5 Ways that Small Businesses Benefit from Hiring Freelancers
If you own a small business, you probably do everything from making products through dealing with suppliers and customers. When your day is done, you might even sweep the floors and turn out the lights before you lock up. Yet there will come a time when you cannot do everything, which leaves you with two options: either you hire employees to do other tasks, or you retain independent contractors and freelancers to handle those tasks as they come up. In the early stages of your business, you may find greater benefits from retaining freelancers than from hiring full- or even part-time employees.
Consider the following benefits:
- Freelancers work on an “as needed” basis. A freelancer will complete the tasks independently. When the work is done, they simply remain on call and your business has no obligation other than to pay them for the completed work.
- Freelancers work fast. Independent freelancers have strong incentives to complete the tasks that are assigned to them and to provide whatever deliverables have been requested. Completing a task quickly creates better cash flow for freelancers and allows them to handle more tasks for several parties.
- Small businesses can find different freelancers with unique or special abilities. A small business might find it difficult to hire one or two employees with the range of skills needed to complete many different tasks. Rather than spending the time to find one perfect employee, small businesses can retain several different specialty freelancers, each of whom has the particular skills that are required to handle different tasks.
- Freelancers prefer to work independently. The newer and younger generation of prospective employees prefers not to be tied down to any one company, but instead those individuals want to be able to control their own destinies through the new ‘gig economy’. Small businesses are perfectly poised to take advantage of this preference.
- Retaining freelancers allows a small business to focus on what it does best. Some of the most successful small businesses focus on specialised products and services and on their own unique abilities to provide those products or services. By retaining freelancers to handle the tasks that support the running of the business, such as bookkeeping, small business owners can concentrate all of their efforts on the core value of their business.
Keep an eye on the Nationwide Super blog for more small business management tips.