This guest post is by Jock Purtle, the founder of Digital Exits. Jock works with digital business owners on optimizing their exit strategy. He has also previously worked as a consultant helping businesses identify areas where they can save money, often by outsourcing.
In today’s political climate, the word “outsourcing” can sometimes be a dirty word. It conjures up images of massive layoffs at home and the transfer of jobs from one place to another. But this is a gross misrepresentation of what is really an intelligent business move that can save your company loads of time, and just as importantly, money.
Outsourcing makes a ton of sense when you stop to think about it. Why divert resources from your company’s core activities to do something that another company is entirely dedicated to doing? This additional focus, plus the money saved from getting outside help, will make your company more profitable and valuable, something investors look upon nicely should you decide to sell your business down the road. And businesses around the world are more than familiar with this trend, with further growth expected in outsourcing in the coming years.
But just because you can outsource something, doesn’t mean you should. There are some activities that are best kept inside your business, while there are others that can easily be farmed out to another firm. Let’s take a look at what you should consider outsourcing.
Payroll and Accounting Services
While you will want to keep some of your business’ financial activities in-house, such as revenue reporting and risk management, there are plenty of services you can send out to be done by other firms to help you save both time and money.
Payroll is a great example. Most quality payroll firms will have highly-automated systems that calculate deductions and cut checks without you having to blink an eye. They also usually have large customer service teams to help employees when there is an issue, preventing your employees from being tied up tracking down solutions to simple problems.
IT and Tech Support
We all know how frustrating it can be to have computer troubles. It totally freezes your day and can sometimes prevent you from completing even the simplest tasks. Well, by outsourcing your tech support and IT services, you can guarantee that you will have assistance when you most need it.
If you were to provide this service yourself, you can be sure it would cost a fortune and take up valuable employee time. Outsourcing this part of your business is an easy way to save money and make your business more efficient.
Content Creation and Marketing
This one is tricky, but if you do it right, outsourcing can be a great way to be more effective with your marketing strategies while spending less money. As we know, quality is better than quantity, so it is important to invest time in the beginning with whichever firm you hire to ensure you are completely clear about strategy. But unless you yourself are a marketing firm, it might be a good idea to look outside for some help with this work. Creating good content can take forever, and the time and resources taken away from core business activities can have a tremendously negative impact on your business.
When running a medium to large business, outsourcing is almost a no-brainer. You simply can’t do it all. Hopefully, this list has given you an idea about where you can get some help so that you can dedicate more resources to the activities that will help your business grow.