Is the scenario above familiar in your everyday work life? Does your business have a lean team that aims to pursue every potential opportunity?
Eventually, your team will be unable to focus on growing the business as non-important functions vie for time and demand skillsets your team may lack.
How then can businesses improve and achieve more?
Outsourcing as a Business Strategy
Enter Outsourcing as a business strategy: Hiring third-party individuals or companies for certain job functions so you can focus on what really matters.
Before jumping right in, do take stock of the current resources your business has, the individual strengths of your team, and the business goals. These will help you evaluate what and when to outsource.
Now, let's take a look at how outsourcing can be advantageous to your business and why you should incorporate it as part of your business strategy.
Decrease Operational and Labour Costs
68.4% of SMEs indicated that rising business cost was their biggest challenge in the Annual Business Survey 2017 by SCCCI. This is undoubtedly one of the most common and recurring problem businesses face.
One cost that businesses can immediately do away with is hiring a full-time employee. Having a full-time employee involves additional cost such as employee benefits, rewards, training costs and more.
This is especially so for administrative or repetitive tasks that are essential, as money can be better spent on hiring full-time employees that can help to grow the core business. Thus, it is usually more cost-effective to outsource one-off projects as specialised talents can complete them faster and at a lower cost.
Get Access to Knowledge and Resources
When a business has a lean team, it's highly unlikely that it will have all the required skillsets to perform all tasks efficiently. According to SPRING Singapore, 80% of SMEs are micro-businesses, which normally do not have access to digital tools and processes.
And when doing the work yourself just doesn't give you the desired results...
Combat any work inefficiencies by outsourcing. This gives your business the opportunity to tap into the domain experts at a pro-rated cost instead of hiring them for a long-term basis.
Online outsourcing platforms such as ZomWork can provide businesses with a easy access to a multitude of individuals and companies of varying abilities and skillsets to choose from. This allows businesses to leverage their knowledge and capabilities and learn from them.
Enhance Work Efficiency and Build Competitive Advantage
Outsourcing frees up internal resources, allowing them to be reallocated to more effective uses such as business development and innovation. Outsourcing non-core but essential functions can also give start-ups and SMEs a competitive advantage by growing without incurring too much overheads.
For instance, not everyone can afford developers, especially at an early business stage. Outsource the web design and programming jobs, and focus on sales and customer relationship management instead to build the business foundation.
Furthermore, outsourced talents are likely to fulfil the tasks quickly according to the industry standards as they have a specialised skillset. Thus, when you outsource, you can get a job done with lower costs and at twice the speed.
Gain Inspiration and Fresh Ideas
When your business outsources and works with different individuals or companies for each project, innovative ideas can be expected, especially for more creative job functions like marketing and design.
These talents bring their own unique view on the job and can inspire new, improved ways to work. Such fresh insights might just be the revitalisation that your business needs.
It sure does sound like outsourcing is the magic strategy for businesses to employ, but the approach to outsourcing varies for every business.
Nevertheless, there is a wide range of talents on ZomWork to suit all your business needs. Post a project, browse talents and begin your outsourcing journey to success now!