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10 Reasons to Outsource Your Business

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10 Reasons to Outsource Your Business

Outsourcing by sending some of your company’s work to a third party is an increasingly common way of doing business in the 21st century. It was first developed in the late 1980s as a way companies could gain a competitive edge in the newly global market, and is now used widely across a number of fields. Here are just some of the reasons you should consider outsourcing for your business.

1. Labor costs

One of the main reasons businesses began outsourcing is because it is an effective way to decrease labor costs. This is because, rather than employing a number of full-time staff who are on the payroll even when their services may not be required, outsourcing provides you with a flexible workforce who can work only when needed. What’s more, the cost of labor in some countries is significantly lower than it is in the U.S., which means that even if you are a small company or only outsourcing a small portion of your work, you could still see an extreme reduction in labor costs.

2. Infrastructure and material costs

In additional to decreasing labor costs, outsourcing also allows businesses to cut down on other expenses, such as materials and shipping costs. The cost of materials you use may be decreased by moving some functions overseas, where those materials may be obtainable for significantly cheaper. You may also save on shipping costs if the materials you need for the outsourced functions are available in their new location. You will also save on infrastructure costs, as these will become your outsourcing partner’s responsibility.

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3. Efficiency

Outsourcing also leads to increased efficiency, because you are entrusting non-central company functions to experts elsewhere. Since these vendors are specialists in their area, they are intimately familiar with its ins and outs in a way that members your employees couldn’t be without extensive investment and training. This way, the functions you’ve outsourced can be completed both effectively and efficiently by highly-trained experts in the field who are able to implement their skills and knowledge immediately.

For example, by outsourcing your accounting department, you are taking the burden of mastering complicated accounting duties away from your own offices. This allows you to focus more on your core business functions. Meanwhile, your accounting work will be completed quickly and smoothly by your outside experts of choice.

4. Core business functions

When you keep all of your businesses functions housed together, things get busy and complicated, and your core functions can get overwhelmed by outside issues. These back-end operations end up requiring significant funds and attention, which detracting from what should be your more central concerns. If you outsource those back-end pieces of your company though, it allows you to focus all of your attention and resources on more essential parts of the business. Comfortable in the knowledge that experts elsewhere are dealing with the other functions required to keep your business running, you can put more of your energy toward research, development, and other ways of improving your business’s products and services.

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5. Customer satisfaction

The increased efficiency and ability to focus on your core business functions that come with outsourcing will also have a large, positive impact on the satisfaction of your customers. You’ll be able to produce your products and services faster, which is always a hit. You don’t need to have a separate department at your place, most of the work, even accounting, can be outsourced, thanks to the internet. Plus, with non-core tasks in the hands of experts elsewhere, you’ll be able to focus more on your central functions, thereby improving the quality of products and services you offer. What’s more, by breaking your company down into specialized units, you increase your ability to respond quickly to changes or issues, so any customer complaints or problems can be handled more smoothly.

6. Risk management and continuity

Risk management is central to any business, especially during times of change, such as mergers, downsizing, or management changes. Outsourcing certain departments can help in these transitional times because it lets those areas of your company’s work remain unchanged. Plus, your outsourcing partner will absorb any of the risks associated with the departments it now oversees. This can also help your company maintain an appearance of continuity, as products or services coming from the outsourcing partner will stay the same, too.

7. Globalization

Sending part of your business overseas also enables you to plant your company more firmly within today’s increasingly global markets. These days, many American companies site their international sales as making up a third or more of their total sales. Depending on where your outsourced functions are located, you may also gain a time zone advantage from this new arrangement by having offices that are in sync with different world business schedules, allowing you to operate close to 24 hours a day!

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8. Flexibility

Adapting to changes in the market requires the flexibility to make changes to your company’s size and costs in response to a changing market. You need to be able to react in time to cut the necessary costs during downturns or to ramp back up when the market bounces back.  This is very difficult for companies with large, centralized infrastructures. Outsourcing can help solve this problem because it lets you have short term and flexible contracts with your outsourcing partners. Then your company can cut down or ramp up on staff, production, etc. right away in response to changes in the market.

