15 Jan The Power of Outsourcing and Why Your Company Should
What do major companies like Ford, Google and Apple have in common besides being global brands? Billions of dollars in revenue probably comes to mind, but the willingness to outsource is another shared feature and what we’ll be examining in this article.
If brands that have reached the level of success as those above are outsourcing, you likely won’t need much convincing. So, here’s the gist of what makes outsourcing so advantageous for businesses regardless of size:
- Reduction of expenses
- Bolstering of productivity and efficiency
- Increasing diversity of capabilities
- Assists in keeping the core-focused
- Creates potential for exponential growth
Working with economics rather than against it
As your business grows your needs for staffing will with it and so too will your costs. Along with them are possible spending increases in work-related space requirements, utility bills, job-related equipment such as IT infrastructure etc. This says nothing of employee pay, wage increases and benefits.
Surely you intend to take care of your employees, but as your business scales upwards these costs can become an issue. Outsourced hiring allows you to operate at a dramatically lowered cost. There’s potential to save 30 – 50% by allocating specific tasks to an outsourced team.
Blending your in-house & out-of-house efforts for success
You’ll not only save money but increase overall productivity. Your in-house team likely works something similar to a 9-5 schedule. That leaves much of your day untapped. An outsourced team could work an adjacent shift doubling your productivity in the process. Depending on your budget you couple hire teams on different shifts for 24-hour coverage.
Assigning specific roles to your outsourced team can also liberate key personnel for what your business may require. The best businesses set up a system where in-house employees and out-of-house contractors complement each other resulting in what’s best for the business.
Diversity and talent
Let’s face it – when you’re faced with a certain budget, it’s almost impossible to hire the perfect talent in all required fields in-house. Outsourcing not only means being able to connect with the right people, but more often than not, it works out more cost effective than hiring full-time employees.
Recruiting people in fields like digital marketing, IT support, human resources and other business functional areas while keeping an exceptionally skilled in-house employee to oversee and make needed adjustments, can help you gain an advantage over your competition.
The diversity also helps keep the company perspective fresh as techniques and technology continue to change.
The core team and the big picture
You, your executives and your core team are the heart of your business. Spending your time and energy on growth is part and parcel of your roles, but managing small tasks don’t have to be.
Outsourcing, through proper recruiting and integration, empowers the core team to focus fully on what they need to and none of what they don’t.
It’s so important to have the right tools in your company toolbox and hiring the right people to give you all the facts, who stay current and updated to give you the right news and direction in line with global economic and social changes will keep you ahead of the game. A good example is the upcoming GDPR changes in May 2018 ensuring you have the right advice from the right people in the right fields.
Outsourcing and the potential for greatness
The decrease in expenditure, increase in capability and a constant influx of ideas from a diverse populous of employees can mean dramatic growth for your company.
The funds you save can be rolled back into research & development, the time saved by management and execs can be spent brainstorming new ways to increase in-house/outcourced cooperative capabilities and the network of employees can be leveraged however needed to assist in your business’ growth.
There’s a reason that outsourcing is as popular as it is with major companies. It borders on business essential and it’s absolutely worth your consideration.