Outsourcing has taken the world by storm, a phenomenon that can be well observed by the number of companies in the US and UK taking the outsourcing route to cut costs. Study the number of call centers springing up in developing countries like India and the Philippines. Outsourcing is a win-win situation for both customers and service providers. For service providers it means work and for clients it doesn’t just mean cutting costs; it also means enough time and resources to focus on the core issues of the company. Not only large companies can benefit from outsourcing. Your small business can also benefit.
In fact, if you study the numbers, you’ll find that small businesses often benefit more from outsourcing than larger businesses. A smaller business cannot always afford to hire the services of a full-time web designer, writer, lawyer, accountant, salesperson, and marketing expert. These companies can use the services of experts when they need them. Here are some ways outsourcing can help you.
Take advantage of the global market
If you are in a developed country, you will find that hiring the services of a professional will be more than ten times the salary you would pay someone else in the world. You can save significant amounts of money on labor costs by outsourcing your work to an equally qualified professional in a country where labor costs are much lower, eg India. As a small business, you’re unlikely to see much business benefit from setting up an office abroad, but you can still benefit from lower wages in the developing economy.
You may not be able to outsource everything, but you can outsource many tasks such as software development, content writing marketing, and administration.
Hire the best talent at the best cost
When you’re running a small business, you may find that you and your team members have to function as know-it-alls. You’ll find you have to set up the business, find projects, do the legwork, market your products and services, take care of the accounts, and meet business goals. All of this can be a slow process, but you have no choice as professional labor in your country is very expensive and you simply don’t have the budget for it. So the way out is outsourcing.
When it comes to your accounts, you can outsource to an accounting firm. If it is about marketing, you can outsource it to a marketing agency. Outsourcing allows you to get everything at reasonable costs, even a virtual assistant to take your phone calls.
However, keep in mind that no two service providers are the same. You should spend as much time and attention hiring a service provider as you do when hiring a staff member for your small business. You need to be able to trust them with the success of your business.
When you’re a small business, the last thing you want to do is hire staff and have to lay them off when business opportunities are scarce. With outsourcing, that’s something that’s much less likely to happen.