With the help of outsourcing, small businesses can delegate crucial tasks to industry specialists without having to significantly increase headcount. Differentiating between outsourced and in-house work is a crucial part of any successful outsourcing strategy, especially for smaller businesses.
The idea that only large companies can afford to outsource their work to third parties is a myth; in reality, small businesses can reap significant benefits from outsourcing thanks to the advancements in technology that have made this practice possible. You can devote more energy to the things that really matter to your company. A well-managed venture in small business outsourcing can have a huge impact on the bottom line.
- More than a third of today’s small and medium-sized enterprises (SMEs) use some form of outsourcing. Since 1989, outsourcing has been one of the hottest topics in business.
- Five-forty-four percent of businesses rely on some form of small business outsourcing in order to maintain contact with their clientele.
- In 2017, businesses paid an estimated $75.2 billion worldwide to outsource their security.
- Freelancers make up 29.7% of the American workforce.
- Globally, 78% of businesses are open to collaborating with others.
- Annually, it’s estimated that the United States outsources 300,000
- Seventy-one percent of executives in the financial sector outsource or transfer some of their services.
Outsourcing can “save” time and money for a small business. For example, in the business world, digital marketing can fetch $100 per hour. You can save $40 per hour by employing a virtual marketing assistant rather than spending $80 per day on a physical one. Utilizing the Opportunity Cost Principle (OCP) in this way appears to be a prudent decision.
For a small business to outsource, it’s essential that the freed-up resources be put to better use. Otherwise, you’re just exchanging cash for time, which isn’t ethically wrong but can go bad fast.
How Do You Know When It’s Time To Outsource?
Getting started with small business outsourcing can be challenging for new companies because of their typically low starting cash flow. On the other hand, some small and medium-sized businesses (SMEs) choose to outsource services like accounting, digital marketing, and virtual support from the get-go. Using an outsourcing service allows businesses to experiment with new approaches.
There are a few things to think about before outsourcing a small business:
- If you are in a position to pay for the services.
- If there is any way in which the costs that are incurred through small business outsourcing can benefit the company.
- If your small business is capable of handling the work on its own, outsourcing can help you concentrate on growing your strongest areas.
How Can ADDMORE Outsourcing help your small business?
If you run a small business, outsourcing is a smart way to grow your company’s capabilities without diverting resources from your core offerings. Working with ADDMORE Outsourcing is a great way to cut costs. You can expect savings of 30-50% compared to the cost of hiring full-time workers. Consider additional upsides like diminished danger, improved compliance, and more efficient use of assets.
Most importantly, outsourcing can help small business owners and managers refocus on what really matters while freeing them from the burden of tasks that are better left to experts outside the company.
Find a reliable partner like ADDMORE Outsourcing that can adapt to your changing needs as your company grows. All of the custom services that ADDMORE Outsourcing offers, from customer service to digital marketing to accounting, work hard to keep up with the latest changes in the outsourcing industry. If you’re busy growing your company, you can rely on us to help you make the most of our many channels. Get in touch with us right away if you’re interested in exploring our scalability options for your developing business.
ADDMORE Outsourcing is a BPO that helps a variety of global companies increase productivity by making use of complementary resources. Helping our clients increase their profits and productivity through the application of our reliable services and cutting-edge methods is our top priority.
Take full advantage of the boundless possibilities presented by outsourcing to the Philippines. Get in touch with us right away to arrange your no-cost initial consultation.