How to help your small business succeed

Do you own a business? Thinking about starting one up? Before you do, consider this: research shows that many small businesses fail because they lack a solid business plan and a market idea that is different from their competitors.

  • Oct. 22, 2008 7:00 a.m.

Do you own a business? Thinking about starting one up? Before you do, consider this: research shows that many small businesses fail because they lack a solid business plan and a market idea that is different from their competitors. Surprisingly, many small business owners spend far too little time developing a strategy, assessing current business practices, and making the necessary adjustments in order to reach their goals.

“Many new businesses fail because the owner spends too much time on administrative tasks and not enough time on growth strategies,” says Rod Dobson, President of ADP Canada. “Instead of asking themselves if they can afford to outsource lingering administrative pains like payroll and HR, entrepreneurs should be asking themselves if they can afford not to.”

Small business owners are regularly preoccupied with day-to-day grind work – tasks such as payroll, keeping track of employee hours, taxes, and so on. If the owner is too busy running the business, when will they have time to think about strategy? And if they’re not thinking about strategy, who is?

Opting for outsourced payroll and HR solutions that seamlessly handle your administrative processes can increase accuracy, improve efficiencies, and allow companies to focus on the core components of their business.