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4 Essential Tasks New Bootstrapped Businesses Should Outsource

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October 10, 2020 5 min read

Opinions expressed by Entrepreneur contributors are their own.

When you’re bootstrapping your startup, it can be tempting to try to do everything yourself in an attempt to save money. After all, when you don’t have VC backing on your side, you have to stretch every dollar!

However, a do-it-all mentality could ultimately backfire in the long run. If you want to make the most of your financial resources and achieve the growth that will take your startup to the next level, you’re going to have to outsource.

No matter what industry you’re working in, each startup will have essential, time-consuming tasks that can easily take your attention away from the big-picture issues that affect your company’s long-term health. Ignoring these “everyday” tasks will limit your growth — but so will spending too much of your own time on them.

The solution, of course, is strategically outsourcing tasks.

1. Accounting and bookkeeping

Knowing how your money is being spent and where your revenue is coming from is vital for any bootstrapped — but crunching the numbers is far more complicated than you might think. This is one area where even a seemingly tiny error could have big ramifications for your business.

It’s generally recommended that you outsource this work to bookkeepers, who accurately record all financial information associated with your business, as well as accountants, who use this information to prepare tax documents and profit and loss statements. Making use of both will take a lot of responsibilities off your plate, eliminating a major stressor for startup founders.

Yahoo Small Business estimates that outsourcing these tasks can reduce monthly bookkeeping costs by 40 percent. Even more importantly, you don’t run the risk of making an error that gets you into tax trouble or puts your cash flow in jeopardy.

Related: When to Hire a Bookkeeper or Accountant

2. Marketing — all of it

Love it or hate it, marketing is an absolute necessity for any startup. The sheer scope of what digital marketing now entails can be overwhelming. There’s your website, your social media channels, content marketing, SEO and more to consider. All of these tasks must work in unison to grow your .

Adequately managing these diverse responsibilities requires a full-fledged marketing team, something the average bootstrapped startup simply can’t afford. Even more importantly, however, outsourcing your marketing gets you a team that knows how to create effective content and analyze its effectiveness.

This approach also provides much-needed flexibility. As Matthew Creswick writes for HubSpot, “Rather than paying an in-house blogger to write full-time for your brand, you might consider hiring a freelancer to write […] two posts per week, which is undeniably cheaper than the alternative. As your company grows, you can reassess whether it makes sense to pay a writer full-time.”

3. IT and other necessary tech

These days, startups don’t just outsource to living, breathing humans. Automation has taken over a wide range of mundane business tasks, eliminating much of the busywork associated with running your own company. Then, of course, there is the transition from paper to digital record keeping.

In fact, a 2018 report from IDG revealed that 89 percent of companies had either already adopted a “digital-first” strategy for their business or had plans to do so shortly. This mix of automation, cloud storage and other tech advances can make companies far more efficient — but they also present new challenges.

As Kie Liang, founder of Desert I.T. Solutions, explained to me in a recent email conversation, “If you aren’t careful, your digital infrastructure can become just as complex and hard to manage as a paper filing system. Then, of course, there’s the matter of securing these digital assets. Whether it’s a hard drive crash or a hacking attempt, you can’t afford to lose everything because of poor digital security. Outsourcing can take care of data backups, security and other tech issues you might face.”

4. Customer support

Few things are more satisfying than seeing your bootstrapped startup begin making its first sales. As your customer base grows, however, so too will your need for strong customer support.

Research from PwC reveals that 73 percent of consumers feel that a positive is central to their decision to become loyal to a brand. On the opposite end of the spectrum, an Oracle survey found that 77 percent of customers felt that inefficient service detracted from their quality of life.

To achieve lasting success, your business must be able to offer superior service at each stage of the customer journey. Whether they are inquiring about your products or submitting a complaint, their experience will influence if they do business with you again in the future.

Outsourcing this work to someone who knows how to handle these issues (and keep their cool when dealing with an irate customer) is vital for creating consistently positive interactions.

