Outsourcing is a solid strategy that can really boost your business. We at Codable are strong believers of that principle, so much so our core business relies on it. Information is better digested when you accompany it with real examples. Are you in? For many, Alibaba. But what does outsourcing have to do with? At the time, development talent in China was in short supply, while developers in U. The other being Ma had to find workarounds and viable ways to grow his company overcoming all Chinese internet restrictions. Currently, prodict company still relies on outsourcing partners for production, but they’re mainly located in China.
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Saving money is not making money! Many business owners reject outsourcing because they think its costly. If I choose to do it myself, I can save Rs. Lets look at 9 such business activities you can easily outsource and make more time for yourself to focus on growing your business. Bookkeeping is like your morning exercise — no one wants to take the time out to do it but neglecting it can cause serious problems over the period of time. Lets first understand what is bookkeeping. This includes recording purchases, sales, receipts and payments transactions. There are lot of benefits of outsourcing your bookkeeping activity. You can save time and focus more on your business, you will also save money as account outsourcing is cheaper than hiring a full time accountant, you will have access to professionals who will ensure the accuracy and much more. Find out how ProfitBooks can help you with bookkeeping.
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Activity of preparing tax returns is time consuming and requires special skill sets. If you are using any good online accounting software , you can just give them a temporary access and they will be able to generate the return. But once your business starts expanding beyond 10 employees, processing monthly payroll can eat up lot of your time. Its better to leave it to the professionals. You can get quality results by outsourcing your artwork creation. This includes designing of website images, logos, business cards, letterhead, advertising banners, etc. Sites like Upwork connect you with the designers around the world. Its affordable and you get a huge number of providers to chose from.
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This means that there is always something lacking, always more work to be done, and new companies are always falling behind their expectations and deadlines. One of the most insidious parts is that it leads to massive stress. There are plenty of answers, and not every one works for every type of entrepreneur. But the answer more and more business owners are turning to is a simple one: outsourcing. That could be through freelancing, or by hiring another firm like a call center to handle segments of your business. For most small business owners, however, this simply means having someone outside the business do work. But before we can cover specific strategies, you need to know why you want to outsource. At the end of the day, the only reason you should outsource should be because you can make more money by outsourcing than by not outsourcing. You should only use outsourcing as a tool to drive sales and revenue. That said, it helps to look at where you could improve in your efficiency and revenue generation through outsourcing.
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Most outsouricng their VAs are multilingual, so you can get access to local expertise and servcies into new markets. This can be discerned in the initial testing period. I am not ready to outsource yet, but someday. If possible, I recommend attaching files to demonstrate inspirations for the project, current designs you want to emulate, or other resources for the freelancer. Naveen Kumar says:. But the answer more and more business owners are oroduct to is make money outsourcing you product services simple one: outsourcing. Relevant education helps Ukrainian developers solve even the most complex tasks. According to the A. You can also choose to look at a few outsourcing agencies. In this section, I will give you a brief overview of some useful online money transfer platforms:. That usually means hiring someone to do the rest.
5 Things That You Should Never Outsource
It was one of the first concerted efforts to bring business process automation BPA and outsourcing down to maake smaller scale for everyday businesses and individual consultants. That book has been both the best and worst thing to happen to remote work. This smart guide is meant as a starting point for you and your business to use as a baseline framework.
It can and should serve both outsourcing newcomers and veterans as a great reference guide and as you work through the process time and time. This guide starts with Outsourcing Basics. The next section, Becoming More Productivewill focus on an often ignored aspect of outsourcing: your current productivity and organization levels.
Just as larger companies organize and streamline their activities and business processes before automating and outsourcing, you too have to better define different areas of your business and personal outputs.
This will save you time, money, and set a solid foundation for outsourcing successfully. The third section, How To Source Talentwill introduce you to the newest and most trustworthy platforms that have been developed and used by millions of businesses since Tim Ferriss first wrote his book.
The fourth section, The Interview Processwill dive deeper into the nuts and bolts of how to run effective interviews. The same process can apply to temporary freelancers. The fifth section, The Training Process servicex, will provide details on how to ensure that your outsourced team understands and completes tasks within a specific deadline and to required specifications. The sixth section, Communicating With Freelancerswill walk you through tools and processes to ensure that your remote team delivers high-quality work and that you remain well-connected.
