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5 reasons to start outsourcing

5-reasons-to-start-outsourcing

Research has found that an estimated 52% of small businesses planned to outsource to a third party in 2019, and for good reason.

Boasting a global market value of over $85.5 billion in 2018, outsourcing has become a vital component for the efficient running of many businesses around the world. Whether it is accounting, admin, IT, marketing, human resources, customer support, or any number of business processes, outsourcing can bring tremendous benefits to a company.

What are the benefits of outsourcing?

Reduced costs

Many businesses are hesitant to outsource certain functions due to the cost involved in paying a third party. However, in the long run, outsourcing will often prove to be a much more cost-effective option than bringing somebody in-house. Taking into account an employee’s salary, you must then consider the overheads that go hand in hand with employment which include lighting, heating, software, hardware, sick pay, holiday pay, to name just a few. Weigh this up against the monthly cost of outsourcing and the difference can be astounding.

More time

For business owners and managers, running a business comes with a range of positives and negatives. Some of the main downsides (according to owners) are the time-consuming and often arduous tasks that are a necessary evil when running a business. These include, but are not limited to, credit control, invoicing, dealing with IT issues or even answering the phone. With these areas taken care of by a third-party expert, business owners will greatly increase the amount of time they have to focus on running and growing their core business.

Increase business efficiencies

When choosing your outsourcing partner you will be selecting a company that is an expert in its chosen field. This means that work will be completed quickly, efficiently and to a high standard. This will lead to happier clients and much more efficient business processes. Not only this, but an outsourced company will also have the power of an entire team behind them. This means that your business gains vital continuity that would otherwise be lost in-house during periods of holidays, sickness or maternity leave.

Reach a wider client base

Outsourcing not only allows you to increase the capacity of work your business is able to take on but will also enhance your knowledge base. Thus, widening the scope of clients you can bring onboard and the services you can provide. This thereby gives you that all-important competitive advantage within your industry. Say for example you are a property management company and want to offer tenants an around the clock service to attract further business; outsourcing to a phone answering service that can pick up calls out-of-hours will be a professional yet cost-effective way to achieve this offering.

Improves the perception of your business

A stronger service offering, increased capacity, quality customer service, and an all-round efficient business model will convey that your company is much larger than it actually may be, not to mention highly professional. Ultimately, this means that your brand will be seen by a much wider audience in a positive light, thereby attracting prospective clients. To enhance this image of your business further, you may also want to consider taking on virtual phone numbers and addresses that place your business in multiple locations, be it nationally or internationally.

As we have demonstrated, outsourcing in any capacity can have far-reaching benefits for a business. With research indicating that more and more businesses rely on outsourcing certain functions, will your business be joining them?

How has outsourcing impacted your business? We’d love to hear your thoughts over on our Twitter by tagging @Moneypenny.

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