With the start of a new year many companies may now be looking at their business in order to assess what they can change in 2012. How their company operates and outsourcing maybe one factor to consider. This can apply to larger businesses or particularly to SME’s.
Last year was apparently a record year for companies operating in the outsourcing sector with many businesses trying to cut costs, but still needing the support and help to maintain business operations without interruption. In a recent survey carried out by dictate2us 62% of companies plan to outsource administrative jobs this year to cut overhead costs.
Several mundane administrative tasks can be outsourced, which in turn can save a business time and money. Instead of employing a Secretary/PA on a permanent or even part-time basis it gives the business more flexibility and reduces costs overall. Surely paying someone for the actual hours they work, rather than paying someone a fixed rate each week is more cost-effective. Also with no holiday pay, sick pay or equipment to provide savings are made immediately. The Federation of Small Businesses (FSB) found that 27% of start-up companies struggle to find qualified and skilled staff.
What better way to access business support than on a supply and demand basis. This gives small businesses more flexibility, more time to do what they are good at and concentrate on what they need to do to continue their success. To keep a business running well paperwork, invoicing and office admin tasks need to be organised and can save an immense amount of stress as well as time. A favourite saying I heard recently springs to mind.
“Only do what you can do”
Already have my first new client for 2012, WOW – how great is that!
Happy New Year to everyone!
I am sure some people will make new year resolutions as always but how many will keep to them and more importantly what should they be. Particularly in business the new year is a great time to have a look at your business and decide what you can do and what you need to do to progress your business. Whether it’s getting more clients or expanding the business there are several things SME’s could do. Here’s a list which may help:
Networking
Maybe you do, maybe you don’t. Either way you could make a point of attending at least one networking event per month to promote your business.
Accounts
Keep your accounts up to date. If you have an Accountant no problem, but if you do it yourself maybe you could keep it in better order i.e. keeping in check once a month rather than once a year. Make life easier for yourself.
Office Paperwork
Try and keep your office paperwork in order. It so much easier to find things and will save you so much time.
Time Management
Make good use of your time and things that need sorting every week make a point of doing it. Plan your week even if you are out and about most of the time, set a time each week for the tasks that need to done in the office, i.e. dictation, filing, paperwork. Keep on top of things.
Achieve what you set out to do
Set your goals and be realistic about them.
Try something new
Try and do something which you have never done before, think outside the box.
Be brave
You never know what you can achieve until you try!
I wish you all the success for 2012, make it a year to remember!
Not everyone has a mentor to keep them going, so maybe this quote will help!
Be miserable. Or motivate yourself.
Whatever has to be done, it’s always your choice.
Wayne Dyer
Here is an interesting article that I found on is4profit business advice written in association with Lloyds TSB. I feel it portrays the beginning, middle and end of the story.
Before deciding to become self-employed, it’s a good idea to think through the implications of working for yourself…This guide will show you:
• The pros and cons of self-employment
• The personal qualities you need
• The business skills you need
• How to make sure your family life is not adversely affected
Reasons for becoming self-employed
Have clear reasons for taking the decision to become self-employed, and a vision of what you want to achieve. Begin by asking yourself the following questions:
• Do you know exactly what you are going to do?
• Does it use your strongest skills?
• Can you make enough money doing it?
• Do you know where you want to be in five years’ time? Will self-employment help you get there?
People choose to become self-employed for a variety of reasons, but merely disliking your current job, or perhaps not having one at all, is not necessarily sufficient. Thinking about these questions will help you evaluate the idea of self-employment from a realistic perspective. The pros and cons of self-employment. Many of the issues regarding self-employment have both positives and negatives. How you view them will help you decide if this is the right move for you.
Potential advantages of self-employment
• Reaping the rewards of your own efforts, with the potential to earn more in the long term.
• Independence and freedom: enjoy more control over what you do and when you do it.
• The choice between working full or part-time: ideally, you can also set your own hours, and so potentially enjoy a better work/life balance.
• Improved quality of life and increased job satisfaction, perhaps thanks to cutting out the daily commute, avoiding office politics, or being able to focus on the aspects of your career you most enjoy.
Potential disadvantages of self-employment
• More stress as responsibility for success or failure lies with you: you are responsible for losses as well as profits, have no paid holidays or sick pay, and are likely to earn less in the short term.
• No one to manage you, keep you on track or provide motivation or moral support.
• Less time with your family as business commitments mean you work long hours.
• Isolation from colleagues and customers.
• Responsibility for your own tax, and with no company pension scheme you will have to make your own pension arrangements.
The personal qualities you need
Your success in becoming self-employed and setting up your own business will depend on both your personal qualities and your business skills. Evaluate yourself and get feedback from colleagues, friends and family, to obtain an honest appraisal of your qualities.
The main factors for success in starting a small business are:
• Drive and determination.
• A well-defined set of objectives.
• Hard work.
• A willingness to listen – and learn.
• Common sense and realism.
• A very clear focus.
The business skills you need
Ask yourself whether you have the right practical skills for the type of business you want to run. By looking at how other businesses operate you can see the variety of skills and knowledge you might need to make your self-employment a success. Typically these might include:
• IT.
• Accountancy.
• Marketing.
• Time management.
• Sales (both selling yourself and your idea to lenders, investors, potential partners and employees, and selling your products and services to customers).
Do you have these skills already? Can you see any obvious gaps in your skill set? If so, you could:
• Hire someone else to fulfil the skills that you lack, either by taking on an employee or using a freelancer.
• Take a training course to acquire the skills yourself.
Working from home
Many self-employed people, particularly those starting up a business, choose to work from home. Find out more with our guide to Working from home.
Tax and National Insurance issues
If you become self-employed, you must register with HM Revenue and Customs. You can register online or call 0845 915 4515.
HM Revenue and Customs will send you the Starting up in Business guide that explains the records you need to keep, how to pay your National Insurance and how your tax will be worked out. Each year, you will be sent a self-assessment tax return to fill in.
How to make sure your family life is not adversely affected. Becoming self-employed can mean a huge change in lifestyle.
• Ensure that family and friends are aware of how your life will change, and how they may be affected.
• Prepare those who depend on you for the possibility that your income could fall initially, and that long-term it may be less predictable or regular.
• Be aware that there could be increased financial and emotional strain for both you and members of your family.
Making a long-term success of self-employment. If your move into self-employment is successful, you will probably want to make it a permanent part of your life.
Think ahead and ask yourself:
• How do you want your business to progress and expand?
• Do you want to grow to take on more staff and become an owner-manager or do you want to remain a sole trader?
• How would your business goals be affected by changes in your personal life such as children, marriage, or caring for an elderly relative?
