10 Ways Outsourcing Can Benefit Your Business
Outsourcing is not about improving the quality of your work – although, as you’ll see in just a moment, that’s a big part of it. Outsourcing is really about improving the quality of your life as a business owner by enabling you to delegate the low-return, mundane, or flat-out irritating tasks that are part of business to a qualified, efficient person or company.
As Tim Ferriss, author of the 4-Hour Workweek, put it: “The secret to happiness is not earning a fortune – but simply replacing yourself with someone cheaper.”
“The secret to happiness is not earning a fortune – but simply replacing yourself with someone cheaper.” – Tim Ferriss, author of The 4-Hour Workweek
Outsourcing can help your business in the following 10 ways. Check them out below and decide for yourself if outsourcing would be the right solution for your business!
10 Ways Outsourcing Can Benefit Your Business
1. Improve your time investment ROI by outsourcing to someone with less experience than you and letting them handle the day-to-day minutia.
2. Reduce costs by removing the need to hire a full-time employee; instead, outsourcing allows you to pay a low monthly or project rate for tasks you need completed.
3. Broaden the scope of your experience and knowledge by choosing to outsource tasks to someone who possesses skills or specializations that you lack.
4. Focus on the core business functions and strategies with the secure knowledge that the day-to-day mundane tasks will be taken care of.
5. Learn a new process or method of doing something from those you outsource to – those that take on outsourced tasks are specialists at productivity and efficiency, so chances are, you’ll learn a lot.
6. Redirect any hiring budget you had toward other, more important expenses for your business – it’s like finding free money!
7. Strengthen your own delegation and leadership skills by managing the working relationships with the companies and/or individuals you outsource your tasks to.
8. Control company risk by electing to outsource tasks rather than hire an employee full-time: Lower costs, no contracts, no federal wage or benefit requirements, etc.
9. Permits your existing employees to pursue higher-ROI tasks, netting bigger returns for your business (Example: outsource social media scheduling so employee can focus on social media strategy and paid advertising).
10. Expand your business sooner than you thought was fiscally possible by allowing you to take on a larger volume of work in less time.
These are just 10 of the myriad benefits outsourcing provides for small and medium businesses. While outsourcing isn’t a cure-all, it’s definitely a powerful tool to increase profits and ROI while reducing your costs and time spent working.
Can you think of any additional benefits we forgot to mention here? Leave them in the comments section below and we’ll take a look.