When determining how to spend limited resources, the small businesses must focus on functions that nurture long-term company performance, as well as reduce overhead and streamline efficiency. While there are many business activities that require expert staffing, the following three roles are of premier significance.
Accounting
The complex laws surrounding bookkeeping, payroll, and taxes make it important for a professional to manage the books to avoid costly legal infractions. In essence, the regulatory compliance of a business’s financial standing is paramount to its survival for any length of time. Correspondingly, an accounting service offers an unparalleled return on investment and peace of mind for the small business owner.
Marketing
In the ever-changing marketing world, what attracts consumers today may not work tomorrow. The time-intensive requirements of learning and implementing new market strategies can significantly affect a business owner’s ability to focus on company goals. In fact, engaging a marketing expert to navigate through the finicky nuances of marketing can launch the company from small business status to the next level.
Professional Strategist
Consulting a professional with tailored industry experience is likewise highly beneficial to a company’s growth and long-term sustainability. Whether for problem-solving, synergetic coaching, or strategy analysis, a strategist’s impartial perspective and honed market skills contribute a unique level of creative insight inaccessible to the small business on its own. In some instances the CFO plays both roles. However, in some instances, if the CFO does not handle dual roles, it is in the company’s best interest to consult an industry professional for new trends and strategies.
Legal
Legal counsel is another area that is critical for a small business to get advice, especially, in areas of writing contracts and compliance. A few hours of legal advice can save a small company a lot of money in the long run and avoid potential legal pitfalls.
Conclusion
The small business with qualified staffing in its finance, branding, development strategy and sound legal advice is on track for real growth. Small business success stories have a common theme—identification of key priorities, respective emphasis, and resultant discovery of their competitive advantage. Armed with these fundamental directives, today’s small business can similarly establish the longevity of its growth and development.
Contributor: Urban Accounting Services Team
