Outsourcing aspects of a business is a strategic process for many companies. While many people think that it is only reserved for large enterprises, it can also be a crucial tool for small businesses to grow as well.
The US Small Business Administration says that a third of small businesses currently outsource a part of their operations. Outsourcing allows them to get more done through entrusting processes to professionals in the field. It also helps in keeping costs under control while increasing efficiency without having to significantly grow your team. This way, a small business can focus on things they are good at.
So with that in mind, this article will be exploring five processes that a small business should consider outsourcing.
Accounting is a common area for a small business to outsource, especially if the owners are not financial experts. Hiring a skilled accountant reduces administrative tasks and allows you to focus on generating income. Owner of Legal Marketing Maven, Laura Lee Sparks, shared with Entrepreneur that when she began her firm, she hired an outside bookkeeper to her virtual team of contractors. This allowed her business revenue to reach six figures. Accounting is an essential part of a business and one that leaves no room for error. Outsourcing Accounting ensures that a professional is in charge of managing your cash flow and documenting your spending and revenue. Premier BPO’s back-office processing services for instance can help keep payroll and billing processes in order, manage all transactions, and optimize data entry and inventory invoicing. Leaving such tasks in the hands of outsourced pros can make it easier for any small business to scale efficiently.
The IT industry is one of the largest outsourced industries in the world, worth around $85.6 billion in 2019. There are different ways to outsource IT work, from outsourcing a managed service provider or working with a tech firm that offers on-demand assistance to even taking care of any tech-related issues you may have, as well as web design and management. IT Support, for instance, is one of the main services that can be outsourced through Premier BPO. This includes but is not limited to tasks like system administration and maintenance, 24/7 reporting and troubleshooting, and navigation and configuration support. This can even help you with cloud issues, as well as the digital migration and implementation of your existing infrastructure. These are essential services for any business that relies on digital networks to thrive
Business Development is a tricky field, especially for growing small-scale firms that have to evolve to the online marketplace. One solution to this is outsourcing your sales needs. Companies such as Revana and Acquirent combine technology with proven sales strategies that allow businesses to acquire and cultivate client or customer relationships by understanding their target market. The benefits to outsourcing sales as discussed in a previous Premier BPO article are gaining the input of a highly-experienced sales team, having better leads to fill your funnel, having more savings in time and money, and increasing customer satisfaction and retention. Premier BPO’s Comprehensive Contact Center Solutions are focused on handling inbound and outbound sales calls, providing 24/7 technical support, targeting omnichannel sales marketing, and optimizing billing/data entry to bridge gaps in sales and accounting.
New business owners have to deal with lots of legal documents. It is important for small businesses to have outsourced legal aid to help read through and draft contracts for landlords and suppliers. Outsourced legal help also protects your business from future legal risks such as lawsuits. For example, lawyers can help establish a legal business structure such as an LLC, which protects its owners from lawsuits or business debt. ZenBusiness notes that the Tennessee state government provides a SmartStart platform for new businesses that allows them to visualize the whole business registration process and connect with mentors and resources from across the state. This may be a strategic place to look for legal professionals to whom you can outsource your business needs. One strategy that could work for small businesses is hiring contract attorneys to handle temporary projects according to a report by The Balance Small Business
The COVID-19 pandemic has largely affected the transportation industry. However, many small businesses’ supply chains are reliant on efficient logistics. For businesses that are beginning to order supplies in bulk more and more, outsourcing to a transportation partner with customized contract management may be helpful. Beyond supply chains, shipping and handling your product to customers can also be outsourced, which is popular among e-commerce businesses that want to focus on the online marketing side of things. The Tennessee Department of Transportation has a Small Business Development Program that supports minority and female businesses. Small firms might consider asking for guidance from the department if they choose to outsource locally.
Article made only for the use of premierbpo.com
By Jana Noels