October 22, 2015

The Truth About Outsourcing


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Technology has provided the means for us to work anywhere, with anyone in the world, at any time. It has also sped up the rate at which we can find and commit to new clients. As entrepreneurs, this seems like the ideal situation.

While being able to multi-task and tackle several projects all at once might seem great in theory, the actual ability to follow through with each assignment takes time, energy, and money. And although we think we can do it all on our own (or within a small team), there comes a point where certain responsibilities are better handled through a tactic that to many has become a bit of a dirty word.—outsourcing.

Outsourcing can range from taking on independent contractors to hiring an external company to lessen your load, which can improve productivity and reduce inefficiencies in-house. And of course, outsourcing lightens your financial burden by reducing production, labor, and new hire costs. In sure, with outsourcing, you typically only pay for what you use.

Start by differentiating between your “core” business responsibilities (the opportunities that will help grow your company) and those peripheral tasks that can be assigned to a third party.

From there, begin delegating small assignments to someone you trust. Whether it’s daily account work, expenses, or administrative duties, having another person take on the grunt work will allow you to have more time to focus on developing your business.

Understand which areas of your company could also use an even higher level of professional help. From  business advisory services to advisors in the area of strategic planning, and everything in between, there are contractors in every field that keep you from having to got at it alone even if your budget isn’t yet as big as your dreams.

Just as it’s essential when it’s the right time to bring on a new hire, knowing when you are stretching yourself (and your team) too thin is important for maintaining a positive and efficient work environment. Outsourcing may not be the best option for everyone, but for entrepreneurs looking to reduce costs, effectively manage time, and gain additional professional help without hiring a full-time employee, it can be a life saver.

Are you prepared to handle the biggest challenges faced by business owners?

Don’t get blindsided by problems that other talented leaders have already solved.

We’ve teamed up with Dr. Hector Lozada, Professor of Economics at Seton Hall to survey business owners ranging from start-up founders to seasoned CEOs. What came out of it is a cheat sheet for sidestepping the roadblocks, bottlenecks, and challenges that plague your colleagues and competitors.

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