HUFFINGTON POST
05/06/2014 08:38 pm ET Updated Jun 12, 2014
PRESENTED BY WELLS FARGO

The 6 Tasks That Highly-Successful Entrepreneurs Outsource

If you’re a small business owner, you know you can’t do it all, but let’s face it, sometimes you try. Business owners admit they lack knowledge in key areas yet almost half are “somewhat unlikely” or “very unlikely” to outsource, according to one study.

But, the case for outsourcing can be compelling. In fact, 85% of businesses that outsource achieve sustained, profitable growth, Forbes reported.

"The biggest mistake I think we made was not taking on more help in the early days,” said Liz Earle, founder of award-winning U.K.-based beauty brand, Liz Earle Skincare, in a recent interview with BBC News. Similarly, Gauri Nanda, founder of Nanda Home told Inc., that at the beginning, “I tried to do a little too much myself.”

So, with so much to do, what can you easily get off your plate? Here are the six tasks every entrepreneur should consider delegating, now.

  • 1 Bookkeeping or Accounting
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    More than a third of business owners say they lack tax knowledge. Yet, on average they spend the equivalent of one work week filing their federal taxes every year, according to a survey by The National Small Business Association. Having a year-round relationship with a bookkeeper or accountant can relieve some of the burden at tax time and reduce the likelihood of costly mistakes being made.
  • 2 Legal Tasks
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    Similarly, more than half of business owners admit they lack legal knowledge yet, only 7% of small business owners would opt for a lawyer if they could make another full-time hire. While not all businesses require in-house counsel, one thing is for sure -- consulting with a lawyer early on and frequently can save your business a hefty sum of money down the road. “If you are being sued, it's too late,” according to an article from Entrepreneur. “The fee a lawyer will charge to keep you out of trouble is only a small fraction of the fee a lawyer will charge to get you out of trouble once it's happened.”
  • 3 Daily Office Tasks
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    While it may seem obvious to outsource daily office tasks like filing and cleaning, surprisingly, most small business owners still aren’t. As many as 83% of small business owners regularly order the supplies for their business, 80% handle filing, 50% handle reception duties and 63% even report that they clean their office space, according to one survey.
  • 4 Marketing
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    Many business owners report that they would like to outsource marketing but few actually do, according to a study by Constant Contact. While there is a high-perceived cost to hiring an outsourced marketing consultant, the hours lost weekly to marketing tasks can add up. When business owners were asked how long they and their employees spend on marketing, the average came out to 33 hours per week. Multiplied by the $273 that business owners on average say they’d value an extra hour in their day, the potential savings from outsourcing marketing could be significant.
  • 5 Website Design
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    While the majority of small businesses now have websites, almost a third of business owners still maintain their company’s website themselves. With the rising number of consumers choosing to shop and get information online, the importance and potential dollars to be made from a company website also continues to grow. And as technology continues to evolve, business owners have to make a serious time investment in keeping their skills and their websites up to date. In fact, 64% percent say the time it takes to make updates is their biggest website challenge. Investing in an in-house or outsourced web designer can be an easy way to free up time.
  • 6 Financial Advice
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    Only half of small business owners use a wealth manager or financial advisor. However, many surveyed said they want help. The areas where they were most interested in consulting with an advisor were cost controls, cash flow management, rising healthcare costs, profitability, exit strategy and securing business loans. Why don’t business owners seek financial advice? “By definition, these are people who have an entrepreneurial tendency,” said Kerry Geurkink, marketing director for Securian in an interview with WealthManagement.com. “They’re used to doing things themselves.” While all business owners should have a solid grasp on their company’s finances, consulting a professional could free up time and make your business more profitable.

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