More often than not, many entrepreneurs or SMEs portray outsourcing is a strategy reserved for big players. However, with today’s technology, flexibility and accessibility, outsourcing can give your business a great impact on growth, productivity and bottom lines – no matter what the size of the company.
In short, if you want grow your business at a faster pace, you should consider outsourcing your day to day back-office tasks so that you can have more time to focus on generating income. We wrote about other myths revolving around outsourcing before this – 5 Myths About BPO Debunked.
Having said that, taking the first steps toward outsourcing can be time-consuming. Nevertheless, if you know what you want and how it can help your business, it can definitely increase efficiencies.
To add, with a human pool of subcontracted/crowdsourced workers that are remote, you are able to lessen the burden of paying overhead costs and other expenses i.e. insurance or compensation; or even for the space. You can read more about the benefits of crowdsourcing here.
To Outsource Or Not To Outsource?
For every company, the right time to outsource is different. Some businesses have in-house staff to handle daily activities, but may need outside help to undertake new projects that doesn’t warrant another full-time employee. When you and your current employees are unable to manage the day-to-day business of your company and build the business satisfactorily, it may be time to consider outsourcing.
These days, almost any task can be outsourced, but like some of the companies, trust in quality can be a big issue, as well as data security. Some may think that they are the only people who can do the work efficiently. Alas, that will take more of your time and hamper your business growth. That is why you need to let it go and start delegating. You also need check how well are these BPO companies at maintaining data security.
Chances are you’re already outsourcing some business tasks – payroll administration or scanning identification for employment. That been said, you shouldn’t be outsourcing your work just because you don’t want to do it.
So, before choosing which tasks you can farm out, take an in-depth look at your business and determine your strengths and values. You also need to analyse and outline the tasks’ performance beforehand to manage your expectations. This will also help you to flush out inefficiencies.
You should consider outsourcing if you:
- Need specialised knowledge
You may not be good at everything or even have time for it i.e. graphic design, content curation or accounting. For example, you may not have a CTO, so it’s better to outsource a provider with the right skill set as your IT goes through its changes.
- Have highly repetitive tasks
This can be either accounts payable, data entry, content moderation or shipping inventory.
All in all, outsourcing ultimately offers business owners great advantages if you know what exactly you want out of it. It avoids you from getting bogged down with tasks that can be completed easily, without letting it take over your life. This way you can focus your time, attention and resources on your company’s core competencies; and spend your time setting new goals and finding ways to achieve them.