Outsourcing is the process of hiring another company or individual, either locally or internationally, to handle/manage business activities on your behalf. The practice has become quite common amongst businesses as it allows both small and medium-sized organizations to gain skills and services they’d usually find very hard to grow/develop because of either workforce or financial restrictions. With outsourcing, entrepreneurs can grow their businesses as and when they need to, without having to invest a lot of money.
At the same time, outsourcing allows businesses to focus on their competencies. Furthermore, it makes cutting costs efficient and easy and makes some of the most complex business processes hassle-free. In the last ten years or so, business owners have realized that there are tons of reasons why companies, both small and big, outsource various tasks. However, the most prominent benefit has to be – outsourcing saves money.
Here’s a look at some of the reasons why outsourcing is an excellent idea if you run a small or medium-sized business.
1. Cost Reduction:
The cost factor is one of the main reasons why companies prefer outsourcing some of the services they need. Cost efficiency is a crucial factor for any business looking to improve its balance sheet. The main aim of any business is to produce quality products at lowered costs. According to a recent London School of Economics survey, about 70 percent of companies prefer outsourcing as it helps reduce costs. There you have it. Now you know why optimizing cost is essential to your business in every aspect.
2. Skilled Resources:
When business owners outsource their work, they don’t have to worry about recruitment and training expenses. When subcontracting, just make sure you consider the outsourcing company’s quality of work. If they have a proven track record of delivering quality solutions on previous projects, then rest assured you are on the right track. Working with a professional subcontractor or virtual assistant means having access to skilled and experienced labor at low costs. It’s been determined that most business owners choose to outsource since they see it as an avenue to access the skills and credibility they need as a firm to flourish. This is because outsourcing allows them to choose and work with some of the best human resources available on the market.
3. Saves Time:
Since most outsourcing and virtual assistant companies are used to handling different projects for different partners, their turnaround time is usually very short. This is because most outsourcing companies have achieved an equilibrium between time and cost. Digital assistant companies typically have acquired tons of experience, skills, and expertise, which makes it easier for them to complete assigned tasks on or even ahead of time without compromising on quality. One benefit of outsourcing from these companies is they operate around the clock to make sure the assigned project gets done in a timely and professional manner. If you are in business, then you understand that time is of the essence. Therefore, if you want to maintain and balance your organization’s time effectiveness, consider outsourcing the help you need.
4. Fast and Improved Services:
To keep up with the times, most virtual assistant companies do their best to stay up to date with the latest changes and advances in technology. By using the latest technologies in their service delivery, it becomes easier for them to deliver quality solutions at a faster rate. This is important to outsourcing companies as it helps them build goodwill amongst their current and potential customers. The faster your concepts get converted into reality, the more your brand identity and value proposition strengthen. Outsourcing also helps make it easier for you to provide your customers with 24/7 assistance anywhere they are in the world. Furthermore, it’s safer and much more reliable.
5. Increased Flexibility and Efficiency:
If you’re looking to establish more flexible working hours while still growing your business, then consider outsourcing some of your work. When you outsource, you get the chance to enjoy high-quality, high-output work handled by skilled, experienced, and professional project managers that pay close attention to every aspect of your project.
6. Allows You to Focus on More Crucial Activities:
Most entrepreneurs opt to outsource the services/solutions they need, as it allows them to focus on the primary operational activities of their businesses. Outsourcing some business tasks will leave you with more time to focus on other things crucial to your business. This will help ensure that your company continues to progress and grow since you have more time to be creative and perform at the ground level.
7. Risk Management and Continuity:
High employee turnover periods can add inconsistency and uncertainty to any business. Outsourcing human resources when in need can help provide your company continuity to avoid operating at a substandard level.
Most entrepreneurs generally correlate outsourcing with cost savings only. However, as we have seen here, there is more to it than just lowering expenses. As you continue to grow as a business, outsourcing the solutions you need can be a way of disrupting your industry, promoting innovations, and accessing new skills sets that have the potential to reposition your business/company in the market. When choosing a virtual assistant firm, focus on the value their expertise will add to your business. Outsourcing has the potential to help you innovate, flourish, and rise above your competition.
Star Virtual Assistants manages social media, writing (blogs, articles, social captions), and research tasks for businesses and individuals for $27/hour.