Outside Services For Growing A Small Business
Most businesses will never rise above “small.” Unfortunately, the majority of startups will go out of business within a few years.
Author:Emmanuella SheaReviewer:Camilo WoodJan 16, 202328.8K Shares640.2K Views
Most businesses will never rise above “small.” Unfortunately, the majority of startups will go out of business within a few years. Others manage to break even and remain open for as long as the owners have it in them. Then there are small businesses that fill a niche and do nicely but don’t have the demand to grow. But once in a while, a small business comes along that breaks these molds and finds itself in the midst of success.
Small business owners who find themselves running a very successful and highly profitable enterprise will soon arrive at a crossroads of opportunity. Do they take a risk and expand, or play it safe and stay put? Some choose the former, and others opt for the latter.
If you’re the owner of a successful small business and recently decided it’s time to grow and expand, the next step is plotting a path forward. The details of that trajectory depend on the specifics of your business, but generally speaking, you’ll come to rely on a handful of services in order to pull it off.
With this in mind, let’s take a look at seven outside services for taking a successful small business to the next level:
Accounting
The typical thriving business has dozens, if not hundreds, of transactions happening every day. Keeping track of all those transactions is a daunting task without the help of a professional accountant. Come tax time, and any error can lead to serious implications that threaten the success of your business. With this in mind, it’s essential for businesses in the process of growing to invest in professional accounting services, either by hiring an in-house accountant or outsourcing their bookkeeping to a business accounting firm.
Cybersecurity
Sooner or later, your business will appear on the radar of nefarious online entities. Whether or not they go forward with a ransomware attackwill come down to the security protecting your digital infrastructure. Rather than wonder if your existing cybersecurity will keep getting the job done, be proactive about protection and find a reputable cybersecurity service that specializes in providing businesses with state-of-art ways to thwart cybercriminals at every turn.
Human Resources
Most small business owners handle their own hiring duties and other tasks that fall under the category of human resources. But once you decide to expand, keeping up with HR on your own will be difficult to do without neglecting other responsibilities. With this in mind, it’s a good idea to partner with human resources serviceswith the expertise and experience required to handle your HR tasks in a professional and proficient manner. These services are especially handy for companies making plans to expand globally.
Marketing
Have you ever noticed the high volume of local business advertising that seems amateurishly conceived and poorly executed? It’s mostly the result of business owners thinking they can do it themselves. As you can recall, few are able to do it without looking silly. With this in mind, we strongly encourage business owners to partner with professional marketing agencies in their area. Doing so will streamline the process, leading to a greater return on investment.
Legal
Even if they do everything above board and go out of their way to follow every letter of the law, it’s still possible for small business owners to find themselves in legal hot water for various reasons. Rather than wait until after you’re subpoenaedto find a good lawyer, take the time now to seek out a highly skilled business attorney. Most business lawyers will agree to manage your legal matters for a retainer, giving you immediate access to their expertise, wisdom, and skills during difficult times.
Realty
Growing a business usually involves either an office relocation or the opening of a second location. In either case, you need real estate experts to help find the perfect location.
Supply
Every business relies on supplies of some kind. Whether it’s office supplies, kitchen supplies, or raw materials used for manufacturing, companies need to establish relationships with relevant suppliers. At a time when supply chain shortages are happening in every sector, finding a reliable and cost-effective supplier has never been more important.
The hard truth is most small businesses never reach a point where expansion is an option. But for business owners who find themselves in that situation, what happens next will come down to the choices they make. By choosing the right outside services to provide essential assistance, small businesses have the best chance of making an expansion project a decision they don’t regret.
Julie Steinbeck is a freelance writer from Florida. She enjoys writing about business, finance, health, and travel.
Emmanuella Shea
Author
Emmanuella Shea is a distinguished finance and economics expert with over a decade of experience. She holds a Master's degree in Finance and Economics from Harvard University, specializing in financial analysis, investment management, and economic forecasting.
Her authoritative insights and trustworthy advice have made her a highly sought-after advisor in the business world.
Outside of her professional life, she enjoys exploring diverse cuisines, reading non-fiction literature, and embarking on invigorating hikes.
Her passion for insightful analysis and reliable guidance is matched by her dedication to continuous learning and personal growth.
Camilo Wood
Reviewer
Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing.
Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers.
Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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