Communication often makes the biggest difference in performance and final output. The seventh section is about Paying Your Outsourced Team. This will give prodyct a great idea of how much you should pay your freelancers. The section will also provide details on some useful yiu money transfer platforms for paying offshore freelancers.
The eighth section, Scale Your Outsourced Teamwill give you the means and the methods to quickly scale up your outsourced team while ensuring a smooth expansion process.
The ninth section is dedicated to Process Design. This will help walk you through the theory of how to design, build, and implement effective business processes to help make your business more effective. The last section, Building Redundant Processeswill focus on actually applying the theory from the last section to help you create processes that will streamline your operations and outsourcjng automation of simple or repetitive tasks possible.
Ma,e growing company needs to hire servicea workforce on a continual basis. However, internal hiring can lead to higher expenses in terms of renting office space, furniture, insurance, utilities, and labor cost. Outsourcing is a good alternative to the internal hiring of the workforce.
It enables to keep expenses at a minimum while giving a company access to a skilled workforce. This section will ouysourcing about the basics of outsourcing and its pros and cons. Outsourcing in business is when you hire a consultant, an agency, an external service provider, or a freelancer virtual assistant, to handle some tasks of your business or work on specific projects. After the Great Recession, several companies in the United States were forced to outsource teams as well as entire departments to save money and their bottom lines.
Outsourcing could involve part-time freelancers or contract workers who work for you full time through a outsourcinv, agency or external service provider. Outsourcing is often used by businesses of all sizes as well as solopreneurs to handle more business and execute work that requires skills unavailable within the organization.
This article will take you through the process of making sure that you and your business are ready to either outsource different components of your regular operations or set up an outsourcing framework to enable you to handle a bigger workload. There are certain essential yet time-consuming tasks servies every company which is repetitive in nature like data entry, competitor research, and database building.
These can be easily outsourced. If you can hire a freelancer to do these tasks, you will get more time on hand to focus on the core competencies of your business. Other tasks such as financial analysis and website development that require specific skills can also be outsourced to specialized agencies or freelancers if your team is not equipped to do.
It is impossible to grow your brand, connect with your audience, or find clients without a robust social media strategy. You can outsource the task of creating and scheduling social media posts on a day-to-day basis to freelancers or virtual assistants VAs. They can create reports based on performance data and provide recommendations. Your VA can also update you on current consumer trends and conversations on social platforms.
You can use this data to understand whether your business is moving in the right direction or not. Social media tasks can get overlooked by business leaders since their importance is not as vital as account management, product development or sales.
Outsourcing your social media functions can give these tasks the attention they deserve. Freelancers can do simple research for different aspects of your business like identifying potential customers, finding industry events you should attend or gathering market data.
Such research process is usually tedious and time-consuming. Therefore, these tasks can be outsourced to dedicated freelance research assistants who can compile the research data into compact and easy to digest reports. To provide great value servjces potential customers, businesses need to invest in churning out regular blogs, articles, infographics. Unless you want to invest in a dedicated in-house content creation team, hire freelancers to ghostwrite and edit content on your company blog.
The earliest processes to be outsourced by companies were finance and accounting. Now, many companies even outsource their entire finance department since an external agency or consultancy can provide additional expertise in strategic functions like budgets, forecasts, and internal audits. According to an Ovum studythe most common services to be outsourced within accounting was payroll accounting, accounts payable and account receivable.
Your Virtual Personal Assistant can handle all your mundane daily tasks like scheduling eervices, answering calls, or booking flight tickets. This will give you more free time to maintain a healthy work-life balance even as your everyday tasks get done efficiently. Customer service has for long been synonymous with outsourcing. As a business grows, it needs larger customer support reps to connect with your clients and resolve issues.
If its an in-house team, such a regular expansion incurs additional operational costs. When you outsource your customer service needs to an external agency, you can provide increased consumer satisfaction without incurring a huge cost.
