Entrepreneurs and Small Businesses and Why They Should ALL Be Outsourcing
Outsourcing has changed my life and my business. Here’s how.
There is a limit to what an individual can achieve alone. That limit is even greater in business.
Entrepreneurship is about pursuing your passion and unleashing your creativity for the purposes of creating and adding value and doing something that is of high importance to you. The entrepreneur that will not be able to live out their days doing what they are most passionate about is the one who doesn’t invest in their business because of the fear of failure, losing money, etc. So what is this investment? It’s called outsourcing!
Outsourcing is the process of delegating a company's business tasks and/or process to third parties or outside agencies, leveraging several benefits such as low costs, high quality, and innovation. Companies undertake outsourcing for a variety of reasons (that we’ll discuss later) that may vary from company to company but what remains the same is the impact on their growth, productivity and bottom lines.
Another way to answer the question, “What is outsourcing” is this… Outsourcing is the decision you make when you are trying to run a successful business and you ask yourself, “Do I really need to be responsible for my businesses marketing, sales, HR, technology and every other component of my business?” Or the question may simply be, “Can I handle all of my day-to-day tasks and still be able to commit to the activities that allow me to do the things I am most passionate about in my business?” These everyday tasks may include business development, scheduling, administrative functions, data presentations, managing email, and so on.
Many entrepreneurs and (small) business owners must learn to get out of their own way. It’s very simple; you either embrace outsourcing and give your business an opportunity to grow or let your competitors beat you. The entrepreneur or (small) business that is on the path to success is the one that is not afraid to ask for or seek the help of others. Successful business owners maximize their strengths and talents and hire people who are better at fulfilling the objectives they are weakest in. These business owners also recognize that there are many extremely qualified professionals out there that are better than they are in certain areas. By not seeking these professionals out or providing them with an opportunity to contribute to your business, they are and will always be missing out on potential growth, competitive advantages, and several significant product or service opportunities.
So now that you’ve heard all of these wonderful benefits, you may be saying, “Well what about the costs?” Nice try. Outsourcing is now a reality for almost any sized budget. There are literally thousands of qualified workers available and ready to serve you and your business needs. Think about it. Smart (small) business owners save themselves the burden of paying overhead costs associated with payroll taxes and expenses, paid time off, benefits and worker's compensation. Hiring a staff and providing them with office space, equipment, training, and health insurance is much harder to get from under, guarantee the relationship and/or invest in. This is why the outsourcing decision is such a no brainer.
Why Outsourcing Is a Good Thing for Your Business?
The most obvious answer to this question is that outsourcing your businesses day to day back-office tasks will give you more time to focus on generating income. Just think about how much money you are losing by doing everything yourself. Add up all the hours you spend each day performing tasks that can be easily delegated and aren’t making you money and/or serving your clients. Now ask yourself, why? I’ll wait… There’s really no good answer to this question. It’s simply not acceptable not to make money and offer value in business.
5 Additional Benefits of Outsourcing That Can't Be Ignored:
- Outsourcing companies deliver services faster.
- Outsourcing increases the knowledge base of their company.
- Outsourced work usually ends up in the hands of a highly educated and specialized professional or agency consultant.
- Outsourcing provides access to resources not available internally, helps your company reduce risk, and lowers overall operating expenses.
- Outsourcing company hours. Some outsourcing companies work during your office hours, many of them work while your office is closed, and some have the ability to do both. So in fact, if you can find a “hybrid” outsourcing company that provides 24-hour service at a low rate (like this one: http://ow.ly/tiW9305w4Rx), you will experience the kind of immediate results and benefits you’ve always dreamed of.
3 Signs That You May Need to Outsource:
1. You can’t recall the last time you made an update to your website. Consider outsourcing this area of your business. The professional you choose can not only keep your website current with content, plugins, and SEO but they can interact with your audience by replying to any of the communication that may come through on your site.
2. You’d rather not spend time updating and keeping up with your social media channels. Depending on your preference, you may want to assign your outsourcing professional to create and schedule your social media posts or you may want them to dedicate a set amount of hours to your social media channels and communication with your audience in real-time or on a frequent basis.
3. You aren’t getting results from your advertising. Smart entrepreneurs use all available media, especially digital media. Don’t allow your company to be invisible to the world because of a fear of spending money on marketing and PR. If customers cannot find you or don’t know you, they cannot buy from you. Without effective and innovative marketing, you won’t have many customers or a business.
Finding the Right Contractors
Find capable, reliable outsource providers! Start with your own network. Ask questions like, “Who’s responsible for taking care of your businesses lead generation, database entries, payroll, web development, or web research?” Usually, people are more than happy to offer up their source. In the absence of a good recommendation like Germinate Outsourcing, there are online services such as Upwork, Thumbtack, and Fiverr that serve as virtual marketplaces for you to consider. The key to identifying the right contractor is to know exactly what you're looking for and find out exactly how your outsourcing professional can help you.
When you decide to hire an outsourcing professional, don't be afraid to offer, communicate and/or outline task-based agreements or expectations. Never assume that your outsourcing professional is thinking what you're thinking, knows your process, or knows what your definition of done is. Even when expectations are clearly stated, there’s a chance that there will still be a bit of a learning curve to ensure that all tasks are done just the way you are expecting them to be. After you grow comfortable with your outsourcing professional, you may then consider transitioning into a more permanent “Retainer” type of relationship or agreement once you're confident in their ability to consistently deliver.