Outsourcing: Is It Right For Your Business?

Sharon Boyd has nearly 25 years of experience between both the healthcare and marketing industries. In addition to being an RDH and content writing expert, she also holds a degree in business. Her responsibilities primarily include tackling the communication barriers between small business owners or healthcare providers and their prospective clientele.

Outsourcing: Is It Right For Your Business?

Everyone seems to be talking about outsourcing these days and the positive (and negative) ramifications that it has on businesses. But did you know that enterprises have been reaping the benefits of outsourcing since the 17th-century?!

Several industries organize their core competencies with the help of outsourcing. They invest huge budgets in developing strategies to recruit professionals outside their company to manage various functions.

Why Should Your Business Consider Outsourcing?

Every business faces constant challenges, especially when they’re committed to keeping a focus on core functions and bettering overall operational efficiencies. Doing everything in-house can actually slow down your rate of growth.

Internally, your company may lack resources for completing time-consuming tasks, causing you to lose focus on responsibilities that are more vital for your business’ growth. You may be looking for a way to reduce and control your operating costs or take advantage of newer skills and technologies.

Outsourcing your "non-core" functions is the quickest solution to enjoy efficiency gains. These roles include tasks like customer support services, digital marketing, IT services, and much more. In fact, businesses have also started exploring full-fledged product development, production, and sales.

How Do You Benefit Through Outsourcing?

Until around 5-7 years ago, the main objective of the redistribution of tasks was to save costs. Businesses were mainly concerned with cutting expenses and finding more economical ways to function.

However, this strategy has undergone a significant paradigm shift. From considering outsourcing as a financial decision, it’s now seen as an integral part of your business strategy. Businesses are now leveraging much more than just cost-savings. Outsourcing is helping businesses in becoming more agile, especially in responding to changes in market conditions and competition. This mitigates the risks that potential problems may bring, and helps you expand even if you’re not ready to hire full-time staff. You can expand to newer markets as you innovate products, services, manufacturing, and sales. Ultimately, you can dive into a richer and more competitive talent pool, that also proves to be economical.

Will Outsourcing Work for Your Business?

Most businesses have a shared goal of growth. Sustainable growth is achieved when you create a balance between core competencies and the strategic use of professional resources to take the non-traditional activities off your to-do list. Research shows that some business functions impact as much as 40% of your business operations.

Some business owners may feel that outsourcing can lead to a loss of control. Rather, it gives you more control over the management as it allows you to be more flexible and access quality resources.

Here’s how to make outsourcing work for your small business:

  • Have clear company goals to set and manage your expectations.
  • Choose a qualified provider who shares your business objectives.
  • Never disengage from the process and keep your communication channels open.
  • Keep contracts clearly written and executed.

In the end, smart outsourcing practices can help you mitigate potential risks. In turn, you’ll work smarter and more efficiently. Use outsourcing as a tool to seize growth opportunities in their prime.