Almost half of all business now outsource their HR department. With their expertise, RPO services can ensure a low turnover rate. These services screen through resumes, interview potential candidates and shortlist suitable talent for your company. Depending on the type of business you run, you can choose to uou various processes of your business. There are many benefits to outsourcing. While you may not be able to reduce your work week down to four hours, you will find gains in:.
Outsourcing will also enable you to focus on your core activities and improve overall efficiencies. Outsourcing can be a tricky business and when you go down this road for the first time, you are bound to make some rookie mistakes.
Here are some common outsourcing mistakes that you need to look out for before you prosuct to hire that remote team. As mentioned earlier, outsourcing is a great way to reduce costs. However, there is a flip side to hiring cheap talent. A low-paid freelancer will dramatically affect the quality of the output.
If you are a software entrepreneur, you should not hire the oytsourcing freelance engineer. On the other hand, tasks like sales database building could be an area where you can cut costs as an entrepreneur.
You must carefully decide where to cut costs so that you can stretch your outsourcing budget without putting important areas of your business at risk. Another mistake entrepreneurs make while outsourcing is not having sufficient knowledge about the task you are outsourcing. After interviewing a qualified candidate, have a trial run where you give them a small task to see how they perform and whether they can do the task according to your specifications.
This may take additional time and money upfront, but it will save a lot of trouble later on as you would have hired a competent resource. If you leave projects or tasks up to the interpretation of your outsourced team, it may never be completed up to your specifications, or it may take many attempts to reach your requirements. To avoid any misinterpretation, be as specific and detailed as possible when outsourcing a job.
For instance, if you want a logo created, send examples of 10 designs that you like with an explanation of what you like in each design. Then tell the freelance designer your vision for the logo and ask her to make something from these specific descriptions.
Another important thing to servies is to always set a clear deadline for each task. Your freelancer will have other commitments and without a clear deadline, other projects may take precedence over yours.
Poor communication is the root of all outsourcing mistakes. If you communicate clearly, accurately and frequently with the freelancer, most of the above-mentioned mistakes can be avoided. Ask your freelancer to send you an email at the end of each day with a project progress report. The report can be as short as one sentence, but it will ensure that you know youu far the project has progressed. They should also inform you of the challenges they have faced, and what they need from you to complete the task.
Also, have a video xervices every week. Face to face communication is equally important to build a rapport with your freelancers. Being more productive will help you to design efficient processes for outsourcing parts of your business. There are 3 specific things you need to do in order to at a minimum outsourcinv your productivity.
These are:. A ritual is something that is so pervasive in our lives that we just do it without thinking about it. You need to set up your own morning ritual in order to be most productive. You need to not only plan your day, your week, your month but the next 3 months. These 3 tools will make sure you never miss any deadlines again and help you visualize what you need to get. Now that you have a make money outsourcing you product services goals set, you need to attach and break them down into a series of milestones.
Be sure to set milestones and allot a specific amount of time for completing each one. Add these milestones to your calendar. The first way to outsource business activities is to retain a company that offers outsourced services. These companies have employees on their payroll who would work on your projects.
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However, anything that sounds too good to be true usually has its downsides. Your product is your baby, and when you hand it over to a large design firm, you no longer have as much control. This definitely doesn’t mean you have to do everything yourself, but you need to remain in control of each step.
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The best way is to add a technical expert make money outsourcing you product services your team as a co-founder. This also means that you must be the one to tackle the non-technical side of your project, which means mainly sales. Some big design firms handle every step of product development because they have many engineers on staff that check and rectify problems. However, this level of service comes with a high price tag. Consequently, many entrepreneurs rely on freelancers. You can get around this issue by hiring multiple freelance engineers. If a doctor told you that you need major surgery, you might ask for a second opinion. Similarly, getting a second opinion on your product’s design reduces your risk during the development process. This is standard procedure for new products developed by major companies. Almost every time, other engineers will find issues. Regardless of the skill of an engineer, when complexity increases, so does the risk of errors. Use a review process to lower risk. Implementing a design review process may also open up the possibility of hiring offshore developers. Normally, I don’t recommend offshore developers if you don’t have the skills necessary to accurately review their work. But by hiring an independent engineer to review their work, the risk can be reduced to a reasonable level.
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