By Janita Kapoor
Today, business help and support are virtually everywhere. Tasks are becoming automated and more efficient, and outsourcers are becoming a prominent part of the workforce.If you find yourself overwhelmed in your business and have tasks that you are spending too much time on, outsourcing can be a tremendous asset to your company.
Having said that, the decision to start outsourcing can be daunting. There are several factors to consider such as your budget, business model and how willing you are to let go and let someone in to help.
No matter what outsourcing looks like for your business, here are some sure-fire signs to tell you it’s time to outsource some your work.
You can’t find the right talent– Hiring the best talent is no easy task. It requires finding the intersection between what you need, the new technology trends, the type of talent you can find and the budget available for the position. Outsourcing allows you access to a giant pool of talented resource that are highly skilled and trained in the latest software and technology. All this without the headache of recruitment, cost of hardware, office space and staff management.
You have more work than time and are struggling to keep up with demand- Having plenty of work is a wonderful problem to have, but it doesn’t help you when you can’t get the work done that you have now, let alone what may be coming down the pipe.If this is a recurring problem and you start failing to meet demands, it’s time to take a closer look at the efficiency of your current process.If you need more hands to help you with certain aspects of your business, outsourcing would certainly free up your time and give you the capacity to cater to your clients’ demands.
Administrative tasks fill up your schedule- While there are people who can efficiently juggle administrative jobs and business matters, it is counterproductive to spend a huge chunk of your time on non-priority and time-consuming tasks which can easily be delegated.Outsourcing non-core tasks that need to be done gives you time to focus on your core business objectives to lead your company to success.
You have been turning down opportunities that generate higher revenue- Accountants have always been a source of valuable and reliable advice. As a result, the accountants’ role has been expanded to one of a strategic business advisor. This role provides a whole new stream of high margin with potential to increase revenue. But of course, to do that you have to generate the capacity to take on this additional work. Therefore, the most effective way of freeing up your valuable time is to outsource your mundane yet primary tasks so that you can focus on helping your clients in broader ways.
Budgets are getting tighter and you want to reduce your business costs- High salaries and other costs such as paid vacations, infrastructure for in house-employees, leaves you feeling like your budget is on a tightrope.Outsourcing can help you with significant savings in cost reduction in the rates that outsourcers offer for skilled resources compared to in-house employees.
Companies outsource as per their needs and financial capabilities. While some may choose to delegate one or two functions only, others are comfortable with having very few employees and outsourcing maximum amount of work. However, the ultimate goal is always the same – to offer better quality of service, lower operational costs, increase profit margins and scale up the business.