Outsourced Payroll Services: 5 Advantages of Being a Small Business
When people speak about small businesses, you often hear about the difficulties of running a successful small business, the volatile South African economic climate, and the numerous sacrifices that go into maintaining a small business. While these are aspects of running a small business that should not be underplayed, there are also numerous benefits to being a small business. In this quick guide, we highlight the 5 advantages of being a small business to demonstrate the exciting position that small businesses occupy. When looking to take advantage of outsourced services tailored to small businesses, SureBooks offers outsourced payroll services that will ensure your payroll is accurate and effortless for your small business.
5 Advantages of Being a Small Business:
Being a small business is not easy. Running a small business requires extensive time, effort, and capital, which can bring with it financial and emotional stresses that can be difficult to deal with daily. While the hardships of running a small business should not be undermined, running a small business also comes with distinct advantages. To highlight the beneficial position of being a small business, we have highlighted the 5 advantages of small businesses. These are not only advantages but are also tools that can be focused on and emphasised in your small business to give yourself the edge over larger businesses in your field.
1) Lower Overhead Costs:
When compared to larger businesses, small businesses benefit from lower overhead costs. Overhead costs will be dependent on your specific small business and can include everything from the rent you pay at your office to the number of staff you have to the operational costs of producing your products. When you compare your small business to a larger business in a similar niche, your overhead costs will be drastically lower as the size of the space you need, the number of employees you need, and your daily operation costs will all be at a smaller scale.
Lower overhead costs are highly advantageous. When your expenses each month are small and manageable, you can offer your customers products or services at a lower rate than your competitors. Lower prices can increase your customers, allowing you to then maintain a profit for your small business. Lower overheads also reduce the financial stress that you experience, allowing you to draw more satisfaction from running a small business.
2) Better Customer Service:
Behind every successful business lies excellent customer service. When customers are taken care of, a business has a collection of loyal customers that will repeatedly return for the products or services and encourage their friends, family, and colleagues to do the same. As a small business, you are at a greater advantage as you can provide even better customer service than a larger business. We have demonstrated 3 of the ways that a small business can ensure their customers receive the highest standard of customer service.
Faster Responses to Customer Complaints: No business is perfect. Sometimes, a product is faulty or a service does not deliver on its promises. For customers, a poor product or service can be quickly forgotten or forgiven if the business takes the right steps promptly to rectify the problem. The issue with large businesses is that there are often systems in place to handle customer complaints which results in the customer having to go through numerous people or portals, resulting in them feeling disgruntled or disconnected from the business. As a small business, you can handle any customer query or complaint immediately and offer them a quick solution as you will have the time to handle your customers directly.
Personal Service: Customers appreciate dealing with people in a business rather than automated systems that answer their questions or redirect their complaints. As a small business, you can personally deal with all of your customers and offer them a meaningful connection when they choose your small business. This personalised service makes customers happy which then translates into an ongoing trust in your small business. The personal service also benefits your business as this approach allows you to get a clear grasp on the type of market that is interested in your product or service, allowing you to better tailor your business to your niche target audience.
Ability to Customise for Customer Needs: Large businesses are usually set in their specific variety of products or services and do not allow for any changes to these offered items. As a small business, you have more flexibility to take on specific customisation requests from customers. When a customer requires a smaller order than normal or slight changes to your products or services, you are in the position as a small business to make these changes and accommodate your customer needs. Your customers will appreciate that you have taken the extra step to suit their requirements and this will in turn reward your small business with loyalty or praise.
3) Adapt Quickly to Changing Market:
The major benefit to being a small business is flexibility. Markets can change fairly quickly, and as a small business, you have the ability to adapt at a pace that matches your market. If you have noticed that customers are constantly requesting specific customisations to your products, are enquiring about a specific service that you do not currently offer, or specifying ways that a process could be simpler when dealing with your business, you can take the steps to make these adaptations to suit the changing needs of your market.
