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Entrepreneurs and Business Owners Double Their Time and Money by Outsourcing

Entrepreneurs and Business Owners Double Their Time and Money by Outsourcing

There is a limit to what an individual can achieve alone. That limit is even greater in business.

Entrepreneurship is about pursuing your passion and unleashing your creativity for the purposes of creating and adding value and doing something that is of high importance to you and those you seek to serve. The entrepreneur(s) that will not be able to live out their days doing what they are most passionate about are the ones who don’t invest in themselves and/or their business because of a fear of failure, losing money, etc. So what is this investment I allude to? It’s called outsourcing!

What is Outsourcing?

Outsourcing is the process of delegating a company’s business tasks and/or processes to third parties or outside agencies, leveraging several benefits such as low costs, high quality, and creativity. Companies undertake outsourcing for a variety of reasons (that we’ll discuss later) but what remains the same is the impact outsourcing has on their growth, productivity and bottom lines.

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Another way to answer the question, “What is outsourcing” is this…

Outsourcing is the decision you make when you are trying to run a successful business and you ask yourself, “Do I really need to be responsible for my businesses marketing, sales, HR, technology and everything else I need to be competitive and professional?” Or the question may simply be, “Can I handle all of my day-to-day tasks and still be able to commit to the activities that allow me to do the things I am most passionate about in my business?” These everyday tasks may include business development, scheduling, administrative functions, data presentations, managing email, and so on. If you are trying to handle all of those things alone or with an inadequate team, I have to tell you, you are probably spending your days just wasting time.

Give your Business an Opportunity to Grow

Many entrepreneurs and (medium/small) business owners must learn to get out of their own way. It’s very simple; you either embrace outsourcing and give your business an opportunity to grow or let your competitors beat you. The entrepreneur or business owner that is on the path to success is the one that is not afraid to ask for or seek the help of others. Successful business owners maximize their strengths and talents and hire people who are better at fulfilling the objectives they are weakest in. By not seeking these professionals out or providing them with an opportunity to contribute to your business, you are and will always be missing out on competitive advantage opportunities, precious business development time and several significant other product or service opportunities.

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So now that you have read about some of the wonderful benefits of outsourcing, you may be saying, “Well what about the costs?” Nice try. Outsourcing is now a reality for almost any sized budget. There are literally thousands of qualified workers available and ready to serve you and your business needs. Think about it. Smart business owners save themselves the burden of paying overhead costs associated with payroll taxes and expenses, paid time off, and worker’s compensation. Hiring a staff and providing them with office space, equipment, training, and health insurance is much harder to get from under, guarantee the relationship, and/or confidently invest in. This is why the outsourcing decision is such a no-brainer.

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    Why is Outsourcing a Good Choice for Your Business?

    The most obvious answer to this question is that outsourcing your businesses day to day back-office tasks will give you more time to focus on generating income. Just think about how much money you are losing by doing everything yourself. Add up all the hours you spend each day performing tasks that can easily be delegated and aren’t making you money and/or serving your clients. Now ask yourself, “Why”? I’ll wait… There’s really no good answer to this question. It’s simply not acceptable not to make money and offer value in business.

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    6 Additional Benefits of Outsourcing That Can’t Be Ignored:

    1. Outsourcing companies deliver services faster.
    2. Outsourcing increases the knowledge base of your company.
    3. Outsourced work usually ends up in the hands of a highly educated and specialized professional or agency consultant.
    4. Outsourcing provides access to resources not available internally.
    5. Outsourcing lowers overall operating expenses.
    6. Outsourcing company hours. Some outsourcing companies work during your office hours, many of them work while your office is closed, and some have the ability to do both. So in fact, if you can find a “hybrid” outsourcing company that provides 24-hour service at a low rate (like this one: Opportunities2Serve.com), you will experience the kind of immediate results and benefits you’ve always dreamed of.

