Every business owner and every business – no exception – can be money ahead thanks to the skillset of an office professional who knows bookkeeping, taxes, insurance, HR, and payroll.
1. TAXES – This is one area that is so time sensitive that you can’t afford to treat it lightly. Not understanding the law doesn’t waive penalties or late fees and they accumulate very quickly. Someone needs to track that all things “tax” because you know Federal and State revenue departments do.
2. INSURANCE – By definition, insurance is a “transfer of risk.” Why on earth would you take a chance of not having the right insurance in place for your business risks? Someone that can take the time to review renewals and evaluate risk by asking critical questions is very important. Do you know if you have already or need E&O, or a BOP, or an Umbrella, or Work Comp? There are so many types of insurance that are imperative to protecting your business (and you personally) that this shouldn’t be left to “chance.”
3. REGULATIONS & COMPLIANCE – This might vary greatly depending on your industry. Regardless of the regulations coming from a local municipality, county, state or Federal Agency, the cost of non-compliance can be staggering. Do you really understand your obligations under OSHA, Unemployment, Work Comp, DFI Filings, EPA Standards, Building or Fire Codes, etc.? If you don’t have time to master all these areas yourself, you need someone to help, before it’s too late.
4. EMPLOYEES – From payroll to HR and timesheets to training logs... Having employees opens a special can of worms. Training, hiring, firing, unemployment, new tax forms, child support payments, wage garnishments are just a few of the many things that start to suck away your available time once you become an employer. And that’s what it all comes down to…
5. TIME! Your time is worth something. Spend it generating REVENUE. Unfortunately, running an office is OVERHEAD, not revenue generating. In theory, you went into business because you had a service, trade, skill, idea, or product that other people want or need. That’s what is generating sales, income and profits. Running an office isn’t likely what you first goal was.
The person managing the things that keep the business part of the business give you time to sell/create/build. Running to business part may be done more efficiently and cost effectively by someone that makes less than you do, and by someone that already understands these things. Why re-create the wheel and burn your valuable time? Hire, train or outsource, regardless of how you get these things done, in the long run you’re money ahead.
Photo by Slavoljub Pantelic, used with permission.