Opportunity cost is huge consideration overlooked by many entrepreneurs. After all, it seems wise to spend as little as possible when starting a business. However, it’s not money, but time that’s the most valuable asset. Think about it: how much is your time worth, and how much more money could you be making if you freed up hours in your day to focus on the money making aspects of your business? Here are several actions you should consider outsourcing to reduce your opportunity cost and be as profitable as possible. 1. Taxes: Small business taxes can be incredibly complicated for first-time business owners. However, for professional tax preparers who understand the ins and outs of IRS code, they’re a simple task that shouldn’t require many
Author Archive
You’ve heard the saying “there’s an app for that.” It’s a cute and clever marketing gimmick, but more than that–it’s true. Whatever you or your employees need to do to perform at a higher level and get daily tasks done, there is a tech tool or app that can help you. Digital workplaces can take advantage of free and paid tech tools to streamline productivity and connectivity at work. It may seem counterintuitive to invest in these tools, especially if you have a large HR department that can handle everything that comes up. But it really does pay to invest in tools that employees can use themselves. For example, online payroll systems allow employees to capture hours, report travel expenses, and perform other payroll-related tasks