Americans work the majority of their lives with the hope of one day retiring and enjoying the fruits of their labor. Unfortunately, more and more people have to work well into their golden years without any end in sight. This is especially true for people that work for small businesses for the bulk of their career.
Creating a startup venture is no easy task. Startups come in all shapes, sizes, and industries. Neil Blumenthal, cofounder and co-CEO of Warby Parker summarizes it best, saying, “A startup is a company working to solve a problem where the solution is not obvious and success is not guaranteed.”
According to Small Business Trends, almost half of small businesses don’t make it past the fourth year. These companies still aren’t in the clear, as Forbes estimates that the overall failure rate for startups falls between 80 and 90 percent.
Small business owners put in a lot of work to make their business succeed. Unfortunately, there are some hurdles that can prevent a small business from a bigger, more lucrative future. Here are three issues that small business owners may have to face when growing their company.
When you own a small business, you don’t always have the personnel to handle your HR functions, which can leave you having to take charge. Unfortunately, these extra duties can end up hurting your business.
Having to handle things like payroll takes time, which could be used to help grow your business. Even more, handling your own payroll can end up costing your business money and putting more stress on yourself.
Are you looking for a way to reduce administration costs for your small business? Have you considered how much time (and money) you would save if you didn’t have to prepare and process your payroll and payroll taxes?
When you outsource payroll services, there are a number of benefits. The most essential for small businesses is that you can take the time you used to spend on payroll and devote it to building your business.