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Bruce Croxon is a digital pioneer and owner of several successful small businesses, including one that sold for 180-million dollars. He currently helms Round13, a company dedicated to incubating and investing in start-ups. He’s also an investor on CBC Dragons’ Den. He’s partnered with Sage to help provide advice and expertise on getting small businesses off the ground.
Though they might try to deny it, small business owners can’t do everything, even in terms of the tasks that must be completed within their own startup. If leaders hope to grow their companies, they can’t risk spreading themselves thin and trying to cover all of the bases at once.
So when new employees have been onboarded, it might be a good time for a company owner to hand off some of the more menial tasks, or those that can be relatively easily taught without too much disruption. Many times, financial responsibilities are on this list, thanks to the latest and greatest technologies available to help.
As such, what should company leaders be aware of as they start to make the transition and free up time in their own schedules to dedicate other tasks?
Technology can go a long way
For best results, it might be worth it for company leaders to fall back on technology in order to hand backroom responsibilities on to other people in the business. For instance, with the help of the cloud, invoicing can be done by any staff member no matter where they are and delivered to recipients and corporate partners immediately. As soon as transactions are processed, they can be put on the books to help the owner have a real-time, comprehensive view of the company.
There are various financial programs that can make the transition of a task to a new individual easy and quick. As long as the company is using the right accounting software, the owner can step away from back-office operations and toward more pressing matters.
Outsourcing might be the key to success
Even if the small business is already leveraging technology in order to allow the leader to embrace different tasks, trying to be more hands-off might still be an issue. Therefore, outsourcing and having others handle specific functions could be the smartest move.
“You don’t have to have a room full of employees, there’s lots of ways you can outsource on a contract,” small business expert Bruce Croxon said, noting that his company does this in Romania and recoups half the cost.
For instance, owners may want to consider having accountants handle responsibilities like filing taxes as spring approaches.
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