What Should Entrepreneurs Outsource?
While many are doing strenuous, repetitive work in their 9-to-5 jobs, being confined within four walls with no clear future goals or target, entrepreneurs have taken the highway to success by mapping their own route. While many others, struggle to meet assignment deadlines because of their hectic work schedule, entrepreneurs incorporate an optimistic approach towards their businesses.
But running a business is not an easy job. It requires passion, resolution, adherence and more importantly a systematic management of resources. Unlike many others, an entrepreneur is clear with their thoughts from the very beginning that there are certain tasks they don’t want to handle themselves. So this is the time where they wish to hire an outsider to channelize the operations they don’t want to take on themselves.
If you are an entrepreneur, chances are that you always have to prioritize key tasks that are critical to your business, and you would be happy to know that the most successful entrepreneurs delegate a lot of their work to focus on growing their respective business. This technique is called Outsourcing or in other terms Virtual Assistants.
Successful entrepreneurs outsource the day to day tasks and alter their mind and time in generating more business. Outsourcing has proved to have a powerful impact on the growth of small businesses and due to the availability of technology, it has become more cost-efficient and productive to outsource non-core activities. In this article let’s talk about What Are The Benefits Of Outsourcing For Entrepreneurs.
1. Why Outsource?
Before penning down outsourcing a certain functional area into your business plan, it is recommended for you to first examine your core activities and prime focus. Think of all the essential functions of your business – the ones that don’t affect your core activities but do contribute to fulfilling the prime focus. Outsourcing those functions in a smarter way can result in being a better way for quicker results as well as add value to your business.
Virtual Assistants (aka outsourcing) get paid based on their productive hours. It is their task to meet the milestones and work according to their scheduled time in order to get paid. Also, delegating some tasks, you can direct your time more on core activities which can result in greater productivity from the owners’ end as well as from outsourcers end.
As mentioned earlier, technology has played a greater role in making outsourcing an accessible option. Outsourcers or Virtual Assistants can work in shifts and even after the regular office hours. More small-scale businesses are working towards outsourcing their daily tasks because technology has advanced to the point that the professionals are being able to work from anywhere in the world in their comfort zone which also improves flexibility.
Technically speaking, an Outsourcer or a Virtual Assistant is self-employed and are hired by a business owner on a contractual basis for a limited period of time. The entrepreneur does not pay the Virtual Assistant employment benefits and also do not suffer from the additional operational cost which can result in cost saving. This can also lower the prices of extra employees and company resources such as rent, laptops etc.
Apart from these factors, hiring an outsourcer or a virtual assistant can prove to have faster and higher quality services, gain advantage for necessary resources, keep up with the daily operations even when facing employee turnover and the risk can be shared with the partner company equally.
2. How To Outsource?
When in search for a suitable outsourcer or visual assistant, a well-designed plan and a pensive selection process can make or break the deal. It is important to bear in mind that building a secure partnership demands for a long-term investment and commitment towards shared objectives. There are crucial elements which are to be taken into consideration when finding the appropriate outsourcer or virtual assistant partner.
When going through the profile of an outsourcer it is important to review their past experiences, their customer reviews, their approach towards daily tasks and unforeseen situation occurrences and also their sense of responsibility towards the business and work assigned.
Agreement for their fee has to be within the lines of the allocated budget. Also, the right choice is to select someone who is flexible with their working hours. Someone who suits the business hours that is needed for the company and knows how to work respecting the time zone.
It is also expected from the outsourcer to overcome the language barrier by providing them with a strict and clear instruction manual. It is important to keep a close eye on expected result quality matching the established parameters and making sure that the outsourcer meets the expected deadlines.
3. Four Key Activities Entrepreneurs Must Outsource
Here are four key areas you should consider outsourcing to experts and a few recommendations on the right service provider.
Prospecting for new business and keeping up with the latest developments in your industry can be time-consuming.
A web researcher can help you to save time with tasks like gathering information & statistics for an upcoming presentation or looking up the names of companies to build your list of leads.
They can also organize this material in a form that’s easy to use and read.
You can find a plethora of web researchers at Elance.
Content & Social Media:
Whether it’s designing content strategies or making sure your Social Media channels are generating a positive ROI, hiring a Social Media agency makes sense as they come with the relevant skills & practical experience while marketing similar businesses and ensure best practices. As with market position wavering from time to time blogging has become one of the most effective online marketing techniques one must adopt for a business.
Social Media is extremely dynamic & always evolving. Making sure that you have a deep understanding of how algorithms for a lot of these sites work can be very time to consume & may lead to poor decision making which will affect your ROI. But social media isn’t just about sharing or posting content online, you can also use social media for the purpose to run a social media campaign. Authorizing social media to an outsourcer will ensure that all your posts, updates, content, and marketing material will be shared online successfully. Social media can also help you out with your SEO ranking.
Some of our clients such as Apwig Media and Design Bay are in this space and do incredible work. We would be happy to connect you to them.
Design & Technology:
Whether you want a more attractive website, a brand-defining logo or eye-catching print materials, a professional graphic designer will help your business look its best.
Whatever your goals, there’s a graphic designer with the talent, aesthetic sensibilities, and visual skills to fulfill your vision and enhance your company brand.
Many also offer web development as a service or work with developers, which will make your website function technically.
There, of course, will be a time when you will need to take design & development in-house, however, working with outsourced agencies is a great way to get started. Check out one of our clients – Thought over Design that does fantastic work.
Accounting & Finance:
Frankly, no business owner should ever have to write the companies own books or file taxes. As a business scales, Accounting & Finance as a function becomes increasingly complex & time-consuming to handle, it makes complete sense to hire a professional to run this aspect of your business for you.
It is imperative that your Service Provider is providing you with relevant Business Intelligence in order to help you take better decisions as a business owner. There are many firms that provide accounting and taxation services.
A focus on Innovation Accounting helps Entrepreneurs like you reduce the time taken to close your Build- Measure- Learn loop while you try to validate certain hypothesis’. For this, you need not look any further – set up a meeting with the Savage & Palmer team today!
If there is anything we have learned from having worked with over 150 companies across India, it’s that it is imperative for Entrepreneurs to focus on growing their business & let professionals handle non-core activities. Build something your customers will love!