Companies thrive when they are staffed by seasoned, competent, and knowledgeable professionals at all levels of the organization, including the C-suite. But for most small businesses, it doesn’t make financial sense to hire a team of highly executives, especially when their services are not needed on a full-time basis.
So, what does an entrepreneur do when she needs the guidance of top-level professionals, but doesn’t have the budget to add these executives to the payroll?
Thankfully, there are sensible and cost-effective options that do not entail shelling out big bucks for C-level salaries and Cadillac-grade benefits – not to mention payroll and workers’ compensation costs, technology and space considerations, and the added burden of additional personnel on your infrastructure.
Many consulting, advisory, and done-for-you services exist to provide the expert guidance and services you need, when you need it, and at a fraction of the expense of full-time employees. Here are a few options for you to consider:
Finance and Accounting
Not every company is in a position to hire a CFO, but that’s no reason to neglect this vital function. You can partner with an advisory firm that offers “fractional” or “concierge” CFO services to assist you with financial planning, strategy, and important decisions to ensure your company remains profitable. At Peek Advisory Group, we provide a wide range of CFO services for small businesses, including the creation of financial systems and processes, the analysis and selection of appropriate software, staff modeling, business valuations, and building out your financial operations so you can be self-sustaining and efficient.
Also, Peek Advisory Group is staffed with experienced accounting executives who work with clients to streamline and improve their accounting processes. Experts provide small business owners with insights and assist them in developing critical accounting systems to keep their records consistent, accurate, and compliant.
When you are just starting out in business, you probably handled employee issues on your own. But as your company grew, personnel matters became more complicated, and you realized that there are human resources issues that needed to be addressed by a professional. So, what do you do if you want to build a strong HR foundation but don’t have the resources or need to hire a full-time HR executive?
A quick Google search will yield a list of firms that specialize in outsourcing critical human resources functions. From HR compliance audits and the development of HR policies to guidance in staffing, onboarding, conflict resolution, and employee terminations, you can get the help you need from qualified and experienced human resources professionals.
While most small businesses do not need to hire full-time in-house counsel, legal advice is readily available by retaining the services of outside attorneys in a wide range of specialties. In addition, there are affordable online sources small business owners can use for some of the more simple and straightforward legal functions, such as business formations, trademark searches and registrations, NDAs, and the preparation of a wide range of legal documentation.
Building and managing a strong marketing foundation requires consistent effort to achieve your desired results. Rather than hire a full-time marketing executive, many small business owners will delegate this task to an existing employee. But because this staff member already has a full plate of other responsibilities, marketing efforts tend to be pushed to the back burner and then consistency is lost.
This is why many entrepreneurs will contract with outside agencies to plan and manage their marketing campaigns. Agency services include campaign development and implementation, ad management, social media management, public relations, and lead generation. You can even outsource your direct sales efforts as well.
Just because you run a small company doesn’t mean that you need to neglect critical functions that are essential to the survival, management, and growth of your business. Do your due diligence and seek out referrals for reliable partners that could fill essential needs at a fraction of the expense of full-time employees.