9. Resources

Having some of your businesses functions outsourced also gives your company accessed to new resources and frees up resources that would otherwise be devoted to those back-end functions. With the outsourced aspects of your business now being taken care of by experts in the field, you’ll no longer have to use resources on recruitment, training, or salaries for those competencies. Plus, by creating a connection in a new, possibly overseas location, you may open your business up to more cost-effective resource streams.

10. Innovation

By outsourcing non-core functions of your company, you allow your business to focus its attention and energy on more central aspects of your work. Part of what your newfound time and energy can go into is developing new ideas. After all, the shift to an outsourcing model automatically opens your company up to some changes in structure, which is a great way to spur more foundational types of innovation.

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Meanwhile, the functions now being carried out by a third party outsourcer could also be home to innovation, because the staff in question will be highly trained specialists in the area at hand, they may also be able to innovate in ways that benefit your company.

Final thoughts

If you’ve looked at these numerous advantages to outsourcing and realized what a good option it might be for your business, it’s now time for you to make a plan of action. Decide which departments would be best outsourced to a third party and start looking around for experts who fit the bill. It may seem daunting at first, but it will do wonders for your bottom line.

Featured photo credit: pexels.com via pexels.com

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Last Updated on August 25, 2021

Why Personal Branding Is Important to Your Career

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Why Personal Branding Is Important to Your Career

As a recruiter, I have met and interviewed hundreds of candidates who have no idea who they are.

Without a personal brand, candidates struggle to answer the question: “tell me about yourself—who are you?” They have no idea about who they are, what their strengths are, and how they can add value to the company. They present their CV’s believing that their CV is the key to their career success. In some ways, your CV still has its use. However, in today’s job market, you need more than a CV to stand out in a crowd.

According to Celinne Da Costa:[1]

“Personal brand is essentially your golden ticket to networking with the right people, getting hired for a dream job, or building an influential business.” She believes that “a strong personal brand allows you to stand out in an oversaturated marketplace by exposing desired audiences to your vision, skillset, and personality in a way that is strategically aligned with your career goals.”

A personal brand opens up your world to so many more career opportunities that you would never have been exposed to with just your CV.

What Is Your Personal Brand?

“Personal branding is how you distinctively market your uniqueness.” —Bernard Kelvin Clive

Today, the job market is very competitive and tough. Having a great CV will only let you go so far because everyone has a CV, but no one else has your distinct personal brand! It is your personal brand that differentiates you from everyone else and that is what people buy—you.

Your personal brand is your mark on the world. It is how people you interact with and the world see you. It is your legacy—it is more important than a business brand because your personal brand lasts forever.

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I have coached people who have very successful careers, and they come to me because they have suddenly found that they are not getting the opportunities or having the conversations that would them to their next role. They are having what I call a “career meltdown,” all because they have no personal brand.

A personal brand helps you become conscious of your differences and your uniqueness. It allows you to position yourself in a way that makes you stand out from the pack, especially among other potential job applicants.

Don’t get me wrong, having a great CV and a great LinkedIn profile is important. However, there are a few steps that you have to take to have a CV and LinkedIn profile that is aligned to who you are, the value you offer to the market, and the personal guarantee that you deliver results.

Building your personal brand is about strategically, creatively, and professionally presenting what makes you, you. Knowing who you are and the value you bring to the table enables you to be more informed, agile, and adaptable to the changing dynamic world of work. This is how you can avoid having a series of career meltdowns.

Your Personal Brand Is Essential for Your Career Success

In her article, Why Personal Branding Is More Important Than Ever, Caroline Castrillon outlines key reasons why a personal brand is essential for career success.

According to Castrillon,[2]

“One reason is that it is more popular for recruiters to use social media during the interview process. According to a 2018 CareerBuilder survey, 70% of employers use social media to screen candidates during the hiring process, and 43% of employers use social media to check on current employees.”

The first thing I do as a recruiter when I want to check out a candidate or coaching client is to look them up on LinkedIn or other social media platforms, such as Facebook, Instagram, and Twitter. Your digital footprint is the window that highlights to the world who you are. When you have no control over how you want to be seen, you are making a big mistake because you are leaving it up to someone else to make a judgment for you as to who you are.

