Where You Need to Outsource When Starting Your Business
In order to keep your business competitive in an increasingly global market, you need to consider areas that you can effectively outsource. With the cost of shipping decreasing and the ease of international communication thanks to new technologies, even mid-sized and small businesses can use outsourcing to stay competitive.
Manufacturing is a major area that can benefit from outsourcing. Whether you contact a plant to manufacture specific parts or assembling your entire product, you can save significantly by allowing another company to handle this major expense.
If your company is large enough to need a CFO, you’ve probably already realized how expensive this position can be. Smaller businesses can’t afford a CFO but still need expert financial leadership. One popular way to avoid both of these hurdles is to outsource your CFO. Using an innovative strategy called fractional CFO, you’ll hire several executives to work part-time with your finances. This will allow you to gain the expertise of a successful financial advisor without paying for a full-time salary.
Outsourcing technology and data storage also gives you the opportunity to be more flexible and streamline your IT department. Whether you use cloud storage or outsource app creation and web design, this area has huge potential for an effective business model.
Do you need to meet face-to-face with your employees? If not, you could save yourself massive administrative costs by allowing all your employees to work from home. In an office environment, most communication is already done by computer. By removing the cost of the office space, you can dramatically decrease your company’s monthly expenses.
While the HR department may be the glue that holds your company together, even these vital positions can be outsourced. With with companies that are Professional Employee Organizations (PEOs) in order to save costs on HR.
In the age of technology, most marketing and sales are conducted online. If this is the case for your business, you can outsource your entire marketing and sales teams. Using social media and other sites for your marketing, it’s easy to hire freelance marketing specialists around the world. This allows you to dramatically increase your audience base for the same or less financial investment.
If you’re concerned with the thought of outsourcing your entire business, consider what makes your business unique. For many small businesses throughout many industries, your key advantage is your intellectual capital, rather than your physical assets or employees. Leverage your intellectual property and outsource your way to an international and lucrative business.