Many business owners start life running their own company by doing virtually everything, from undertaking the actual work which is their business, to all of the unrelated but nonetheless vital responsibilities within that business, such as tax returns, bookkeeping and, of course, handling the payroll services. However, when said business grows it doesn’t normally take too long before somebody else needs to be employed to take on the latter duties.
As your business grows you have to ask yourself whether you are doing justice to yourself or your company by working all hours God sends, some of that work being non-productive paperwork, when you could easily outsource it for very little expense and apply your talents to running the company as it should be run. In effect, by outsourcing your payroll chores to a specialist you are guaranteed to have everything done correctly, and on time, and at the same time you are getting a huge load taken off your shoulders.
We know of a couple of examples of companies who had different thoughts about outsourcing their payrolls to a specialist, though for obvious reasons we can’t divulge company names.
The managing director of company A had set up his small packaging business in Birmingham, and together with his wife they were working all hours with a staff of five, but he felt that he and his wife should do all they could to keep expenses down so he did all the payroll chores for their business as well as his proper job in the factory, which should have entailed drumming up more business and keeping clients happy.
The result was that after working like this for a couple of years he had to take time off work due to stress and overwork. The company subsequently folded. But there are, and were then, plenty of small businesses which could have made his life easier and if he had employed one such who specialise in Birmingham payroll services he may well still be trading today.
The lady MD of company B had a different attitude to employing a company to look after all her payroll services in Manchester from the word go. She set up her company with a staff of six which soon rose to ten, but she made sure she was available all day and into the evening for her clients. Her staff is now approaching 20 and her business is booming despite the recession.
Those are two real examples of people in business, one an inflexible workaholic who had a nervous breakdown and whose company folded, and the second, a more up to date operator who believed in delegation and that we all have a different role to play in whatever business we are in.