I can’t run a payroll on my own because I don’t know what I’m doing.
So says a director of an SME business that we work with.
And she has a good point.
Where possible, outsource the tasks that others can do better, the ones that take a disproportionate amount of your time and sap a disproportionate amount of your energy and patience.
Why outsource payroll?
Payroll requires bespoke software, detailed knowledge of laws and regulations, systematic workflows.
One-off events need to be coped with – maternity / paternity leave, new starters, leavers – and you don’t want to get it wrong because you can upset your colleagues very easily.
But most importantly – unless your run a payroll bureau – IT’S NOT THE BEST USE OF YOUR TIME!
Why outsource anything?
Payroll is a good example, but there are many others. SEO, bookkeeping, HR, for example.
They all follow the same sort of decision process:
- does the business need the task in question?
- can we do it well enough in-house?
- is it the best use of our time?
- can we afford to do it / can we afford not to do it?
All of which is very functional. But don’t overlook a wonderful benefit of a job well-done – peace of mind.
Running a profitable business is tough enough and has many moving parts.
Stick to the tasks that you do best, most likely the ones you enjoy most, and bring in other people for everything else.
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