Related: 10 Reasons Why Good Customer Service Is Your Most Important Metric

It’s time to outsource your way to success

Outsourcing can be a little scary when bootstrapping your own business — after all, it costs money and involves you giving up some measure of control over these tasks.

However, look at it from the big picture. In the long run, outsourcing will help you grow your startup faster, while also costing less than hiring a full-time employee to do the work. You’ll have the support you need to scale and turn a greater profit while you do so.

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How Brands Can Go From Performative Allyship to Actual Allies

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October 21, 2020 7 min read

Opinions expressed by Entrepreneur contributors are their own.

In these times of divisive politics, social unrest, and massive protesting, brands are taking note and including more diversity in their messaging. Many businesses are putting out social messages that are intended to show allyship, but if we were to look deeper, we’d find that many of these brands don’t have the internal organization or actions to align with their messaging.

This is called Performative Allyship. Essentially, performative allyship is when you “talk the talk” but don’t “walk the walk.”

Brands and businesses know the power of marketing and intentionally creating positive social perceptions. But brands should be careful when pushing out these messages. They can create a false perception that weakens a ’s trust and respect amongst their clients.

Of course, there is power in sharing diversity messaging. I leverage that power in my own business messaging. But I think there’s an opportunity for brands that want to jump on the bandwagon to jump mindfully. Here’s how you can be more intentional about your diversity messaging to avoid the pitfalls of performative allyship. 

What is performative allyship anyway?  

After May 25th, the unfortunate and iconic day when George Floyd was killed, it seemed like everyone felt a sense of urgency to do something and say something to be on the right side of justice.

Brands and organizations started to catch on to the social justice conversations happening in the business world and society as a whole. People all over the states started seeing changes. Buildings were renamed, statues came down, murals went up, and of course, brands started changing their messaging and marketing.

Related: 5 Ways Entrepreneurs of Color Can Determine an Ally’s Authenticity

Don’t get me wrong — nothing in and of itself is bad about that. But the conversation I want to start awakening people to is about the pros, cons, and considerations you should be having when messaging in support of DEI and allyship. You and your business should avoid “performing” in the public space and not doing the work internally.

In DEI, there is no such thing as a perfect response or piece of writing to address racism. It’s more a reflection of what you’ve done prior to that and more importantly, what you’re going to do after the fact.

It’s important to realize that when organizations or businesses make a public statement, whether internal or external, they are in essence inviting people to hold them accountable. The whole world can now scrutinize the actions of their past, how their business operates internally, the culture they’ve created, and how they will continue to act in the public eye.

This year, may have felt like they needed to act with a knee jerk reaction so they would be perceived as being on the right side. However, many people are seeing through brands who do not “walk the walk”. People are seeing the inauthenticity of certain brands as being performative in nature. Leaders must realize there are implications and consequences that come with performative allyship. 

What are the issues for my business if I engage in performative allyship?

Performative allyship can weaken trust and in your business. Not only can it be hurtful for communities of color, it can also put the messaging into a context that can feel like your business is tossing some money at the diversity issues and hoping they will go away.

Related: The Supreme Court’s Ruling on LGBTQ+ Workplace Protections …

When people see performative allyship, they feel like you might be avoiding the hard and important work. This performative work can feel good on the surface and give us a glimpse of hope, because there’s some level of solidarity. But at the end of the day, those of us who care about DEI work are left wondering where the deep work is and what practical steps are present to help us dismantle systemic racism.

As entrepreneurs who care about DEI, we don’t want this work to be window dressing or simply checking a box. We don’t want it to be a costume for the actual problems at hand. We want to see society emerge stronger and not repeat the injustices of the past. We want organizations to align their words with their actions. We want our businesses to act and communicate with integrity and credibility.

Brands are making a fatal mistake with performative allyship. It’s about intent versus impact. Just because you didn’t intend for something to land a certain way shouldn’t mean others have to suffer the consequences. Insensitive DEI messaging can result in negative word of mouth, poor response from the market, or people boycotting your business.

