Business Support Services: The Key to SMB Success

Business Support Services: The Key to SMB Success

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While 80% of new businesses pass the two-year mark, the U.S. Bureau of Labor Statistics reports that 55% do not make it past five years. Even with the right resources to get you started, you’ll need an effective system to ensure your small business will endure various challenges. Moreover, we cannot disparage that running a successful venture can be overwhelming. As such, you’ll need business support services to help your day-to-day operations.

With limited budgets and resource constraints, small businesses need help managing all their competencies. On the other hand, you can outsource non-core functions like accounting, administrative tasks, marketing, and human resources. For instance, with Wing Assistant, you can work with virtual assistants with specialized expertise in supporting small businesses. This way, you can reduce costs, streamline operations, boost efficiency, and focus on essential processes.

Today, we will show you how business support services can help you navigate the challenges of launching and scaling your company.

Financial Management and Bookkeeping

According to the non-profit organization, 40% of small businesses spend more than 80 hours per year on tax preparation, accounting, and payroll. Indeed, financial management and bookkeeping can be time-consuming. Without help, these processes may take your focus away from other vital tasks.

You must efficiently monitor your company’s income and expenses to ensure its sustainability and success. After all, accurate financial information is crucial in helping small business owners make informed decisions. Moreover, it lets you identify where to focus your resources to support long-term success.

Benefits of Outsourcing Financial Tasks to Remote Workers

Fortunately, you can use support services in business operations like financial reporting, tax compliance, and bookkeeping. When you can work with virtual assistants with specialized knowledge in these areas, you can expect the following benefits:

Expertise and Accuracy

Managed service providers usually employ professionals with knowledge and experience handling critical financial tasks. You can expect these remote workers to comprehensively understand your area’s financial reporting standards, accounting principles, and tax regulations. Consequently, you don’t have to worry about non-compliance or errors.

Lower Expenses

Did you know that an in-house accountant can cost you around $77,250 annually? On the other hand, a 2020 Deloitte survey found that companies that outsource cut down costs by 70%. After all, these businesses avoid expenses like infrastructure, training, and benefits. Besides, business support services are generally flexible—you can pay for them as needed.

Time Savings

When remote workers provide support services in business operations, you can direct your time towards core activities. Moreover, you won’t have to spend hours on tax preparation or bookkeeping. As a result, you can focus more on creating strategies for growing your small business.

Financial Management Services that You Can Outsource

If you want to save time, cut down costs, and ensure financial reporting accuracy, you can hire a virtual assistant for the following tasks:

  • Payroll processing – Your remote worker can efficiently process tax deductions and employee salary while ensuring your small business complies with local labor laws.
  • Accounts payable/receivable management – A virtual bookkeeping assistant can streamline payment collection, invoicing, and vendor coordination. Consequently, you can expect efficient cash flow management.
  • Tax preparation – A remote worker can prepare and file your tax returns. Moreover, they will maximize tax deductions while ensuring your business complies with applicable tax laws.

Administrative and Virtual Assistance

When you launched your small business, your goal was probably to be your own boss. You may have given little thought to the administrative tasks involved. You may think that scheduling appointments, updating records, and answering customer inquiries don’t take too much time. However, a Sage survey reported that small businesses spend up to 240 days per year on administrative tasks. Imagine how much time you can reclaim when you hire a virtual assistant for these processes.

Benefits of Outsourcing Admin Tasks to Virtual Assistants

When you delegate administrative activities to a managed service provider, you can experience the following benefits:

Productivity Boost

Do you find yourself needing more energy and time on numerous administrative tasks? Once you take advantage of business support services, you can focus on core business processes. By spending more time on revenue-generating activities, client relationships, and strategic planning, you can experience increased productivity.

Cost Savings

Having a full-time administrative team may drain your resources as a small business owner. On the other hand, you wouldn’t have to worry about the cost of training, workspace, and salaries when you turn to a managed service provider. For instance, when you hire an admin VA from Wing, you only have to pay a low monthly fixed price.

Time Savings

Managing emails, scheduling appointments, data entry, and customer support can be time-consuming. Outsourcing these tasks can free up your time, allowing you to focus on higher-valued activities that will drive the success of your business.

Administrative Tasks that You Can Outsource

Here are some examples of business support services:

  • Email management – A virtual assistant can organize your inboxes, handle email correspondence, and respond to general inquiries. They will ensure that your business communication is efficient and timely.
  • Data entry – A remote worker can provide accurate data entry into your spreadsheets or databases if you run a small business with an inventory. Moreover, you can expect timely completion, confidentiality, and accuracy from your data entry virtual assistant.
  • Travel arrangements – Business support services include booking flights, accommodation, and transportation. This way, you can ensure that your business and personal trips will run smoothly.
  • Customer support – According to Zendesk’s 2022 CX Trends report, 61% of customers would switch to a competitor after a single bad experience with a business. You can avoid this by having a dedicated assistant handling customer inquiries and issues. Moreover, you can expect them to provide support via chat, email, or phone.

