Top 10 Reasons Why To Outsource
Updated: Jan 18, 2020
By Madonna - Director / Treasurer At Integrated Globaltech Accounting Outsourcing Specialist.
If you are reading this post, congratulations, as it means you have already taken the first step to saving your business time, effort and money, by outsourcing, however if you still need more convincing, here are the Top 10 Reasons Why To Outsource;
1. Access To Skilled Experts
One of the main reasons businesses choose to outsource is when the task requires a skilled expert. It is similar to when an Accountant has a Mechanic repair his car, and when a Mechanic has his Accountant to do his accounting. This is because it only make sense to have person who is skilled in that task, complete said task, allowing the business to concentrate on its core activity.
2. Focus On Core Activities
As businesses grow, so do workloads, and with those increases, comes additional non-core business tasks, this can lead to reductions in the quality of core business tasks. In instances such as these, outsourcing to third parties is one of the smartest things a business can do, as it allows key resources to focus back on primary business tasks again.
3. Better Risk Management
Outsourcing allows businesses to share associated business risks with their outsourcing partners, therefore reducing burdens on businesses. For example - by outsourcing to a competent outsourcing partner, a business can reduce the risk involved in having the same task done in-house by staff that may not be as competent in that field, avoiding potential future costly lawsuits.
4. Increasing In-House Efficiency
Once businesses allot tasks to their outsourcing partners, the share of their employees workloads reduce. This allows businesses to use internal staff more efficiently and effectively.
5. 24 X 7 Business
Outsourcing to countries in different time zones, gives businesses the added advantage of making full use of a 24 hour day. It allows the outsourcing partner to take over and continue working even after the business is shut, allowing them to complete critical tasks and send them back for review the next day.
6. Staffing Flexibility
Outsourcing certain tasks, provides businesses with a certain amount of financial flexibility, which is especially important in today's uncertain financial climate. This allows businesses to scale up or down comfortably at a much lower cost. It also has the added benefit of allowing business to be run at full steam even during off season and holiday months.
7. Improved Service And Customer Satisfaction
Outsourcing allows you to take advantage of skilled experts with the ability to efficiently and effectively provide high quality output, resulting in faster turn around times and greater customer satisfaction resulting in a stream of loyal customers, leading to a greater market share.
8. Cut Costs And Save Save Save!
The biggest benefit of outsourcing is of course the massive cost savings! When you outsource services to a low-cost country such as the Philippines, you are getting access to quality services at much lower costs. This is a big saving for businesses, around 60% to 80% on costs, this is on top of additional overhead costs, such as reductions on infrastructure, which outsourcing can also remove.
9. Give Your Business A Competitive Advantage
The ultimate benefit of outsourcing, is that it helps your business gain a competitive advantage over its competitors in the market. With strategic outsourcing, you are not only providing your customers with best-of possible service, but also increasing your business productivity, all while managing your in-house resources intelligently. Outsourcing allows you to have the upper hand against competitors, who may not have yet realised the benefits of outsourcing.
10. See An Overall Increase In Your Business
Outsourcing shows an increase in your productivity, customer loyalty, level of quality, business value, profits, and much more.
If you are thinking of outsourcing or would like to know more, please feel free to contact our friendly Melbourne team at Integrated Globaltech on +61 3 9010 5425 or via email at email@example.com.