Getting a business off the ground, especially as a young entrepreneur, often requires having to wear many hats.
With many small businesses being run by solopreneurs in the first few months, SME owners often fulfil multiple roles from accounting and office admin to operations management and stock control.
During this formative time, when budgets are more than likely to be lean, business support services can be a real game-changer.
“Using outsourced business support services is one of the most effective ways of getting your needs met as a business owner, while keeping costs as low as possible and optimising your valuable time. Leaning on extra support doesn’t mean you’re not capable of performing everyday tasks, it simply allows you to buy the time and headspace you need to concentrate on the things that matter most to you as an entrepreneur.
This could be aspects like growing your brand; developing new products; enhancing customer experiences; or focusing on strategic planning and innovation. By delegating routine tasks, you can free yourself to innovate, connect with customers, and drive your business forward with greater vision and purpose,” said Jason Mellow, head of broker distribution at MiWay.
Though there are multiple services you may have access to choosing the right ones to support your business functions is key.
For Mellow, these four supports services are the perfect place to start:
Legal advice to keep everything above board
Every small business – in every sector, needs to jump through a few legal hoops to ensure they are operating legitimately. Your entire business model, for example, could rely on you being able to protect your intellectual property. In this case, a legal adviser can provide invaluable guidance on how to trademark your ideas, brand name or product names.
There are also contractual matters to consider. For example, running your small business could require you to enter into an agreement with a supplier or to become a supplier to a large business. In this case, nothing should ever be settled without a formal contract that outlines any terms and conditions that may apply.
Skipping this step could put your business in jeopardy in future. So, when it comes to drafting and reviewing contractual matters or enforcing agreements with suppliers, customers and employees, legal advice could set you up for long-term success.
Tax advice to optimise your finances
One of the major components of effective financial management in any small business is tax management. Complying with the South African Tax Administration Act can be complex, especially if you’re a small business owner with little to no financial background. This is where having the backing of a seasoned tax practitioner comes in. By consulting with a tax practitioner, you can find the best way to comply with tax legislation, while also ensuring that the organisation tax-type you’re registered for is ideal for your business’s financial structure.
Tax compliance is not static; it’s something that changes as your business grows and evolves. For this reason, being able to receive advice and guidance on how to keep your taxes optimised is a winning factor.
Office management to stay on top of the admin
Starting a small business can come with a big administrative burden.
From completing tasks like booking flights and procuring goods and services to obtaining any necessary licenses and permits, and setting up functions like payroll… There are many boxes to tick before you can begin running a smooth operation.
As an entrepreneur, spending valuable time on these kinds of tasks can detract from what really needs to be done – important tasks like developing your business strategy, on-boarding your first customers, and putting in some much-needed creative time.
For this reason, small businesses can benefit significantly from delegating some or all of their administrative duties to a support service.
Marketing services to maximise your reach
Creating marketing materials and getting your brand or business in front of your target audience is an all-important duty, especially if you’re starting from scratch. But without the right insight and expertise, you could miss the mark and end up spending unnecessary money on marketing efforts that don’t give you a good return on investment.
To make sure you’ve defined your message and that it reaches the right people at the right time and in the right places, you may need to lean on the advice of a marketing professional.
These consultants can help you kickstart aspects like your social media strategy; the design of your website; search engine optimisation to increase your online visibility; and running effective ad campaigns.
Mellow added, “Among these fundamental support services, we’ve identified many more that can be incredibly beneficial for small businesses. Choosing the right mix will depend largely on the type of business you’re running, its unique needs, your time and budgetary constraints, and the sector in which you’re operating.”
BUSINESS REPORT