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As Jeff Bezos, the founder of Amazon, once said, “Your brand is what people say about you when you are not in the room.”

In her book, Becoming, Michelle Obama writes about the importance of having a personal brand and her journey to defining her personal brand. She wrote that:

“if you don’t get out there and define yourself, you’ll be quickly and inaccurately defined by others.”

When you have a personal brand, you are in control. You know exactly what people will say about you when you leave the room.

The magic of a personal brand is that gives you control over how you want to be seen in the world. Your confidence and self-belief enable you to leverage opportunities and make informed decisions about your career and your future. You no longer experience the frustrations of a career meltdown or being at a crossroads not knowing what to do next with your career or your life. With a personal brand, you have focus, clarity, and a strategy to move forward toward future success.

Creating your personal brand does not happen overnight. It takes a lot of work and self-reflection. You will be expected to step outside of your comfort zone not once, but many times.

The good news is that the more time you spend outside of your comfort zone, the more you will like being there. Being outside of your comfort zone is where you can test the viability of and fine-tune your personal brand.

5 Key Steps to Creating Your Personal Brand

These five steps will help you create a personal brand that will deliver you the results you desire with your career and in life.

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1. Set Your Personal Goals

What is it that you want to do in the next five years? What will your future self be doing in the next five to ten years? What is important to you? If you can answer these questions, then you are on the right path. If not, then you have to start thinking about them.

2. Create Your Unique Value Proposition

Create your unique value proposition by asking yourself these four questions:

  1. What are your personality features? What benefit do you offer people?
  2. Who are you and why do people enjoy working with you?
  3. What do you do and what do people want you to do for them? How do you solve their problems?
  4. What makes you different from others like you?

The answers to these questions will give you the information you need to create your professional story, which is the key step to creating your personal brand.

3. Write Your Professional Story

Knowing who you are, what you want, and the unique value you offer is essential to you creating your professional story. People remember stories. Your personal story incorporates your value proposition and tells people who you are and what makes you unique. This is what people will remember about you.

4. Determine Which Platforms Will Support Your Personal Brand

Decide which social media accounts and online platforms will best represent your brand and allow you to share your voice. In a professional capacity, having a LinkedIn profile and a CV that reflects your brand is key to your positioning in relation to role opportunities. People will be connecting with you because they will like the story you are telling.

5. Become Recognized for Sharing Your Knowledge and Expertise

A great way for you to promote yourself is by sharing knowledge and helping others. This is where you prove you know your stuff and you gain exposure for doing so. You can do this through social media, writing, commenting, video, joining professional groups, networking, etc. Find your own style and uniqueness and use it to attract clients, the opportunities, or the jobs you desire.

The importance of having a personal brand is not going to go away. In fact, it is the only way where you can stand out and be unique in a complex changing world of work. If you don’t have a personal brand, someone will do it for you. If you let this happen, you have no control and you may not like the story they create.

Standing out from others takes time and investment. Most people cannot make the change by themselves, and this is where engaging a personal brand coach is a viable option to consider.

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As a personal brand coach, working with my clients to create their personal brand is my passion. I love the fact that we can work together to create a personal story that defines exactly what people will say when you leave the room.

Other People’s Stories

Listening to other people’s stories is a great way to learn. In his article, 7 TED Talks About Personal Branding, Rafael Dos Santos presents the best Ted Talks where speakers share their stories about the “why,” “what,” and “how” of personal branding.((GuidedPR: 7 TED Talks About Personal Branding))

Take some time out to listen to these speakers sharing their stories and thoughts about personal branding. You will definitely learn so much about how you can start your journey of defining yourself and taking control of your professional and personal life.

Your personal brand, without a doubt, is your secret weapon to your career success. As Michelle Obama said,

“your story is what you have, what you will always have. It is something to own.”

So, go own your story. Go on the journey to create your personal brand that defines who you are, highlights your uniqueness, and the value you offer to the world.

Featured photo credit: Austin Distel via unsplash.com

Reference

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