As a small business owner, you may want to consider taking advantage of outsourcing to help expand your reach. But what exactly should you outsource? Below, Portfolio Management Group discusses helpful tech-related tasks that can help your small business thrive, and which business formation structure is most suitable to you.
Helpful Software You Could Use Instead of Outsourcing
Accounting Software: This software can help you track your income and expenses, manage your accounts, and more.
Inventory Management Software: This is a helpful tool for businesses that handle lots of products or inventory.
CRM Software: This software is used by businesses to improve their customer service by tracking customer data, managing leads, and more.
If you’re not outsourcing your accounting, there are some great services that allow you to do it online. These programs offer easy record-keeping, payroll, and invoicing. They can also help with taxes as they have all the tax forms and calculators built-in.
To help organize your business, there is a variety of CRM software you could use. This type of service helps you manage your customers and also keep track of your team. For example, it can be used to organize contact information, track customer interactions, monitor marketing campaigns, and much more.
It’s a good idea to look into a CRM software if you’re starting out on your own or if you want to be more efficient with the hiring process. It’s important to keep in mind that it can take time to master this type of software, so make sure you do some research before deciding which one is best for your business.
Forming Your Business
Forming your business is an important decision. This will determine how you are liable, what taxes your business pays, and other important details.
If you want to scale your business by hiring employees and taking on outside investors, then you’ll need a corporation as it provides some liability protection for the owner.
It’s also much easier to transfer shares in a corporation than LLC membership interests and established investors like corporations because they’re more predictable and have been around longer.
While you can do this work on your own, there are affordable services that make business formation faster and much easier. So rather than hiring a lawyer and paying expensive fees, these services file all the necessary paperwork to incorporate in your state, and provide you with the documents you need at the end of the process.
A sole proprietor is the most common form of business structure. The owner of a sole proprietorship has unlimited personal liability for any claims against the company. A sole proprietorship is considered a pass-through entity for tax purposes, which means that the profits are not taxed at the business level.
When you file your taxes, any profit or loss from the business will be reported on your tax return, and you’ll pay income tax on that amount. Moreover, LLCs are ideal for entrepreneurs who want less paperwork to manage in their business venture.
A partnership is a business where two or more people work together to make money. This could be in any profession. For example, you could be a partner in a law firm, real estate agency, catering company, or restaurant.
Just because you have a great business idea doesn’t mean that you are an expert in marketing. There are plenty of consulting firms and services that can help you, whether it’s with your social media presence, commercials, or printed advertisements. Even in this digital age, fliers can be a great way to promote your goods or services. You can use a free online flier maker, which will allow you to both print and send digital versions of your promotional material.
It’s important to find a good balance between in house and outsourced work. Play to your strengths and your budget, and adapt as your business develops. The goal is to be the best for your employees and your customers, so be strategic about your choices and watch your business thrive.
It can be helpful to have an outside perspective on your business practices. But don’t trust just anyone for this outsourced role. The professionals at the Portfolio Management Group will do a customized assessment of your business and provide you with suggestions to help your business grow. Contact us for more information about how we can help you and your business grow.