The many administrative and support tasks that must be done effectively to run a business is a big part of every independent contractor's job. Without an organized and well-managed back office, your business can suffer.
While larger companies have teams of employees and individual departments to handle these types of tasks, when you run your own business, it is up to you to fulfill these roles. You are the CEO, project manager, accountant, marketer, and more. Starting your own business is both exciting and full of responsibility—preparation is the key to success when making the leap to independence.
There are many hidden management costs that can impact your ability to be competitive in your industry. The infographic below summarizes common back-office tasks along with solutions to consider. Estimated cost (low to high, $-$$$) and time (low to high, T-TTT) have been attributed to each solution.
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This content from MBO Partners does not constitute legal or financial advice.