You do not need to approach the managers of your business or consult with investors on a new business direction in the same way you would in a large business. You can simply take action and redirect your small business to the best angle for success for your recently changed market. The control is truly in your hands when it comes to the future and success of your small business.
4) Small and Dedicated Team:
Large businesses require equally large teams of employees to ensure the successful running of their business. With more employees comes an increased need for effective management systems, a more complicated monthly payroll, and higher overhead expenses each month. In addition, the process of sourcing and hiring a large number of employees can be time-consuming and potentially result in the wrong person being brought into a role in the company.
Small businesses benefit from only needing small teams of employees to operate successfully. Depending on your small business, it may be you and a select few employees that are devoted to the marketing of your business or assisting you with the admin of running your business. When the team can stay small, you can select specific employees who are perfectly suited to the ethos of your small business and who will provide you with dedicated job performance.
5) Numerous Opportunities for Outsourcing:
Large businesses usually perform all their work in-house. While this can be advantageous, it also comes with the increased disadvantages of having to hire specifically qualified and experienced employees. This is then an added expense every month and can be difficult finding a suitable employee for the role that needs to be filled.
Small businesses are at an advantage because they have available numerous outsourced services specialised for small businesses. Outsourced services are usually tailored to specific financial, marketing, administrative, and IT support that small businesses need assistance with. Rather than having to hire specialised employees and increase your monthly overhead costs, you can have expert companies offering you a professional service that will adequately suit your needs and assist you to run a successful small business.
Another advantage to outsourced services specialised in small businesses is that the cost of these services will be competitively priced in accordance with the net income of small businesses. This means that you can benefit from expert services and saved time and energy at an affordable rate for your small business. Outsourcing is the way to go for small businesses, and the advantage is that outsourcing is an easy step to take for any small business.
SureBooks Outsourced Payroll Services for Small Businesses:
SureBooks is an accredited small business accountant that provides small businesses with outsourced payroll services. We understand that there are both advantages and difficulties to running a small business. This is why we offer expert outsourced payroll services so that your time and energy can be better spent on other important factors of running your small business.
Our outsourced payroll services aim to benefit both your small business and your employees with our accuracy and expertise. Included in our outsourced payroll services are payslips and administration, the compliant handling of PAYE, SDL, and UIF, and biannual EMP501 submissions to SARS. Everything about our outsourced payroll services is designed to make payroll easier for you and precise for your employees.
No small business payroll is the same, which is why you need professional outsourced payroll services that can be tailored to your exact payroll needs. SureBooks is comprised of qualified and highly experienced payroll consultants that will offer you personalised and accurate outsourced payroll services. Our payroll consultants ensure that your payroll runs smoothly so that you can focus your time and attention on ensuring the smooth running of your small business.
SureBooks offers you a tech-savvy approach to outsourced payroll services. We use SimplePay for our payroll services. SimplePay is a reliable and simplified approach to your payroll administration, allowing us to offer you an even better payroll service.
SureBooks is your trusted small business accountant. In addition to our outsourced payroll services, we also offer small businesses accounting services, tax compliance services, and financial reports. With SureBooks, all your small business finance needs are professionally taken care of.
SureBooks specialises in outsourced payroll services and accounting services for small businesses. We understand the time, effort, and dedication it takes to build and sustain a small business. We focus our services on small businesses because we want to be the financial assistant that ensures the continued success and growth of small businesses in South Africa.
SureBooks is your affordable solution to expert financial management. We offer a wide range of accounting and outsourced payroll services packages to ensure that you can find the perfect package tailored to your needs and budget. If your financial needs are unique like your small business, we are happy to create a custom accounting package just for you.
When you partner your small business with SureBooks, you not only have access to professional and experienced accounting and payroll services, but we also provide expert financial advice. We ensure that all our services and advice are assisting your small business financially and are allowing you to have more free time to focus on your business.
Enjoy the advantages of being a small business with SureBooks’ outsourced payroll services.