administration, clearance, record maintenance and accounting, database and financial task. Company can outsource this task to other outsourcing agencies which are performing this tasks for companies.
Hence, companies should categorise their functions and task in order to figure out which task they can do from outsourcing, so that they can focus on their most important elements.
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Description: Operating your business with a business mindset is
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