If your company falls under the SME (Small to Medium Enterprise) umbrella, then chances are you already have a lot on your plate when it comes to duties and obligations related to your business. Not only do you need to focus on the growth of your company, you also have to manage the limited resources you have. It’s a delicate juggling act, and you need to maximize your options to sustain your company’s steady growth rate.
What’s the best thing to do in this scenario, then? One option that you can view as a potential silver bullet is outsourcing, or hiring a third party company to do a specific business function for you. With the help of an outsourcing services company, you can have your free time, your workforce and your resources back, and you can focus on more immediate and pressing tasks that are central to your business. Here are some of the tasks that SMEs are typically advised to outsource:
- Managing a company’s payroll is arguably one of the more time-consuming and tedious tasks in a business. It involves not only ensuring that each employee is paid according to their contributions and KPI, but also complying with the tax and legal requirements concerning salaries. Handling the payroll yourself can work for a short time, but bear in mind that the task can get complicated and more time consuming as you hire more people and as your company continues to grow. Instead of hiring someone who will take care of this task, say, twice a month, it’s more beneficial for your company to simply outsource payroll to another company that specializes in this particular function.
- Content marketing. This business function involves writing marketing content that’s informative and useful to the readers while also directing them to the business’s website, service, or product. When done correctly, content marketing can generate leads and website or shop traffic. Producing high quality content on a regular basis, however, is a costly and time consuming task that requires dedicated manpower. By outsourcing content marketing, you can reap all its benefits without having to invest in a team of employees to do it in-house.
- Human resources. Having a competent human resources staffer or team to handle all HR concerns for your company in-house is essential in keeping your workforce stocked with the right people. However, it’s sometimes easier to just have the function outsourced, especially if your company rarely hires new people. Outsourcing this particular process nets you experienced experts that could easily get you the perfect additions to your workforce, so you don’t have to find time to sift through potential candidates and hopefuls.
- If your company is focused on producing or selling items, it’s a good idea to outsource packaging and distribution. This way, you can focus your in-house resources to widening your client base, processing sales, refining your product, or investing in machinery that can help you double the production. Once your company grows, you can simply get a distribution package that fits your needs, all without adding to your staff’s workload. With a reliable distribution company, you can provide your clients with timely deliveries and great service.
- Let’s say you’ve brainstormed up an idea that could possibly drive up your profits or become an entirely new revenue stream, but you’re not too sure about it actually being viable. Instead of diving headfirst into it, hire a company on the outside to do the research legwork for you. This way, you can rest assured that you have a competent team of experts building a case for or against your idea while your employees are busy earning money for you.
To be clear, outsourcing these business functions does have its disadvantages, with the chief one being that you are basically entrusting an important part of your business to another firm; should they fail in delivering their promise, you’ll end up in hot water. However, this can easily be mitigated by having contingencies in place, as well as by choosing a reputable and reliable BPO firm to outsource to.