There is a popular saying that goes “a jack of all trades is a master of none”. It might be one of the reasons outsourcing within businesses is becoming increasingly popular nowadays. If you happen to be a new start-up, it is very likely that you understand the challenges associated with human resources and finance when running a business.
Depending on how much capital you have at hand, you may not have the resources to hire staff for every department in your business. If you can, however, outsource in some key areas, it is advisable that you do so for several reasons. The most significant may be so that you can focus on bigger fish such as your vision for your business and which direction to steer it in.
Below are six areas of your business you should consider letting someone else handle.
What is Outsourcing?
For those who are new to the term outsourcing, you might be wondering what exactly it means. Essentially, outsourcing is when you contract or subcontract activities that aren’t core to the business to save money, time, or reducing the need for facilities. Outsourcing functions can be allocated to either an individual or a company, depending on what’s most suitable for you. Either way, the end goal is usually to make business operations run smoother and encourage growth. When you cut out payroll and overhead costs, it may be easier to do so for some organizations.
When you think about finance in business, bookkeeping, payroll taxes, employee salaries, benefits and workers compensation should come to mind. Keeping up with all of these functions can mean a high cost in employing staff to do it, or you being completely drained from attempting to add it to your long list of responsibilities. Finance plays a critical role in a business. It can be said to be the backbone of the organization and what keeps it standing. In this case, money mismanagement and poor bookkeeping can lead to the business eventually collapsing.
If you happen to be starting up, taking on full-time professionals in this department could be financially draining. It may, therefore, be a good idea to look for a person or company to outsource this to. If you do decide to outsource all of your accounting needs, when you’re looking for someone to take on the role do thorough research first. It is important that the person or company you choose is reputable and able to carry out the job consistently and efficiently.
We are in the twenty-first century, so technology is very much so plays a significant part of our make-up as a generation. Using technology in business helps smoothen many processes that would otherwise be both complex and time-consuming. Technology can provide solutions such as cloud computing which uses hardware and software which are then delivered as a service over the internet typically.
Other areas where technology can provide solutions include securing your data, getting more out of your networking and telecom networks, protecting your customer and data from threats, and improving user productivity with user/application management. Calling a professional to handle these tasks could cost a fortune. To cut costs, look into outsourcing to a good company. You could consider Paranet Solutions IT service, for instance, and explore the services they have to offer to see if they’re suitable for your business’s immediate and long-term needs.
Getting the legal aspect of your business covered is something that you shouldn’t avoid. The fine print is critical in every contract and transaction you make. To avoid lawsuits and paying large sums in compensation, you’ll need an experienced lawyer on-board. Some of the work that you’ll need to consider outsourcing in this aspect is the preparation of forms, document review, and legal research. There are contract lawyers that you can get to deliver this service to you. As mentioned earlier, try and ensure they’re up to the task and able to deliver at your desired standard.
The devil is in the detail as they say, and details are very important when running a business. It’s hard to pay attention to such details when you’re trying to focus on moving the business forward, so admin is essential. Outsourcing means that you’ll have someone who can handle correspondence and manage often overlooked aspects of your organization. Bear in mind that virtual administrators are becoming increasingly popular.
Sometimes, businesses are reluctant to hire virtual workers as they’re apprehensive about reliability and productivity. As you would with a physical person or company, do your research and check their portfolio to ensure they’re credible and you should be fine. Also, consider that outsourcing functions of your business that may be better done in-house can be detrimental to your business. Be sure to do a thorough evaluation before deciding to outsource.
Similar to technology, digital marketing is something most businesses can’t do without presently. You will find that most of your target audience is online and engrossed with their social media timelines or on blogs of interest, often via their smartphones. It is, therefore, your responsibility to meet them where they are, which is where digital marketing comes into play. Digital marketing is a broad concept, but it consists of using the internet, mobile phones, and any other medium to market products or services.
You could get a company to take over all digital marketing activities or choose only to outsource the important components that you need at the time. For instance, you may only need an active blog, and a social media account to market your services, to begin with. You could then decide to stick with outsourcing to two different people to provide those services accordingly. Whatever you decide, remember always to try and stick to the most cost-effective option as well as one that is best for your business.
There are so many elements to take into consideration when you decide to venture out into the business world. If you don’t learn to outsource where necessary, you could end up being consumed by the workload and challenges that come with the responsibility of managing a business. There is no shortcut to success, but there are ways to make the journey a little easier. On that note, the saying that nothing good comes easy has never rung truer.