Today’s most competitive companies outsource, and it’s easy to understand why. With outsourcing, operational efficiency increases, bottom-line expenses decrease, accountability gets distributed, and growth opportunities improve.
More importantly, you get to focus on core business activities that can make or break your company. These are not just empty proclamations floated around by business outsourcing stakeholders either, but proven benefits worthy of earnest consideration and supported by data.
In 2019, the global outsourcing market was valued at $92.5 billion. Information Technology outsourcing alone raked in a $66.5 billion revenue. Countries with a robust outsourcing industry get a significant economic boost from business process outsourcing (BPO).
Outsourcing continues to grow as an industry, which connotes organisations’ unwavering trust and reliance on the process. That’s because there’s something in it for them—and it boils down to augmented profit margins.
If you are looking for ways to streamline your organisation’s operational paradigm and boost the earning potential of your precious capital, get outsourcing on top of your business priorities. If you’re thinking about what to outsource, the functions you can delegate run the gamut. Here are some of them.
1. Accounting and Finance
This is most recommended for a small and medium enterprise (SME). If you don’t have any experience or expertise in finance, it’ll take a while before you can learn the ropes. Alternatively, you can outsource your accounting needs to specialists. This will allow you to devote time and focus on more pressing business concerns.
Remember that your business will have to meet compliance standards related to bookkeeping. There are tax laws to adhere to, as well. These tasks will be accomplished with efficiency and accuracy in the hands of a professional accountant.
Your ledgers will be organised for easy reference should you need to study cash flow. You’ll have conveniently digestible financial reports that will guide your decisions on spending capital and profit best. More importantly, you can rest assured that your business is within the bounds of the law, finance-wise.
This is another business management system that requires specialised skills and knowledge. Even if you regard yourself as a creative type, it’s not easy to market your business and reach your target audience. This is where a marketing firm that’s separate from your organisation comes in.
They can approach the job of selling your business in the most level-headed manner. That means you’ll get unbiased marketing advice. You can still actively participate in the process, as your hired marketing professionals will need your thumbs up before they can pursue a specific plan. Even the minor details related to the design of promotional collateral will require your explicit approval.
3. Customer Support
The quality of customer support you provide directly affects sales. One unhappy customer can result in you losing multiple business transactions. Keep in mind that people won’t mind writing their thoughts about your product or service online these days. If those are not favourable to the image you’re trying to project, your business will suffer. Customer support is a demanding aspect of business management.
You can take that pressure off your shoulders by outsourcing the job to a call centre or chat service provider. Affordable labour is at your disposal. Consider hiring customer service teams from countries like the Philippines. Ensure you clearly outline your favoured customer service strategy and specific expectations to your outsourcing partner.
Sales management is a crucial aspect of running a business. You cannot reach your target profit if you’re not closing deals.
However, it requires specific competencies, including a top-notch gift of persuasion, among others. Sure, you can train an in-house sales team, commission a sales expert to facilitate training, or do it yourself if you have a background in sales. But regardless, the process would be time-consuming, not to mention financially demanding.
Your best bet is to outsource to a team of sales agents instead. They can make calls on your behalf or come up with sales funnels that boost customer conversion. Meanwhile, you can spend more time closing deals with investors who can help you expand your business operation.
5. IT and Helpdesk
IT commands a large portion of the business process outsourcing industry, which is not surprising. Information technology is an entirely different ballgame, and you can’t cut corners here, given all the security threats prevalent in the digital realm.
Chances are you already have a strong online presence. If you haven’t yet, it’s high time you make your business Google-search ready. Remember that eCommerce is a hot topic right now—if you want to claim your fair share of the digital sales pie, you have to exist on multiple platforms, from social media to online marketplaces.
These efforts should be complemented by expert IT support, which is you can also outsource. You get, among other things, robust online security infrastructure designed and maintained by people who know what they’re doing.
6. Human Resources
Maintaining an in-house human resources department can be costly. If you want to ensure that only top talents get to join your company, the first order of business is making sure you have the best recruiters on your side.
Thankfully, HR outsourcing offers you a more affordable but efficient alternative. Independent HR firms take pride in having a pool of competent recruiters. They also provide a full spectrum of HR services, from hiring and training to payroll management and benefits administration. That’s a lot of stuff off of your plate.
7. Shipping and Logistics
You cannot neglect shipping and logistics management. Doing so will compromise the reliability of product delivery. That can lead to poor customer satisfaction, which will, in turn, manifest in decreased sales. That’s why you must partner with a shipping and logistics provider that can safely transport your products from your manufacturing or storage facility to your customers’ doorstep.
Subpar shipping and logistics management can also compromise your inventory system. You might end up acquiring products you couldn’t dispose of on schedule. You might even find yourself missing products that customers already ordered. Either way, you could damage the integrity of your business.
If you let an independent firm handle these responsibilities on your behalf, you’ll have peace of mind. If they don’t deliver as promised, replacements are a dime a dozen. They won’t risk it.
8. Research and Development
You need to conduct business research for various purposes—for instance, marketing. You’ll require thorough market research if you’re planning to expand the reach of your products and services. This process requires a specific skill set. So, why not outsource the job to people who consider market research as their bread and butter?
The same goes for business development. Whether you want to introduce something new to your product mix or you plan to expand to a new location, experts must assess the ins and outs of these opportunities. While you want to be hands-on in these processes, you might not be able to take them on yourself. Outsource the job and oversee its progress.
Did you know that you can now automate repetitive administrative tasks such as sending scheduled emails? However, you’ll need to invest capital in automation technology. If you’re running a small business, that might not be financially feasible yet. Your next best alternative is to outsource admin tasks to a virtual assistant.
A virtual assistant can accomplish a horde of to-dos on your behalf. They can book flights and accommodation if you need to travel for business or leisure, schedule meetings, follow-up on orders, or assist in customer conflict resolution.
You can have a virtual assistant from the opposite side of the globe, and they can provide customer support while you’re asleep in your location—all while being paid by the hour.
Do you need a logo for your start-up alongside other branding requirements? That may not be enough of a reason to hire a pool of in-house creatives right away. Consider outsourcing the job to a graphic artist who can work for you as an independent contractor. You can pay per project and choose the candidate that lays out agreeable payment terms.
Do you need blogs or ad copy written? You can outsource talented wordsmiths for this project. Better yet, you can partner with a digital marketing firm that can offer you a spectrum of services. Either way, you’ll be getting what you need without breaking the bank.
Outsource Your Business Needs
You do not have to be an expert in outsourcing to know that it’s an excellent business decision. This will elevate your company into a more competitive and growth-driven global enterprise.
The departments and systems you can outsource will depend on the nature of your business, expansion goals, and budget. Asking relevant questions about those considerations is of the essence.
If you require the help of experts to ease you into transitioning business functions into outsourced labour, you can talk with a BPO specialist from Australia’s premier call centre partner in the Philippines, Select VoiceCom.