The goal of any business is to earn more than they spend to operate. While larger businesses are capable of doing so despite having hundreds of workers for every part of their operations, smaller business owners may find it difficult to afford a full in-house team.
One ethical and cost-efficient method of reducing costs while still having the manpower to operate daily office tasks is to outsource certain tasks to other offshore companies. This means instead of hiring your own employees to perform the tasks necessary for your business, you’re paying another company to have their own employees do the work. Here are the top three advantages you get for outsourcing your work.
You Can Focus on Your Main Operations
Let’s say you started a business because you’re passionate about a certain product or service or you simply believe you have a million-dollar idea you’re set on doing. Unfortunately, that’s not the only aspect you have to focus on when running a business.
In fact, studies found that only 20% of small businesses survive their first year of operation, and only half of them will make it past their fifth year of operations. And one of the reasons businesses fail is because business owners weren’t equipped to handle all tasks of running a successful business. Thanks to outsourcing, however, you can focus on your main operations while an outsourcing company can handle the other auxiliary tasks.
Skip the Costs of Hiring
There are plenty of unavoidable costs of hiring a new employee. According to Glassdoor, an average company in the United States spends around $4,000 to find and hire a new employee. Also take note of the government-mandated employee benefits you have to pay and how much your business will lose if an employee turns out to be a bad hire and leaves immediately.
And it’s not just money you’ll be losing, but also time. An average company can spend around 52 days before they find and hire a new employee, which could mean profit lost from your company. There’s also the time taken away from performing the main tasks of your business because you have to focus on the secondary tasks.
In comparison, you aren’t paying an outsourcing company the salary of the person tasked with doing the tasks. You’re only paying for the labor done for your business. This means you will only have a fixed cost to spend on your business.
Maximize Your In-House Team
With the costs of secondary business tasks delegated to outsourcing companies, you have a much bigger budget to spend on an in-house team, which means getting industry professionals that can help you grow your business.
Aside from hiring the best in-house team your business’ capital can afford, by outsourcing your secondary tasks, you are delegating the less important tasks outside the company, allowing your team to handle the more important tasks and maximizing their skills and what they can do for your business.
There are even more advantages to outsourcing your business’ secondary tasks to an outsourcing company. But if you’re looking for three main reasons, here’s why: you save time and money, you can focus on your main operations, and you can afford to get the best in-house team who can maximize their potential with the secondary tasks out of the way.