In every business there are 10 key departments, two of which are strategic: shareholders and directors and the other eight of which are operational. At the top of those eight operational departments is leadership. As the CEO or GM of a business it can be easy to find yourself wearing hats for all departments, when in fact you could be hiring or outsourcing these departments so that you can free up time giving you more capacity to focus on improving, growing and maximising the potential of the business.
Shareholders: Funds the business
Directors: Decides the direction of the business
Leadership/CEO/GM: Implements the plan effectively so that the business can maximises its performance
Product/Service Development: Develops new or existing products and services.
If you’re developing a new product it is worth investing in either a dedicated researcher or outsourcing it to a research team who can work on a project basis to provide you with the analytics, information and feedback that you require.
Operations/Delivery: Delivers the product or services. This is often a key department that can be outsourced as your business grows. By swapping from in-house delivery to a drop shipping company you can focus your time on handling customer service and improving your services and marketing rather than focussing on delivery.
Sales: Sells your product or services by converting potential and prospective clients and customers into actual clients and customers.
Sales can be delegated out either by hiring someone with sales experience or outsourcing tasks out to a professional sales team. By outsourcing you can reduce the onboarding process, the fees and you can bring them in as and when you need to source more clients.
Marketing: Generates leads for the sales team. If you don’t have the need or budget for an inhouse marketer, outsourcing to an external agency can free up time and means that they will have the expertise and knowledge to deliver on marketing campaigns, social media and brand strategies.
Finance: Manages the businesses finances. Finance is commonly outsourced, when the business is still in its infancy and you’re not at the point of needing an in-house accountant but you do need someone who is fully trained in accounting and understands compliance standards.
Administration & Technology: Looks after the businesses IT and admin so that the company can run efficiently.
Virtual assistants and remote servicing means that both of these departments can be outsourced whilst your business is growing. Outsourcing your IT will ensure your company’s data is protected and that your systems and networks are running smoothly. And having a virtual assistant or receptionist will free up time and reduce costs as you only need to pay for the services you use.
Human Resources: Enrols the team and looks after employee administration.
When you take into account all the different elements such as hiring, wages, training and resolving issues raised by employees, employee administration can be a complex and time consuming role. This can easily be solved by outsourcing or hiring a dedicated HR manager.
How many of these hats are you currently wearing and which of these seven departments could you outsource or hire for?
Looking for help with planning your business structure? Tauranga based accountants, Grace Team Accounting offers business coaching alongside their standard accounting services. Get in touch now to find out how they can help maximise your business.