Outsourcing has greatly changed the way businesses work. Over the past decade, outsourcing has become a critical part of business management and an important ingredient in business growth.
As more businesses enter the outsourcing world, the global outsourcing market has grown from US$45.6 billion in 2000 to US$92.5 billion in 2022.
According to a survey conducted by a B2B rating and research company, TeamStage, 59% of businesses outsource their business processes, with most of them planning to outsource sales support, accounting, IT, and digital marketing tasks. It is no wonder that the outsourcing industry continues to grow yearly.
There are many outsourcing ideas out there for new and experienced entrepreneurs. This applies to tasks that require specialization or a particular set of skills, such as sales support, IT, digital marketing, and accounting.
What Is Outsourcing?
Outsourcing is a practice where your business hires a third-party company or an independent freelancer to perform tasks, provide services or handle operations for your business growth.
Often, companies use outsourcing to fulfill roles not possible in-house, cut labor costs, or spend more time focusing on core components of their business.
Regardless of why you need it, scaling your business with outsourcing services must be strategic and effective, and everyone requires a different approach.
Let’s look at some of the reasons why outsourcing can help your business grow:
1. Outsourcing Allows Your Business to Assemble a Dream Team
One of the key advantages of staff leasing is working with a team of experts who best fit your business requirements. For a growing business that continually expands operations, getting assistance is necessary to accommodate the growing needs.
It is an excellent decision to outsource your talent acquisition. Outsourcing saves you time and helps finding the right candidates with the necessary skill set for the role.
2. Outsourcing Improves Focus
While most businesses outsource to reduce costs, outsourcing is also an effective way to improve quality. Assess all those tasks that can help your business grow. It may be accounting, marketing, customer support, or IT.
Upon evaluation, build your outsourced team of professionals specializing in these fields. By doing so, you can focus on your business’s core activities (such as enhancing your services) while the experts handle the other vital tasks without putting in much time and effort from your end.
3. Outsourcing Grants Your Business Access to New Technologies
The rapid growth of digitization has brought about the need for investing in the latest and high-quality technological facilities.
Outsourcing can help your business reduce costs for new equipment and tools. Your outsourcing partner would have the tools and resources required for your business. With this, you will have a lot of savings which you can use for service enhancement.
4. Outsourcing Reduces Liabilities
When you outsource a team to help you operate your business, it is important that they can work on the tasks at hand with limited supervision. To acquire and maintain sustainable growth for your business, you need to ensure that your team can drive positive results.
By outsourcing, you can minimize risks and work on a budget while acquiring the reliable services that your business needs for growth. Your outsourced team can work on other tasks while you focus on developing strategies to grow your business.
Outsourcing helps your business reduce liabilities while still maximizing operational efficiency by hiring professionals in specific areas of your business that require improvement.
5. Outsourcing Increases Productivity
An efficient outsourcing team helps you free up time and handle more important responsibilities. Staff leasing provides your business with greater flexibility, allowing you to manage your time well.
Outsourcing companies usually employ professionals with expertise which translates to higher efficiency. Outsourced professionals are trained to deliver quality work within a designated time frame.
More than just a cost-cutting tool, outsourcing has become an effective tool to help businesses increase productivity. It is the best way to grow your business without losing focus on achieving your business goals.
What Can a Business Outsource?
Big, small, and micro business owners looking to launch, manage, and grow their small businesses can all outsource the following tasks:
Accounting and Bookkeeping
Outsourcing accounting/bookkeeping tasks to a payroll expert can increase small business tax compliance and decrease costs compared to businesses that do it in-house.
It is not necessary to become knowledgeable about a new CRM system; in fact, it is best left to an IT professional. By outsourcing IT support for accountants, you can avoid stress and other interruptions that would otherwise prevent your company from accomplishing its valuable objectives.
Today’s customers are active 24/7, researching and asking questions that will determine if they will buy from you or not. It is unrealistic to try and fulfill your customer service role alone, and with so many 3rd party customer support options available, you do not have to.
Marketing and Sales
Sales and marketing are essential to every business owner, but having an in-house marketing and sales team is not viable for most businesses. Market outsourcing can reduce costs, as you pay for only the services you need, which is cheaper than hiring permanent in-house marketing professionals.
Search Engine Optimization (SEO)
Every business owner knows that a finely tuned SEO strategy can boost their online rankings and increase sales, but few of us know how to run one. Do your research and find the right SEO outsourcing company for you.
Outsourcing your content production opens the door to skilled professionals to help engage your ideal clients and speed up your brand’s success.
Web Design and Development
The benefits are not just time-saving. Outsourcing to a professional website developer can ensure your site has a clean, modern UX, is scalable, and is SEO optimized.
HR and Recruitment
Outsourcing your business’ HR and recruitment provides you with the guidance and support from experienced professionals trained to find the perfect employee match.
From administrative tasks to marketing to content creation, you can outsource many tasks to skilled professionals and free up your time, resources, and money.
The key to successful business scaling with outsourcing services lies in determining which tasks need outsourcing and identifying a good service provider who can deliver high-quality, cost-effective results within the allotted time frame.