It is a myth that only large corporations have the need to outsource. Anybody who is operating a business must, one way or another, outsource a job that eats time. But what is outsourcing and how can it benefit a small or a medium-sized business or SME’s?
Outsourcing is a process where you let someone, or a group of people do specific tasks for you. In exchange for that, you pay for the services, but a significant amount of your time is freed up, thereby allowing you to think, strategize and execute.
Tasks That You Can Outsource
To name all these tasks is a gigantic effort. But we shall provide some examples later. Ideally, the tasks that you need to outsource are:
- Time-consuming tasks
- Key aspects of your daily operations that can be done remotely
- Those that are important but are not within the range of your expertise
- Some tasks that do not require a full-time employee to perform
Examples:
- Telecalling
- Graphic design
- Inbound or outbound customer service; throw in telesales if you want to so you have an added channel for your sales
- Social media marketing
- Payroll
- Bookkeeping and accounting
There is a whole lot more that you can get done if you outsource to offshore teams of midcorporates. In return, you can focus on the core of your business such as:
- Product development
- Order fulfillment and logistics
- Research and development
Benefits of Outsourcing
Even if you are a single-person business, you can jump into the bandwagon of outsourcing for SME’s, and reap the rewards.
Ask yourself, would you rather make the telemarketing calls yourself for eight hours per day, or have someone do it for you while you focus on creating new products that you can sell?
Apart from getting back your time, here are the other benefits.
- Reduced labor cost – due to economic differences, you can stretch your dollar and get more value for your money if you outsource to the Philippines.
- Pay as you need services – do you really need a bookkeeper per day, or do you want somebody who will do it on a project basis? How about the payroll tasks?
- No infrastructure costs – if outsource, you do not need to pay the rent for an office, let alone the expenses you will typically incur like gas, power, internet, etc. You also do not have to buy equipment like computer, chairs, tables, cabinets, water dispenser, coffee brewer, etc.
Summary
So, is it worth it?
It definitely is. Outsourcing for mid corporates is a reasonable and justified investment. The only challenge that many small businesses face is that they want to do these tasks on their own due to lack of funds. But if you perform these duties, you will be stuck to where you are.
And for a long time, too.
Your business will not grow because it has no leader who can strategize. You are using your precious time doing legwork instead of staying at the top and looking at the bigger picture and delegating tasks that your outsourcing vendors must execute. For inquiries, write to bd@athl.com.hk.