According to Sage, small businesses may spend as much as 65% of their year performing administrative tasks. That roughly translates into 17% of your workforce engaged in an administrative task rather than focusing on your core strategy.
These statistics put the “It’s cheaper to handle it in-house” theory into a whole new light. It’s time to look for a viable alternative. Does outsourcing provide a solution?
In this post, we’ll look at six departments that every business should consider outsourcing. We’ve focused on best-handled areas by specialist teams, allowing you to focus on your business.
Smaller businesses may find it far more cost-effective to outsource their client help desk. A 2017 HDI study pegged the average service ticket cost for North Americans at $15.56 or $1.60 per minute. Researchers went on to say that, because of all the variables involved, the values ranged wildly. Tickets could be as little as $2.93 or as much as $49.69 to resolve.
Outsourcing to a contact center allows you to deliver the outstanding service your clients require and manage your costs more effectively. You’ll:
According to Statista, 46% of companies outsource IT services from San Antonio because their employees lack the skill to handle the function.
Staying up to date in the fast-paced IT world is difficult at the best of times. Firms running in-house teams may find it costly to have their technicians stay up to date. Hiring a third party to handle IT functions shifts the focus from trying to stay up to date to concentrating on the firm’s existing systems and products.
According to Accounting Today, 60% of business owners prefer not to handle their payrolls themselves they use a paystub generator. The reason is not an inability to cope with the task, but rather how long it takes. 79% of those polled admitted that it was challenging to stay ahead of tax laws, while a further 61% were unsure of the deductions and benefits to which they were entitled.
Considering the variables at play, it makes sense to entrust both your payroll functions to a reputable firm. By doing so, you’re assured of compliance with tax and labor laws and that your business maximizes its profits.
Outsourcing accounting gives firms a valuable insight into their operations. A professional accountant does more than just draw up a set of financial statements. They check that the data input makes sense. If necessary, they’ll conduct a thorough audit to ensure that everything is in the correct place.
Firms often save money by using accounting software and capturing the data in-house. That’s a solid strategy and might save you some cash. That is, as long as they enter the information correctly. Accountancy is a tricky subject to master, and one little mistake can make a big difference to the financial statements.
Outsourcing here makes fiscal sense.
According to the Clutch BPO 2019 Survey, 34% of small enterprises outsource their marketing efforts. The reason is that it’s seldom feasible for a smaller organization to have a full-time marketing department.
Small business teams may try to develop a marketing strategy, but unless they have specialist knowledge about what does and doesn’t work, it may prove an uphill battle.
In this game, there are few prizes for being a runner-up. Investment in professional marketing services should pay for itself within a few months to a year. More importantly, it’ll help you to position your business and attract the right type of attention.
Being a retailer comes with significant challenges. The logistics behind everything is the most difficult to manage. How do you ensure that you have enough warehousing space to handle your stock? How do you allot areas within that space? When do you declare an item dead stock?
Managing the warehousing and order fulfillment may become a full-time job. Firms often choose to hand over these tedious tasks to free themselves up to improve sales.
The benefits of entrusting a specialist are:
Hiring a full-time consultant gives you complete control over their activities and commitment to the job. A permanent team isn’t very flexible, however. You’re committed to paying their salary and benefits irrespective of how many hours they put in.
Many companies now hire freelancers to fill in the gap. While the hourly rate might work out slightly higher, there are no additional costs in the way of benefits. Freelancers are typically at-will employees, meaning that you only pay for the capacity that you need.
You’re able to hire for the specific set of skills that you require for your organization. The contract may be long-term or short-term, depending on the agreement.
The benefits of hiring freelancers are:
We often hear stories about successful entrepreneurs who pulled through on a shoestring budget. A common denominator in those stories, however, is that they seldom did it on their own. Smart business owners understand when it’s time to hand over lesser functions and concentrate on those more critical to building the business.
We’ve given you six areas to consider hiring out. Where will you start?
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