Risk Management

What elements of your business should you consider outsourcing?

Guest blog from Alan Price at Peninsula 

SMEs can sometimes make the mistake they need to do absolutely everything in-house. Thanks to the wonders of modern technology, and the far-reaching scope of business consultancy, this is no longer the case.

Outsourcing is a proven way to reduce the cost of running your business. But it’s also a way to save time, and remove stress from your workforce.

As such, this guide discusses the various ways you can look to the wide world for assistance.

The myth of multitasking

Before taking a look at your options, here’s a quick note on multitasking. You may want your business to run absolutely everything, but there’s no harm in admitting you need support through outsourcing.

But the American Psychological Associationshows that multitasking as a time save is a myth:

“Although switch costs may be relatively small, sometimes just a few tenths of a second per switch, they can add up to large amounts when people switch repeatedly back and forth between tasks. Thus, multitasking may seem efficient on the surface but may actually take more time in the end and involve more error.”

There’s even an estimate the process actually costs the global economy $400 billion annually.

As such, you should aim to save yourself time and stress through talented experts outside of your organisation.

IT security

IT systems and cyber threats go hand-in-hand, you can’t have one without the other. Chances are, if you have an IT system, there’ll be a cyber-threat to contend with.

With this is mind, you’ll need experienced IT experts on hand to protect your client information and to resolve any issues that may arise. To perform the job effectively, an in-house team will need access to the latest software, tools and applications which can all run up a bill.

This is where outsourcing comes in. Not only does it save on time and money, it also provides you with support and resources your in-house team may not have access to.

These same costs are spread-out through the customer base of a managed service provider making it more cost effective.

With your IT security handled, you have more time to focus on meeting your business objectives and goals.

 

Bookkeeping

For your business finances, you don’t want to take the task on yourself and make an error.

If you outsource, you have qualified individuals managing over your expenses. InDinerois one such example, but you can refer to others if you’d like a local team over an international one.

But the result is you always have your finances in check.

Payroll

As with bookkeeping, managing your staff wages is essentialfor any business. Any errors in payments and you can face various legal ramifications.

You could have an in-house accounts team, or outsource through the likes of Wagepointto keep on top of your monthly (or weekly) payslips.

This also helps to cover you against the various regulations and tax laws that are ever-present across the countries of the world.

You can avoid having to take that on yourself in favour of letting the experts handle it.

Content marketing & PR

Create brand awareness and create an online presence with the likes of a digital agency or a freelancer.

You can hire an agency who can manage all of your advertising projects for you. But this can prove expensive, so the alternative is to turn to a freelancer.

Whether you need a copywriter or a social media guru, services such as Upworkprovide talented freelancers who you can pick from. Simply pitch them the project and they’ll get to it.

The advantage of this is you don’t have to hire various digital marketing specialists to join your business. This can save time and money, or free up your existing marketers to focus on other projects.

Scheduling and administration

There are always various small tasks to take care of when running a business.

But your main focus should always be on the key elements. As such, you can use various services to cover off certain minor tasks that, nevertheless, need your attention. These can include hiring a virtual:

  • Secretary
  • Assistant
  • Call centre.
  • Web chat bots.

In fact, whatever your industry entails there’s no doubt some form of virtual option you can use to make outsourcing work wonders for your annual overhead.


Source: ARM
What elements of your business should you consider outsourcing?