    3 Signs That You May Need to Outsource:

    1. You can’t recall the last time you made an update to your website.
    2. You’d rather not spend time updating and keeping up with your social media channels.
    3. You aren’t getting results from your advertising.

    Finding the Right Contractors

    Find capable, reliable outsource providers! Start with your own network. Ask questions like, “Who’s responsible for taking care of your businesses lead generation, database entries, payroll, web development, or web research?” Usually, people are more than happy to offer up their source. In the absence of a good recommendation like Germinate Outsourcing, there are online services such as Upwork, Thumbtack, and Fiverr that serve as virtual marketplaces for you to consider. The key to identifying the right contractor is to know exactly what you’re looking for and find out exactly how your outsourcing professional can help you.

    When you decide to hire an outsourcing professional, don’t be afraid to offer, communicate and/or outline task-based agreements or expectations. Never assume that your outsourcing professional is thinking what you’re thinking, knows or completely understands your process (until they show you they do), or knows what your definition of done is.

    Even when expectations are clearly stated, there’s a chance that there will still be a bit of a learning curve to ensure that all tasks are done just the way you are expecting them to be. After you grow comfortable with your outsourcing professional, you may then consider transitioning into a more permanent relationship or agreement once you’re confident in their ability to consistently deliver.

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    It’s Your Move!

    Featured photo credit: channellife.com.au via channellife.com.au

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    Tyrone Robinson

    Life, Career, Executive Coach & Business Consultant

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    Published on March 20, 2019

    How to Write a Powerful Mission Statement for Your Business

    How to Write a Powerful Mission Statement for Your Business

    Have you ever felt lost in the minutia of your job?

    As a business owner, I can relate to getting bogged down in the day to day operations of my business. Things like inventory, payroll, scheduling, purchasing and employee management take up the bulk of my day.

    While these things are important and need to get done, focusing too much on the details can make you lose sight of the big picture. This is why having a good mission statement comes in handy.

    What is a Mission Statement?

    Put simply, a mission statement is an internal document that provides a clear purpose for the organization. It provides a common reference point for everyone in the organization to start from.

    In other words, after reading your company’s mission statement, managers and employees should be able to answer the question “What are company’s main objectives?” For example, Southwest Airlines mission statement reads:[1]

    “Southwest Airlines is dedication to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit. We are committed to provide our Employees a stable work environment with equal opportunity for learning and personal growth.”

    In this single statement, Southwest conveys the company’s goals of providing the highest level of customer service as well as providing a good working environment for their employees.

    Mission Statement VS. Vision Statement

    While the mission and vision statements are related, there are subtle but distinct differences the you should be aware of.

    First of all, a mission statement is designed primarily as an internal company document. It provides clarity and direction for managers and employees.

    While there’s nothing wrong with sharing your company’s mission statement with the outside world, its intended audience is within the company.

    While a mission statement provides a general framework for the organization, the vision statement is usually a more inspirational statement designed to motivate employees and inspire customers. Going back to Southwest Airlines, their vision statement reads:[2]

    “To become the world’s most loved, most flown, and most profitable airline.”

    This statement inspires good feeling from the customer while motivating the employees to achieve that vision.

    What Does a Good Mission Statement Look Like?

    When coming up with a mission statement, it’s important to take your time and do it right. Too often, people (especially entrepreneurs) just write down the first thing that comes to mind and they end up with worthless or (worse yet) a generic mission statement that is utterly useless.

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    Remember, a mission statement should provide a common framework for everyone in your organization.

    When writing a mission statement, you should always try to incorporate the following;

    • What we do?
    • How we do it?
    • Whom do we do it for?
    • What value are we bringing?

    Now, you can see how tempting it is to just come up with something generic that ticks off those four boxes. Something like “We provide the best widgets available online for the consumer.”

    After all, that did check off all the boxes:

    What we do? Provide widgets.

    How we do it? Online.

    Who do we do it for? The consumer.

    What value we bring? The best widgets.

