Many business owners think outsourcing is just for large companies. According to American Express Small Business Monitor, more than half of small business owners say outsourcing is too expensive. Outsourcing can be valuable to a small company though. It can allow business owners to focus on the growth of their business. Here is some information about outsourcing your small business:
- Know your core. When determining what work to outsource, it is best to keep the operations that define the core of your business. Focus on the essentials of your business like sales or customer service and outsource things like payroll or marketing.
- Use one company for your outsourcing needs. The more services one outsourcing company provides, the more money you will end up saving.
- Test the waters. Outsource departments slowly to make sure the decision was successful and be sure you are happy with an outsourcing company’s service before signing a contract.
- Outsource self-contained tasks. Projects that involve working in a team or brainstorming may not work well if they are outsourced.
- Be aware of all the costs that come with outsourcing. Outsourcing could cost you in lay-offs and severance packages. You may also have to pay the remaining employees overtime or provide funds for telecommuting.
If you have questions about what is best for your small business, contact the Winflow Financial Group.
At Winflow Financial Group, our consultants help entrepreneurs with our experience. Tell us about your business or investment today and find out how we can help your business save money and grow.