Over the last 15 years, outsourcing has grown to become an important component in business development strategy. What was once viewed as a stop- gap measure to address cost reduction has evolved into a process that can actively contribute to revenue generation.
The exponential growth of outsourcing corresponds with increasing turbulence in the global economy. Political regimes are changing; new foreign policies are being enacted and economies are re-aligning their resources.
All of these changes are proving to be a shock to the prevailing systems and have led to increased social discord in different regions of the world. It is not surprising that more businesses are outsourcing services as global business conditions continue to become more uncertain.
But if you want to maximize the benefits of outsourcing for your business, you must first develop an understanding of what the concept is.
Outsourcing is a process whereby specific tasks and responsibilities are transferred to a third party service provider to manage. In the 1970’s, companies would sub contract non essential tasks to third parties whenever revenues where stagnant and cost cutting was the way to maintain the bottom line.
Non essential tasks are those which are supportive in nature but not directly connected to the main enterprise of the business. It was a way of reducing costs because the third party service provider would assume all related expenses. Service charges would be reasonable because economies of scale existed.
As companies outsourced more services, they discovered there was more to the process than just cost savings.
Today, businesses may adapt outsourcing strategies not just for cost reduction purposes. There are many advantages the process could give to your business.
Cost reduction remains the number one reason why businesses outsource. The cost savings you can generate from outsourcing can be quite significant.
The process lowers cost by capitalizing on comparative advantages and economies of scale. The foremost component where comparative advantage exists is labor.
Outsourced services involve contracted not fully employed workers. Thus, they are not subject to the same benefits as full-time employees. They are also accountable for their own costs of business. As the client, you don’t incur logistical costs for rent and incremental costs for Internet and power.
A good example would be contracting virtual assistants.
A Virtual Assistant is technically a proprietor of a business that provides virtual assistance services. You do not have to pay him or her government mandated and company benefits. In addition, he or she is obligated for the expenses of the business.
Do you often find yourself mired in emails, phone calls and managing appointments? If so, then you are losing productive time.
By delegating non essential or non core functions to a third party service provider, you can free yourself of these tasks and allocate more time to manage activities that matter more to your business.
Again, the Virtual Assistant is an excellent example. They are widely reputed for their high level skills in business organization. Virtual assistants are usually hired to oversee administrative functions that allow the business to operate seamlessly.
You can maintain 100% focus on managing the key functions of your company without having to worry if the administrative tasks are being handled properly.
The jump off point for global outsourcing in popularly thought to have happened in the 1990’s. This was a time when Information Technology was becoming a growth industry.
The Internet was still in its fledgling stages but companies were already looking for ways to capitalize on its possibilities.
IT companies from the US began to outsource services to IT companies in India. They realized the benefits extended far beyond just cost savings because the IT companies from India were able to improve the technology.
If you plan to introduce new areas in your business, it would be a good idea to outsource these to a third party service provider. Not only will you save time but you can improve its quality especially if the project falls under the core competence of the service provider.
In a volatile business environment, flexibility is a highly- desired component of strategy design.
When markets are in a constant state of change, it is virtually impossible to predict or pinpoint trends and directions. Rigid business modeling will not help you adapt to sudden changes in consumer behavior and demand patterns.
Outsourced services allow for flexible business modeling. Again, these are contracted not employed services. The distinction emphasizes the flexible nature of the process.
With outsourcing, you can introduce changes on the fly. These include shifts in scheduling, changes in manpower and scope of work. You simply have to coordinate with the service provider to have the infrastructure in place to accommodate revisions in strategy design.
One of the reasons why many small businesses close up shop within 5 years is over expansion. In a bricks and mortar setting, over expansion entails investments in assets that allow you to expand capacity.
But what if the increases in business volume cannot be sustained? You could be stuck with depreciating assets or left to grapple with mounting obligations to laid off employees.
In outsourcing, there are fewer constraints to expansion. It is easier to add or subtract manpower. You do not have to invest in infrastructure because it is the responsibility of the service provider to ensure contingencies are in place to support your operations.
If the expansion does not pan out, it is easier to suspend, revise or terminate the outsourcing arrangement.
An overlooked advantage of outsourcing is its ability to create strategic partnerships. The best outsourcing arrangements are those that evolve from a client- provider relationship to one of strategic partnership.
