Growing Your Business Using Freelancers

When your business reaches a certain point, there are certain decisions that you have to make in order to maximize your profits and increase efficiency. The same advice doesn’t work for everyone’s situation, but there are some I’ve found to be applicable even when organizing one’s changing daily life objectives and plans. Here is one major tip you can utilize as you to prepare for growth.
Outsourcing: I have come to learn that there are some jobs that better done by someone else so as to free up your time for the more difficult or important aspects of running your business.

It is usually difficult to opt to pay someone else when there isn’t a lot of revenue flowing in, but you need to remember that your hourly rate is higher than what certain free lancers may command, so why not let them get the job done. Some of the prime tasks to outsource include those in the tech sector such as web coding and design, editing of write ups and even administrative assistance.

There are various internet sources to find great freelancers from all around the world such as on oDesk and Craig’s list. When searching for a freelancer, look through some of their previous projects so you can gauge their level of quality before making your decision. Make sure at the onset, you set expectations of the time it will take to do the job and the final product required. This can be done through time tracking devices such as Harvest and the ones offered on oDesk.

It’s also important to treat your employees well so you can lay the foundation for a future job with them and maintain good reviews on the freelance platforms; it also helps with good karma. Finally do not be afraid to fire fast! The inconvenience incurred earlier on is infinitely less than the future frustration. If the expectations are not met, find another person to do the job. Good luck and go forth and outsource!


Forecasting for Small Businesses

It’s very easy to get caught up in the day to day activities to ensure your business continues to run smoothly that you completely forget to plan for the future of the company. Granted, forecasting may never appear as urgent as the rest of the pressing issues on your to do list, but in reality, it is more crucial for the overall growth of your business. This is because it allows you to see what aspects of the business need a lot of attention and where changes have to be made for the long term profit of the company. Here are some tips to consider when forecasting for you growing business.

Benchmarking:
Always set benchmarks that you have to adjust over time as your business grows. These are helpful when looking back to see if past set expectations were made and how your business is doing in reference to other companies in the same boat. A good way to see where your business stands at the moment is to study your interest rates, fixed and variable expenses. How have these changed over time and how do you expect them to change with growth?

Tech Resources:
Utilize available tech resources; QuickBooks is an efficient and simple one to use. These web based resources can help make the forecasting process fast as they’ll show snapshots of different aspects of your business as it stands. Once they show you where you stand, you can calculate the money to allocate towards staffing, advertising and whichever other departments may require it.

All in all, forecasting is just a clear picture to repeatedly glance at to see how far your business has come and what steps will be necessary to take it even further and achieve the goals you had set.