What can you do to be an actual ally?

Here are some tips for brands to become actual allies and avoid performative allyship.

  • Count the cost. Before you feel it appropriate to write a statement, make a verbal pledge, or change your messaging, you need to “count the cost” and know what it means to deliver upon it. In other words, dig into the work or consult with a DEI specialist to see what being aligned with diversity, equity, and inclusion work will cost you, your team, and your business. Analyze your resources so you can live up to the DEI messaging you want to enact.
  • Do an internal evaluation. It’s particularly important to evaluate your DEI efforts through the lens of the leadership team. You must think through what will help your business have a strong, solid foundation upon which success can occur around DEI. Ask yourself and your team questions such as:
    • Are you actually ready for DEI work?
    • Do you have the infrastructure to support it?
    • Do you have the capital to support it?
    • Do you have processes in place to drive sustainable change?
    • Are you doing an assessment to gather important data to inform the path forward?
  • Have a readiness conversation and conduct an assessment. To build upon the last point, I encourage brands and leaders to ask questions around the Meyer’s DEI Spectrum Tool 12 Dimensions of DEI work. These 12 dimensions include assessing policies, leadership, infrastructure, training, and more. This assessment includes seeing if you’ve done the hard work of having those conversations to see why you are doing this work, analyzing the business case for it, and ensuring there is alignment for vision across leadership. 
  • Create systems for equity and justice. If you want to empower Brown and Black people, ask yourself, do you have systems in place for that? Even if your proposed systems are small in stature, make sure you can deliver on them—if not, then don’t market it. After analyzing and assessing, you can consult with DEI professionals to create these systems and implement these ideals for external messaging.
  • Avoid being woke-washed. People want to support brands they feel really are “woke” and not “woke washed”. They want to support brands who are actually aligned with their values and are doing the hard work. Ben & Jerry’s is a great example of a brand that is woke and working towards justice in the world. They were demonstrating allyship well before the death of George Floyd and continued to support DEI efforts afterward. They earned the trust of their audience and avoided the pitfalls of being superifically woke-washed. In other words, they talked the talk and walked the walk.

When you are aligned, prepared, and honest about the messaging you wish to share, you will be taking critical steps towards actual allyship.

As we move forward into the world and more racial and social equity issues show up (because they will), make sure to dig deep and truly do the work to avoid any performative allyship.

Make sure you can back your messaging up with the systems, culture, and infrastructure change in your organization that creates actual impact. Make sure you are actually doing the allyship work to help you and your business contribute to a more just and equitable world.

Related: Be Intentional About Diversity

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Apollo Board Will Review Leon Black’s Ties to Jeffrey Epstein

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The billionaire Leon Black’s decades-long relationship with the convicted sex offender Jeffrey Epstein will be reviewed by a group of board members at the private equity firm he leads, Apollo Global Management.

A spokeswoman for Apollo said Tuesday night that Mr. Black requested the review by members of the firm’s conflicts committee during a regularly scheduled board meeting.

Mr. Black asked for the review a little more than a week after The New York Times reported that he had wired at least $50 million in fees and donations to entities affiliated with Mr. Epstein in the U.S. Virgin Islands from 2012 to 2017.

Shares of Apollo have fallen more than 13 percent since the report was published. The firm reports quarterly earnings on Oct. 29.

In asking for the review, Mr. Black, an Apollo co-founder and its chief executive, said an independent review was in “the best interests” of Apollo, its employees, shareholders and limited partners. The board committee retained the law firm Dechert LLP to conduct the review.

Mr. Black and Apollo have repeatedly said that Mr. Epstein did no work for the firm, which counts some of the biggest public pensions in the world among its investors.

In a letter to investors after the Times report, Mr. Black said he had not been accused of any wrongdoing. He said he had paid millions in fees to Mr. Epstein for advice, mainly on estate planning.

Mr. Epstein died in custody in August 2019 after federal prosecutors in Manhattan had accused him of engaging in sex trafficking with underage girls and young women. His death was ruled a suicide.