By definition a partnership is an arrangement where there is shared interest. Both parties in the partnership would contribute assets in the form of time, knowledge, expertise and experience that would help them achieve the common goal.
A strategic partnership fosters greater trust and a stronger working relationship. These are important qualities for long term success and sustainable growth.
If you are able to find a good outsourcing company to partner with, you should try to develop the relationship and aim for a long term engagement of services.
Outsourcing is a strategy that will service your business interests in 2017 and beyond.
By outsourcing services, your business will have a proven hedge versus economic turbulence.
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Read More6 Reasons To Outsource Real Estate Management Given the amount of work that needs to get done in a real estate agency, ideally you want a low cost solution that also contributes to revenue generation. It may seem like a version of real estate utopia, but the truth is such solution exists in outsourcing. Here … Continue reading 6 Reasons To Outsource Real Estate Management →
Read MoreHow To Hire A Good Real Estate Virtual Assistant The real estate process can be very tedious which leads to a number of interesting days in the life of an agent. With so many things to attend to, it can be a challenge to put order amidst chaos in an agent’s typical working day. In … Continue reading How To Hire A Good Real Estate Virtual Assistant →
Read MoreHow to Become a Real Estate Virtual Assistant In the old days of dial- up Internet service, virtual assistants were hired primarily to manage administrative functions. They were considered more as secretaries or personal assistants. But in the new millennium, broadband technology made the Internet more accessible and created niches in the virtual assistance industry … Continue reading How To Become A Real Estate Virtual Assistant →
Read MoreWhat Is A Real Estate Virtual Assistant? Aside from client meetings, property negotiations, and site visits, your real estate business has many administrative tasks to deal with. If you find yourself dealing with admin duties every day and not high-value tasks, it’s time to hire a real estate Virtual Assistant. “Real Estate Virtual Assistant? … Continue reading What Is A Real Estate Virtual Assistant? →
Read MoreMore businesses around the world are outsourcing services to virtual assistants. From small- scale businesses to Fortune 500 companies, many have discovered and acknowledged why contracting virtual assistants is a good business strategy.
Virtual assistants are Internet- based professionals who are contracted to handle a specific task or set of responsibilities. They work from a remote location; usually from home and are generally considered self-employed or proprietors of a business that offers virtual assistance services.
Read MoreOver the last 15 years, outsourcing has grown to become an important component in business development strategy. What was once viewed as a stop- gap measure to address cost reduction has evolved into a process that can actively contribute to revenue generation.
The exponential growth of outsourcing corresponds with increasing turbulence in the global economy. Political regimes are changing; new foreign policies are being enacted and economies are re-aligning their resources.
Read MoreThere is a growing trend among companies to integrate a remote staff member within their work force. In 2011, Yahoo! CEO Marissa Meyer introduced a remote worker plan where 10% of staff worked from home. A few years later Meyer increased the distribution to 15%.
While Meyer chose not to maintain the program, other companies such as United Health Group, AETNA, IBM, AMEX and Xerox started their own remote worker programs.
Read MoreContracting the services of a real estate virtual assistant can help with those non dollar productive tasks. From taking and making calls, preparing contracts, updating lists, arranging inspections and marketing.
If you can’t manage time efficiently, your productivity will suffer and ultimately affect your agency’s profitability.
There is an option that will enable you to exponentially increase your productivity.
Read MoreThe Virtual Assistant was once the best kept secret of successful entrepreneurs. However once Tim Ferris, Michael Hyatt and James Schramko shared how their online employees allowed them to grow their businesses, others wanted to experience the same successes as well.
But as with most professions, not every candidate who signs up can get the job done.
Increasing demand for virtual assistance work has blown open the doors of opportunity for those who want to cross over to the online profession.
Read MoreIf you want to maximize the benefits of outsourcing, you may want to outsource to Philippines. It has been the primary destination for global outsourcing since 2013 and its industry continues to grow at an annual rate of 20%. If you want to know “why”, here are 7 reasons you should outsource to the Philippines:
High Literacy Rate – At 98%, the Philippines has one of the highest literacy rates in the world. This is quite an achievement considering the Philippines is essentially a developing economy.
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