Not so long ago, there used to be a feeling among small business owners that finding solutions to getting outside help to support their business needs was nearly impossible. Franchising made this easier and gave a model for proven performance, but what if you wanted to build your own American dream? To create something new from scratch.
Some things have stayed the same over the years or with minimal improvements for small businesses. For example: finding competitive financing or being forced to buy in bulk from large name brand vendors because “they”, “don’t need the small, single business owner’s tiny order”, to not getting the same competitive discounts that large organizations get due to their volume.
Some changes have certainly had a positive impact. Like them or not, Amazon has made it possible to find near any product you need and have it shipped to you same day in some instances. Outsourcing has also become a main stay in the world of small business needs. While the costs of goods will likely never see a day when the price for critical items goes down, outsourcing has become a very popular way to get help, part time or as needed in project work, without the complexity of hiring nor the complete cost of bringing a full-time person in on salary.
Expertise in categories like bookkeeping, sales, IT, and HR have been around for some time and have been an affordable way to make a difference within these areas. These days due to the gig market and career experts going out on their own, the small business market is seeing unique categories of help like Business Intelligence tools, to corporate credit coaching to leverage ideas similar to large corporations. Even the Fractional C-Suite market has grown over the last year tremendously, expanding from 90,000 fractional LinkedIn profiles to roughly 140,000 as of today.
Now while many of these services will still add costs to your bottom line, these can all be more advantageous methods for small companies still needing these services to stay on top of key functions in their business while greatly reducing cost of a full-time employee.
Small Businesses also have options in the market to find experts that can help reduce costs. A growing segment of the small business help industry has experts that will work with companies to reduce costs in a multitude of ways internally and externally. Many of these advisors take a small percentage of the savings created, thus making the service free to the small business. Others will help look externally for solutions on equipment and technology to help reduce expenses while meeting new needs a business might have while keeping up on the latest innovations in tech. This service is typically done free for the small business, as they are paid by the vendor the small business finds that meets their needs.
While our role at Right Fit PEO is specific to the PEO industry and helps our clients find the best matching PEO for their specific needs, we love supporting small business success in any and all categories of their specific interests. If we can be of help, even pointing you in the right direction for a need in your business, we’d welcome a chance to serve and make an introduction to any of our well-known and trusted providers.
How can small businesses access affordable services and support? Small businesses often struggle to find affordable solutions for their needs, but services like outsourcing and Professional Employer Organizations (PEOs) can help by providing expert services without the cost of hiring full-time employees.
What are the benefits of outsourcing for small businesses? Outsourcing offers small businesses the ability to access expertise in areas like HR, IT, and bookkeeping on a flexible, as-needed basis. This allows them to reduce operational costs and focus on core business activities.
How has the gig economy impacted small businesses? The gig economy has introduced a new wave of freelancers and experts in fields like business intelligence, corporate credit coaching, and fractional C-suite roles, providing small businesses with high-level services at a fraction of the cost of hiring full-time employees.
Are there services that can help small businesses reduce costs? Yes, many experts specialize in cost reduction strategies for small businesses, helping them find affordable equipment, technology, and solutions. Some of these services are free, as the experts earn a commission from the vendors they connect businesses with.
How can a PEO help small businesses compete with larger companies? A PEO can provide small businesses with the tools and resources they need to compete with larger organizations, such as access to enterprise-level HR services, benefits, and compliance solutions, allowing them to focus on growth while managing employee-related tasks more efficiently.
Article by: Glen Antwiler
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