As a business owner, you should know your company inside out. It means being aware of both its good features and deficiencies, its strengths and weaknesses. Because time is your most valuable resource, you must leverage it when deciding which aspects to focus on.
Do you personally handle the supply chain, marketing, or research and development? Why would you focus on one or the other? Here are a few guidelines on deciding which things to focus on and which ones to leave to your deputies.
Know your own strengths and weaknesses
When deciding which to outsource, you should stick to what you know. If you have little experience in managing logistics, it is best to outsource this to someone who has held this job or is greatly knowledgeable in it. Even if you’re the type of person who likes learning new things, learning an entire speciality will take you months, if not years.
Unless you have the time to spare, it is more cost-effective to hire a specialist. This way, you have the freedom to concentrate on what you do best. That makes you the most useful, as well; since you are doing something you excel in, you will most likely enjoy it, putting you in a good feedback loop of purpose and productivity.
Address the practical issues of operations
If you have products, location is a large factor in making your business work. If you keep your inventory local, and source from manufacturers in your city, you or one of your employees should be in charge of packing and shipping orders, receiving and accounting for returns, and doing other tasks that get the items to the recipients.
Aside from labour costs, you must also think of warehousing. You will need space to store your items. It is good if you are a small operation and process less than a hundred orders a week. However, if you want your business to scale, your headquarters must scale with it. If you don’t want this option, you can outsource the receiving and handling of orders to a fulfilment service.
Know how much you can spend
Of course, what is the most prohibitive for small business owners is the cost of outsourcing all tasks. Prioritise the ones that are cheap but would be useful to your business. For example, you can take photographs on your own, as compared to hiring a photographer. A professional would command good fees, and if you’re just starting out, you can make sure your products are shot with a good lens and in excellent lighting.
If there are tasks that you cannot do without, such as bookkeeping, it makes sense to retain them even if they cost a lot. It all depends on what your company greatly hinges upon. Getting a reliable small business accountant will be necessary for keeping your records clear.
When deciding how to allocate your resources, you often have to choose between equally appealing options. There is nothing that is inherently more important in business; some companies lean heavily on research, while others are driven by marketing. What you choose to outsource depends on your own abilities as an executive, the skills of your present employees, and what matters the most to your company.
If you need accounting for e-commerce in Gold Coast, QLD, get in touch with us today. We're happy to help. As e-commerce business owners ourselves, we aim to minimise your taxes, give you advice specific for online selling companies and motivate you to reach your goals.