It’s true! Lack of certainty, unknown economic or employment future, and a plethora of other related hassles are a major cause of stress, sleep deprivation and other negative issues.
Things have changed – definitely – however, we should remember to take some comfort in the fact that we all in the same boat – you are not alone.
Change is an important part of life, and if you take only one thing away from this post today, keep in mind – yes, everyone has been affected, but the people (and businesses) who will come out stronger in this new word will be the ones that embrace the change and use the opportunity to make their businesses more resilient in the future.
So, what can you do today to make your business stronger?
Start by asking yourself a few important questions – where will my revenue growth come from? – can I be more efficient?- what costs can I reduce?
There are a lot of answers to these questions, but I will cover one area today that many people overlook – the pro’s and con’s of Outsourcing as a potential solution to the issues you could be facing.
What is outsourcing and how can it help my business?
Outsourcing is when you hire an outside service provider; a Consultant, Freelancer, Virtual Assistant or Agency, to manage a part of your business.
Sounds simple, but how do you know if this could be the right thing to do for your business? There are a few important questions that you‘ll need to ask yourself:
- Will a move to outsourcing save me (and my business) time?
- Will it help me cut costs and improve efficiencies?
- Can an external provider do a better job than we’re doing today?
Did you find these questions difficult to answer off the bat? Most people would without further consideration.
Another important thing to ask yourself – what tasks in my business could be outsourced?
Tasks that are:
- Repetitive tasks – such as data entry, database building, competitor research and so on. If you can get these tasks off your hands, you could have more time to focus on your own productivity!
- Specialist tasks – such as IT issues, website development or digital marketing, managing your financial accounts or bookkeeping, Human Resource, etc – all of these tasks require skills that your team may not have or be able to do as well as someone else.
- Work ‘on’ the Business tasks – there are lots of other tasks that require time to work on: Strategic Planning, Innovation, Preparing your Business for sale, Structure, Raising Capital, reviewing the performance of your marketing or creating new campaigns, and so on …
All of these tasks can potentially be outsourced and can lead to some major benefits to your business, including:
- Higher productivity and returns on Investment
- Higher profits for you and your family
- Skills not usually available are now available
- Improved efficiency
- Increased value of the business when it is sold
- Increased speed of delivery, thus giving you an edge over your competitors in the local market place.
There are, of course, some negatives to consider when it comes to outsourcing; however, they don’t necessarily have to be!
- There could be a loss of control over your processes – but, done properly and use of available technology can overcome this issue
- Quality and turnaround time issues need to be managed – but, they could also improve both of these things
- Privacy and IP issues may be of concern in some instances – but, choosing the right partner means that this shouldn’t be a concern!
So, outsourcing can be a boon and a bane – and whether you do outsource anything will depend on your businesses circumstances and the need for specific skills.
If you want to consider outsourcing as a solution to any issues that you face today, there is still a need to determine if the method is right for you and your business, or whether there are other more suitable answers.
That’s where I can help. I’ve worked with hundreds of businesses over the last 40 years to explore these issues and to implement solutions. I understand the challenges and stresses that you are facing today because many others are facing the same. I am able to be flexible and work with you at your pace.
P.S. This article is part of my Secrets of Success series, aimed at helping business owners and entrepreneurs with some of the key components of business success. The insights I wish I’d had at the start of my business career. I hope that by passing on these little gems of knowledge I can give you some support and help you along the pathway to growth and prosperity.
References Joseph Chris, Flat World Solutions, Time Doctor, Small Business Trends , Source Fit