Expanding your business and investing in its growth can be a tricky subject to consider. After all, there’s rarely one ‘perfect way’ to run a business depending on what kind of industry you’re in and how you motivate your staff. For some businesses, outsourcing essential functions is all they will ever do, without structuring those particular departments internally.
For instance, a restaurant is unlikely to structure its own payroll department, it will likely utilize a service that allows them to calculate the tax contributions of their staff, record tips, and pay at the same date on a cyclical basis. They may not have the management staff or tools in order to structure that kind of department, nor may they need to.
Even the biggest international firms outsource in some areas, be that in their marketing efforts, or when auditing their own actions to make sure they’re running to a necessary standard. That said, when you’re growing as a small firm, deciding what additional utilities or departments to expand into can be a necessary ask. In this post, we’ll discuss a few suggestions that may help you make that decision in the long term:
Logistics
Logistics is important to get right as a growing brand. Deliveries may require trucks and vans, but so can regular visits, or booked jobs that require your attendance. For instance, you might even move into installing technical equipment rather than just selling it, which can inspire the need for a small fleet. Hiring a fleet manager, and making sure you connect with a truck accident attorney on retainer should an auto accident case arrive can be a massive player in helping you sustain your logistical operations in the best possible manner.
Human Resources
Human resources help you improve the general wellbeing of your staff, provides administrative assistance, and can help ameliorate disputes. There is some discuss in online circles that says a HR team, by virtue of being paid by the company, will always seek to preserve and defend the company against their staff no matter what. That’s not necessarily the case, and it’s up to us as businesses to prove that wrong.
This means confidentially dealing with reports of bullying and harassment, stamping that out at every opportunity. It also means ensuring the general wellbeing of staff is held up via appropriate working conditions and providing the right environment. If this department works well for your business, it can retain top talent there.
Accounting
Accounting is an essential element of any company, sure, but it can be worthwhile to have an in-house professional attend to this as you expand as a business. Otherwise, the billable hours given to you by an outsourced accountant, as well as service fees, may compare or even outdo an in-house accountant’s salary, and that professional will only work on your account as time goes by.
From making sure expenses are properly tracked, to handling your tax returns every year, working with appropriate audits, and of course, ensuring that sound financial advice is levied, all of this can make a major difference going forward.
Sales
Having a dedicated sales department designed to curate leads and convert them completely can be a fantastic investment to make. This might involve hiring a professional or small team to contact clients directly, to ensure first-time clients become repeat and loyal clients, as well as going out there to secure new business.
For instance, think of a lettings agency hiring a lettings negotiator to show potential tenants around apartments, discuss rental payments, arrange deposit payments, and more. Ultimately, having a proactive sales agent taking time to curate and develop proper investments and sales can take the strain from the rest of your marketing, or supplement that properly. Over time, it will make a tremendous difference.
With this advice, we believe your small firm will expand slowly, but confidently, structuring departments that will help you gain further utility and care over your long-term strategies. Often, integrating these services within your own suite can help you avoid outsourcing them so often, or give your firm enhanced capabilities in many different directions.
Remember that not all departments are necessary for all businesses. You may not need a sales department, for instance, but perhaps hiring a customer support agent that can help answer questions and resolve disputes will help take the load from your main investments. A combination approach like that can be tremendously useful in the long run.
With this advice, you’re certain to understand the department investments a growing company should consider.