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Outsourcing has greatly changed the way businesses work. Over the years, it has become a critical part of business management and an important ingredient in business growth. In fact, the outsourcing market has almost doubled from 2000 to 2018 (US$45.6 billion in 2000 to US$86.6 billion in 2018) as more businesses enter the outsourcing world.
According to a survey conducted by a B2B ratings and research company, Clutch, 52% of businesses are planning to outsource their business processes, with most of them planning to delegate accounting, IT, and digital marketing tasks. It's no wonder that the outsourcing industry continues to grow year by year.
Why do businesses love outsourcing? The most common reason why businesses outsource is to increase efficiency. 24% of businesses believe that outsourcing tasks increases productivity and minimizes errors. Aside from this, 18% of businesses outsource to gain access to expertise that is not readily available to them. There are many outsourcing ideas out there for new and experienced entrepreneurs: this applies to tasks that require specialization or a particular sets of skills, such as IT, digital marketing, and accounting.
Let's look at some of the reasons why businesses like to outsource:
1. You get access to experts that you need.
Your in-house team might be great at what they do, but there are tasks that even the best team members can do. These tasks usually require specific skills, expertise, or knowledge that a regular in-house team can’t handle. For example, if you need to create a website or improve your existing site, you need a web developer to do this. You need a graphic designer for your graphic design needs and an accountant or bookkeeper for your financial or taxation tasks. By outsourcing these particular tasks, businesses are often able to significantly improve performance by taking advantage of the niche skills of experts in certain fields.
2. You get things done -- fast.
Outsourcing to the right agency is one of the hidden marketing gems that will help you grow your business. One of the main reasons small businesses outsource work or tasks is because this setup will get things done quicker. If you have a limited number of team members, delegating time-consuming and repetitive tasks to your outsourcing partner can get things done a whole lot quicker. Outsourcing teams have the proper training and follow a streamlined process to complete work in the fastest and most efficient way possible.
3. You get to focus on things that matter.
Online marketing tools and applications are some of the most productive platforms one can explore to help startups climb the ladder of success. As a matter of fact, digital marketing applications such as Google Ads, Google Analytics, App Annie and Serpstat have been designed to back up all marketing endeavors.
Pay heed to these smart tips to harness the potential of marketing tools to the fullest.
Actionable Points:
• Use marketing tools such as Feedly, Canva and Buffer to keep an eye on the latest social media trends in the field of marketing.
• Get the hang of the SEO scene with marketing platforms such as Google Analytics, Moz Check My Listing, SEO SiteCheckup, Google Search Console and more.
• Master the art of Email marketing with tools like SendinBlue, GetResponse, and MailChimp.
4. You can minimize the risks.
Risk assessment and analysis is one of the most important factors in any project, whether in-house or outsourced. By outsourcing certain tasks or processes to experts in their respective fields, businesses can take advantage of their enhanced ability to plan and mitigate potential risks.
But, you only minimize the risks if you work with a digital marketing and growth hacking agency with proven track records of success. Make sure you don't work with a digital marketing company that could eventually hurt your business.
5. You can reduce costs.
If you want to achieve financial stability as a business owner or entrepreneur, you need to know that outsourcing some of your business processes is definitely a lot cheaper than hiring a permanent full-time employee.
Aside from saving time and money on recruitment, your profit will also extend to shorter overheads. You won’t have to pay for employee training, medical care, and other benefits you are required to give to full-time employees.
6. You can work 24/7.
Office employees are generally tied to the 9-to-5 schedule, which means that your employees stop working after the work shift is over.
But with outsourcing digital work overseas, you can continue to get things done even after regular work hours. This is particularly true for outsourcing partners located in a different timezone. This means that your business is running even while you’re sleeping.
7. You can streamline processes.
Outsourcing provides businesses with dynamic and intuitive platforms that will allow you to effectively manage what has been accomplished when the work is due for submission, and how the work will be paid. Most of these tasks can be automated, freeing up your time for more important work.
8. You can take advantage of new technology.
Technology is evolving day by day, with big data, cloud computing, and marketing automation becoming more popular. You shouldn’t be wasting time training people when you can outsource them to people who are already capable of using these technologies.
9. Your efforts will be more targeted.
Outsourcing enables you to plan and execute more targeted projects that are otherwise impossible to take on. This allows your business to have the chance to undertake new risks and experiment with new ideas.
10. You get freedom and peace of mind.
At the end of the day, working with a reliable outsourcing partner should give you the peace of mind, knowing that the tasks are being handled efficiently, even without your guidance.
Our Final Thoughts on Outsourcing
Outsourcing is can be quite challenging if you don’t know what you’re doing. But once you get the hang of it, you can benefit a lot from the advantages, such as the ones listed above, this type of work setup brings.
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