Mr. Black’s letter said he regretted his dealings with Mr. Epstein but had been unaware of the activities that led to the most recent criminal charges against him.

Mr. Epstein pleaded guilty to a charge of soliciting prostitution from an underage girl in Florida in 2008, a case that required him to register as a sex offender. Mr. Black’s letter offered few details about the nature of the work that Mr. Epstein had provided for him in the years that followed. Mr. Epstein, a college dropout who styled himself a financial guru to the very wealthy, had no particular expertise in tax and estate planning.

Mr. Black is worth about $9 billion and is one of the wealthiest executives on Wall Street. He has an art collection estimated to be worth $1 billion and serves as chairman of the board of the Museum of Modern Art.

Mr. Black asked for the review because he wants an independent analysis to support his statement that he did nothing wrong and all the fees paid were legitimate, according to a person briefed on the matter who was not authorized to speak publicly.

The board’s review was first reported by The Wall Street Journal.

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Disneyland, Other California Theme Parks, Get Rules for Reopening

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California health officials issued long-awaited guidance for reopening theme parks in the state on Tuesday, setting targets for when attractions like Disneyland Resort, in Anaheim, and Universal Studios Hollywood, in Los Angeles, can open their doors. For the big parks, it could be a long road: their counties must reach the least-restrictive “yellow” tier of the state’s four-tier Covid-19 economic-reopening plan.

In terms of coronavirus cases, Orange County, home to Disneyland, is currently in the “red,” or second, tier and Los Angeles County, Universal Studios’ location, is currently in the most restrictive “purple” tier. It could be months before either county meets the guidelines for the “yellow” tier, which requires there be fewer than one case a day per 100,000 residents and a testing positivity rate of less than 2 percent. The parks have been closed since March.

The secretary of California’s Health and Human Services Agency, Dr. Mark Ghaly, issued the guidelines in a video conference on Tuesday and said that he believes that the tier guidelines can be reached. He said that San Francisco County had already met them.

“There’s lots of work we can do together — both state, local, business leaders, community leaders, individuals — to do what we can to make sure that we reduce transmission throughout our county and there is a path forward there,” Dr. Ghaly said. “We do not know when, but we do know how, and I think we’ll continue to put in the hard work to get us there one county at a time.”

However, Disneyland Resort’s president, Ken Potrock, said in a statement that the guidelines are “arbitrary” and “unworkable.”

“We have proven that we can responsibly reopen, with science-based health and safety protocols strictly enforced at our theme park properties around the world,” Mr. Potrock said. “Nevertheless, the State of California continues to ignore this fact, instead mandating arbitrary guidelines that it knows are unworkable and that hold us to a standard vastly different from other reopened businesses and state-operated facilities.”

When parks do reopen, they will have to implement a reservation system allowing guests to book visits ahead of time. They will also have to screen guests for symptoms and mandate masks everywhere inside the park, except when people are eating and drinking. Larger parks, like Disneyworld and Universal Studios Hollywood, will have to limit capacity to 25 percent.

Smaller parks in California can reopen when they reach the third or “orange” tier. They will be allowed to have up to 25 percent capacity or 500 guests, depending on which number is less, and only people from the park’s home county will be allowed to visit.

Disney World, the company’s Orlando, Fla., park, reopened in July with strict social distancing and capacity requirements and there have been no major outbreaks of the coronavirus associated with the park. But low attendance has led the company to start layoffs there. The pandemic has cut off many of Disney’s lines of business, including films, theater productions and cruises. Disneyland generated an estimated $3.8 billion in revenue last year, according to Michael Nathanson, a media analyst.

On Monday, a coalition of unions representing thousands of workers at Disneyland told California Gov. Gavin Newsom that it is generally satisfied with the health measures laid out by the company for operating safely.

Follow New York Times Travel on Instagram, Twitter and Facebook. And sign up for our weekly Travel Dispatch newsletter to receive expert tips on traveling smarter and inspiration for your next vacation.

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