Growing a business in today’s hyper-competitive ecosystem requires smart, lean strategies and the ability to pivot critical business roles on a dime. Your competitors are trying to out-brand you, deliver similar products/services at a lower cost, and provide a better overall service to your target audience. They also employ a virtual receptionist service to increase customer support.
To compete, you need to brew up your own secret sauce that reduces overhead, bumps productivity, and delivers superior results to your prospects and customers. That secret sauce may be outsourcing. The global outsourcing industry swelled to over $80 billion in 2018, and its rampant growth can be attributed to outsourcings ability to cut costs within key areas of your business without disrupting your corporate culture.
Do you really need to burden the costs of onboarding, salary, and benefits for every position in your business? No! Here are 3 key business areas that you can outsource immediately to help improve your end-of-year ROI while also improving your efficacy.
According to KPMG’s 2017 Global IT-BPO Outsourcing Deals Analysis, telecommunications leads the way in outsourcing across all industries. And, there’s a good reason for that; outsourcing telephone-heavy positions is a frictionless way to dip your toes in the outsourcing waters. Virtual receptionist services can perform all of the same duties as in-house assistants, but they cost your business roughly 78% less per year to maintain. Plus, virtual assistants get roughly 13% more work done, AND businesses don’t have to pay for equipment, training, benefits, vacations, etc.
Of course, a virtual receptionist service is just one example. Any telephone-heavy position can probably be filled by an outsourcing company at a fraction of the price. And it gives you some elasticity. It’s easier to switch outsourcing providers than it is to fire an underperforming employee.
Let’s be honest — HR is one of the scariest components of running a business. Regulatory red tape and thick, bulky handbooks make navigating the HR ecosystem intimidating — especially for small businesses. Luckily, there are a wealth of PEOs and TPAs out there that you can outsource your HR needs to.
Here’s the best part; they can hack your growth. PEOs can help businesses grow up to 9% faster and save up to 35% on daily HR operating costs. That’s a big deal. This doesn’t even take into account the money you’ll save on Tylenol when you don’t have to stress over picking the best benefits packages to remain hyper-competitive in a labor-stressed market.
Outsourcing IT is tricky. If you’re a massive business dealing with large IT ecosystems like data warehouses, data pools, and tons of interconnected BI tools and apps, outsourcing IT (at least entirely) is probably unfeasible. You have specific needs that you need met day in and day out.
But if you’re a small business, outsourcing IT can save you some serious money, time, and tech frictions. There’s a reason that 11.5% of the global IT budget is now poured into outsourcing, it’s a critical driver for small businesses that need the infrastructure to commit to digital transformation without the resources to pour into all of the networking and setup that requires.
Outsourcing critical positions can be the pillar of growth that your business needs to edge out the competition. Aim for easy-to-outsource roles using solutions like a virtual receptionist service. Then, once you’ve fully immersed yourself in the outsourcing universe, feel free to start pecking away at important roles like HR and IT. You want to run your business, not let it run you. With outsourcing, you can get back to what matters most for you and your business — achieving growth.