Digital Marketing

Research shows that 69% of small businesses use digital marketing to attract potential customers and drive sales. So, if you’re not doing anything to boost your online presence, you may lag behind the competition. You can get customers from recommendations and word of mouth. However, if you want to drive traffic and increase your reach, you should show up in places where people spend time. Remember that there are 4.7 billion internet users worldwide, with 4.2 billion active on social media.

When your small business is on social media, customers can interact with you directly. You can create a sense of community and establish an approachable and friendly brand. Moreover, your business can generate leads and drive sales and conversions with search engine optimization, email marketing, and content marketing.

Benefits of Outsourcing Marketing Tasks to Remote Workers

Hiring a virtual marketing assistant can bring you the following advantages:

Specialized Marketing Skills

Marketing assistants know the latest industry tools, strategies, and trends. As such, they can design effective campaigns tailored to your specific business goals and needs.

Industry Insights and Fresh Perspectives

When you outsource marketing activities, you’ll get insights from professionals who have experience working with diverse industries and clients. So, they can suggest data-driven techniques and innovative marketing ideas that will drive growth to your business.

Flexibility and Scalability

When you opt for business support services for marketing, you can decide how much you will scale your campaigns. Depending on your budget and needs, you can be as conservative or aggressive with your marketing strategies.

Efficient Resource Management

Let’s face it – most small business owners would prefer investing their time and resources in other activities apart from marketing. Thankfully, outsourcing is generally more cost-effective. You can spend more time on core business processes because you don’t have to hire and train an in-house team.

Digital Marketing Services that You Can Outsource

You can turn to a managed service provider for the following:

  • Social media management – A marketing assistant can create content and schedule posts across various platforms. You can also rely on them to monitor analytics and drive community engagement.
  • Website design and development – According to a Top Design Firms report, 71% of small businesses have a website. To stay ahead of the competition, you should hire someone to create a user-friendly and visually appealing website for your company.
  • Content writing – You can also hire a content writer to produce website copy, engaging blog posts, and other marketing materials to drive your business’s sales.
  • Online ads – Business support services can include social media ads and pay-per-click (PPC) campaigns. A marketing assistant will create and manage ads to reach your target audience. This way, you can drive conversions and maximize return on investment.

IT and Technical Support

In today’s digital age, having a reliable IT infrastructure is essential for driving the growth and success of a small business. It is also why external IT spending by small and medium enterprises is expected to grow at an 8.1% CAGR in the next four years. After all, even small companies rely heavily on technology for different functions such as data storage, communication, and customer management. Moreover, they have to ensure that they’re protected against the latest cybersecurity threats.

Benefits of Outsourcing IT and Technical Support

Having an in-house IT department is a cost-effective and reliable solution for larger enterprises. However, for smaller businesses, outsourcing the service would be ideal. Here are some of the benefits you can expect:

Specialized IT Knowledge and Experience

Technical aspects of your business operations are better left to experts. When you hire a managed service provider for IT support, you can expect specialized knowledge and experience. You won’t need an in-house IT staff to ensure smooth operations. Because someone reliable will handle technical issues, you can focus on core business functions.

Stronger Data Security

IT service providers have comprehensive knowledge of the latest cybersecurity practices. They can ensure robust business data protection by implementing reliable security measures. You can expect them to regularly perform security audits to identify threats and vulnerabilities. This way, your small business won’t suffer the consequences of unauthorized access or data breaches.

Scalable Technology

As your business grows, your technology needs will also evolve. When outsourcing IT support, you can quickly scale your tech infrastructure according to your needs. An IT service provider will recommend and implement upgrades to ensure your business goals are reached.

IT Services that You Can Outsource

Here are critical IT support functions that you can outsource:

  • Network management – By outsourcing network management, you can rely on experts to handle network configuration, monitoring, optimization, and troubleshooting. Consequently, you’ll have a secure and reliable network infrastructure that supports smooth connectivity, data sharing, and communication.
  • Software development – Small businesses can also have accompanying apps for their products or services. The good news is that you don’t need an in-house team to develop your app. You can hire IT service providers who specialize in this area. Moreover, they can custom-build a web platform, program, or mobile app that meets your business requirements.
  • Cybersecurity – If you don’t have the resources to protect your digital assets, outsourcing cybersecurity services is right for you. You can work with professionals with the tools and expertise to protect your small business against cyber threats. Moreover, you can expect them to perform security audits, vulnerability assessments, penetration testing, ongoing monitoring, and incident response.
  • Helpdesk support – IT service providers can provide reliable technical assistance for your team and customers. They can give troubleshooting guidance, address user issues, and resolve technical problems.

Get Your Business Support Services Fulfillment through Wing Assistant

Do you want to ensure long-standing success for your small business? If so, then you should take advantage of business support services. You can outsource financial management, bookkeeping, digital marketing, and IT support. This way, you can boost business efficiency, work around resource constraints, and have more time on core processes that drive growth.

If you’re ready to experience the benefits of business support services, turn to Wing Assistant today. We’ll provide a dedicated virtual assistant to help you scale your business.

Schedule an appointment with Wing Assistant today to learn more about our services.

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