In the past, outsourcing has been considered a strategy which only big businesses could truly take advantage of, but all that is changing now. Technology has made it much more possible for small businesses to enjoy the benefits of outsourcing because it has now become possible for employees to work from anywhere in the world, as opposed to actually being on the premises.
Benefits of Outsourcing
There are a number of benefits which accrue to any company which chooses to engage in outsourcing, the first of which is that there’s no longer any need to hire talented professionals for those outsourced positions in the company. You can have freelance IT specialists, HR consultants, bookkeepers, graphic designers, web designers, and paralegals, all handling important business positions remotely.
As subcontractors, there’s no need to pay these individuals via a regular payroll system, which eliminates all of the payroll taxes and health insurance expenses, as well as the potential for workers’ compensation. From the simple aspect of space considerations, it would not be necessary to house these individuals on site, which means your office space could have a smaller footprint and a lower monthly expense.
When to Outsource
The ideal time to outsource certain aspects of your business is when you realize that you want your company to grow, but you personally have no free time in order to accomplish that growth. This situation means that you are too bogged down with day-to-day details to pursue the larger picture which involves reaching out for success.
When you reach this point, it’s a good idea to take some time and identify your company’s core strengths and talents, and consider all those other activities as tasks which might be handled by outsourcing. This will leave you and your employees free to concentrate on the things that you do very well, and it will allow for the possibility of outsourcing any other business activities.
Need Capital for Outsourcing?
Outsourcing can definitely save your small business money in the long run, but there’s generally a startup cost involved before you can realize those savings. Contact us at Flex Capital if you need funding in order to get your outsourcing program up and running, so you can start saving money.