Why Outsourcing Could Be the Right Move for Your Growing Business
By Leonard Wills
Growing your business can be a daunting and monumental undertaking. By hiring more staff, you’re significantly increasing your staffing costs, not to mention the expenses associated with moving to larger premises to create more room for a more extensive workforce.
When you compare these costs to the benefits of growth, there may no longer be much value in expansion due to the burden of higher overheads. However, by outsourcing jobs to individuals and businesses outside your workplace, you may stand to enjoy some of the following benefits.
Access to a Wider Talent Pool
Accessing the right talent for your business isn’t always easy with geographic limitations. When you scale recruiting with outsourcing, you’re able to tap into a pool of applicants who are more than suitable for the jobs you have available. The only difference is that they’re based elsewhere in the world.
If your business growth relies on being able to hire particularly skilled people, don’t limit yourself to your town, city, or state. Look further afield and build relationships with people and businesses who can work for your business without being on your payroll.
More Time
Business expansion can be a time-consuming process, especially when you’re trying to fine-tune new business processes, vendors, and marketing to ensure it goes off without a hitch. When you outsource internal tasks like IT, data entry, payroll, and customer support, you can free up your time to focus on those tasks that make you money.
Outside businesses and individuals can communicate with you about your needs and get to work on those time-consuming jobs that are undoubtedly crucial but not necessary to keep in-house.
Reduced Costs
The whole idea behind business growth is to earn more money and increase your customer base. However, with growth comes increased costs, which can sometimes mean that even when using sound growth methods like social media, you’re not financially benefiting as much as you may have thought.
You have to hire more staff which comes with costs other than wages such as insurance and taxes, and you also need to purchase equipment for them to use. Outsourcing any newly-created positions might be how you’re still able to benefit from growth and profit simultaneously.
When you utilize businesses and individuals working for you within their own companies, you don’t need to worry about employee-related costs like benefits, taxes, insurance, and overheads. Generally, they send monthly invoices, and that’s the end of your financial obligations.
Achieve More
According to The Fair Labor Standards Act, there is no limit to how many hours per day or week you can work in the U.S. However, many businesses operate with a standard 40-hour week, meaning you have to fit as much as possible into that period.
By outsourcing jobs to other people and businesses, you may be able to increase just how much you achieve. This is because there are no geographic limitations, meaning you’re able to take advantage of talent in various time zones, expanding your working hours as much as you like.
Speed Up Tasks
When you have a limited in-house team, you often have to wait a considerable amount of time to complete projects. Usually, this is due to staff members having several commitments and splitting their time across them all.
By recruiting workers outside of your business, that no longer needs to be an issue. You can outsource specific tasks to specialists who can put all their time and effort into them and have them completed within your preferred time frame.
Peace of Mind
Business expansion can cause a great deal of stress, especially when you’re in unfamiliar territory. You can also become preoccupied with growth-related tasks, which means other responsibilities may fall by the wayside.
Outsourcing such jobs can offer unparalleled peace of mind. While you’re focusing on creating new workplace processes, you know someone elsewhere in the country or world is working on crucial jobs that may have otherwise had to wait until you had free time.
Increased Capacity
One of the most challenging things a business owner ever has to do is turn customers down or delay their projects for several weeks or months. Sometimes, your team can be so busy that there’s simply no way for them to take on anything new. The result of doing so is a loss of income and possibly even a hit to your reputation.
However, outsourcing allows you to increase or decrease your capacity as you see fit. You can rely on extra hands during your busiest season and never have to worry about saying ‘no’ to a customer.
Deciding to outsource some of your business operations is a significant decision to make, but it may help your business thrive. You may be surprised by just how many of these benefits above you’re able to experience for yourself.
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