A firm may evolve into a very profitable endeavour in a very short amount of time, but few businesses do not experience teething troubles. Managing cash flow and working capital requirements, as well as working on a tight budget, are some of the challenges that firms confront in their early phases.
The solution to all of these evils is, of course, outsourcing core activities that do not require the owner to make many decisions. Accounts, payroll management, legal services, and a variety of other duties can be outsourced, allowing firms to focus on their main activities while still ensuring rapid growth and development.
What to Outsource?
As a business owner, you may be a multifaceted and talented individual with sufficient knowledge to handle the majority of your company’s functions. But why should you in the first place when there are professional outsourcing services available to help you reduce your workload?
The time has come to examine your business operations and determine which areas are at the heart of your company and are responsible for making your products and services distinctive and exclusive. These are the tasks that should not be delegated. The remaining work can be outsourced to outsourcing firms with a high level of professional knowledge at fair and cheap costs.
A common misunderstanding when starting a business is that it has to be a one-man show. However, the truth is that there are some things that others can do better than you. Why not take use of their services? Businesses have finally accepted this reality, resulting in a thriving outsourcing industry today.
Why is it Beneficial to Outsource?
Outsourcing is good to businesses, according to statistics. The global average for a company closing its doors within one year of its inception is a staggering 90%. It may be difficult to pinpoint the causes of this high failure rate because there are so many variables at play. However, studies reveal that the majority of the 10% that make it to the end have outsourced some or all of their work. As a result, outsourcing is no longer just an asset for a businesses, but also a necessity of survival.
The following are some of the dangers that businesses can avoid by outsourcing:
Saving much-needed funds — One of the most common causes of business failure is a lack of funding. This category includes 46% of businesses. Again, 27% of businesses chose outsourcing to save money, resulting in a 60 percent reduction in overhead expenditures.
Losing emphasis on essential operations – It is critical for business to focus on core issues at the expense of everything else. Spending a little extra money to outsource rather than trying to do everything yourself can boost productivity and competitiveness by a factor of ten, or even a hundred percent. Every year, about 18 percent of businesses fail due to in-house knowledge gaps and inadequate skill sets, which might have been easily prevented by outsourcing.
Competition analysis – Every market has a plethora of businesses selling similar goods. The speed with which a fresh businesses can get ahead of its competition is what makes the difference between success and failure. Failure to keep track on competitors’ moves can be disastrous. Outsourcing firms, on the other hand, have established themselves in virtually every industry and have an uncanny ability to gauge the market. As a result, outsourcing marketing plans is advantageous to businesses.
Statistics support this school of thought as well. Outsourcing marketing is something that 53 percent of marketing executives desire to do, and 78 percent believe it will offer them an advantage over their competition. 90 percent of companies believe outsourcing is critical to their success.
Outsourcing should be done in the following areas.
The functions you select to outsource have a significant impact on the efficiency and productivity of your business. Payroll management, marketing, bookkeeping, appointment scheduling, and digitised operations such as data entry and processing are just a few of the essential sectors. It’s worth noting that all of the functions listed above that can be outsourced save time and money, which can be put to better use in the form of expansion and diversification.
Nova Team Solutions is committed to offering exceptional outsourcing solutions for high-growth firms in a variety of fields, including debt collection, legal services, finance and accounting, healthcare, professional services, and many more.
We have full-time virtual assistants who are highly qualified and skilled, and they could be a great fit for your company. Nova Team Solutions can assist you in growing your company by providing tailored outsourcing services.
Allow yourself and your team to concentrate on jobs that are high-value, high-skill, and have a direct influence on your bottom line. To learn more about how we can match you with your ideal virtual coworker, schedule a FREE discovery call.