    The problem with this mission statement is that it could apply to any number of companies producing the same widget. There is nothing to distinguish your company or its widgets from any of your competitors widgets.

    Compare that mission statement to this one:

    “We provide the highest quality widgets directly to the consumer at an affordable price backed up with a 100% satisfaction guarantee. If our clients aren’t 100% satisfied, we’ll make it right.”

    What’s the difference?

    Both mission statements answer all the same questions of what, how, whom and value. But in the second statement, they are differentiating their company from all other competitors by answering the question “what makes us unique”.

    Another way to read that is, “Why you should buy from us.” In this example, it’s because our widgets are of the highest quality and we stand behind them 100%.

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    You might have noticed the statement didn’t say that we sell widgets at the lowest possible price. That’s because we are emphasizing quality and satisfaction over price.

    A different company’s mission statement may emphasize selling widgets at the lowest possible price with little to no mention of a guarantee.

    Hallmarks of a Good Mission Statement

    1. Keep It Brief

    Your mission statement should be no longer than three sentences. This is not your company’s magnum opus.

    You should be able to distill the what, how, who and why questions into a succinct message.

    2. Have a Purpose

    A company’s missions statement should include the reason it even exists.

    Make clear exactly what the company does with statements like “We strive to provide our customers with …….”

    3. Include a “How”

    Take this as an opportunity to differentiate your company from its competitors.

    How do you provide a product or service that’s different or better than how your competitor provides it?

    4. Talk About the Value You Bring to the Table

    This is where you can really set yourself apart from the competition. This is the “why” customers should buy from you.

    Do you offer the lowest prices? Fastest delivery? Exceptional customer service? Whatever it is that sets you apart and gives your particular products, services or company an advantage talk about it in the mission statement.

    5. Make Sure It’s Plausible

    It’s okay to shoot for the stars just to settle for the moon, but not in a mission statement.

    Being overly ambitious will only set you and your employees up for failure, hurt morale and make you lose credibility. You will also scare away potential investors if they think that you are not being realistic in your mission statement.

    6. Make It Unique and Distinctive

    Imagine if someone who knew nothing about your business walked in and saw how it was operating, then they read your mission statement. Would they be able to recognize that mission statement was attached to that business? If not re-work it.

    7. Think Long Term

    A mission statement should be narrow enough so that it provides a common framework for the existing business, but open enough to allow for longer term goals. It should be able to grow as the business grows.

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    8. Get Feedback

    This is very important, especially from managers and employees.

    Getting their input can clarify how they currently see the company and their role within the organization. It’s also a good way to get people “on-board,” as studies show that people are more likely to go along with an idea if they feel included in the decision making process beforehand.

    9. Review Often and Revise as Necessary

    You should review the missions statement often for two reasons.

    First, as a reminder of what the essence of the company is. It’s easy to forget when you are in the day to day grind of the business.

    And two, to make sure that the mission statement is still relevant. Things change, and not everything can be anticipated at the time a mission statement was written.

    For example, if a mission statement was written before the advent of the internet, a company that use to sell things door to door now probably has a website that people order from. You should always update the mission statement to reflect these changes.

    The Value of Mission Statements: Why Go Through All of These in the First Place?

    It may seem like a lot of work just for a few sentences that describe a company, but the value of a well written mission statement should not be discounted.

    First of all, if you are an entrepreneur, crystallizing the what, how, whom and value questions will keep you focused on the core business and its values.

    If you are a manager or other employee, knowing the company’s basic tenants will help inform your interactions with both customers and colleagues alike.

    Strategic Planning

    A relevant mission statement acts as a framework for strategic planning. It provides guidance and parameters for making strategic decisions for the future of the company.

    Measuring Performance

    By having the company’s mission in a concrete form, it also allows for an objective measurement of how well the organization is meeting its stated goals at any one time.

    Management can identify strengths and weaknesses in the organization based on the criteria set forth in the mission statement and make decisions accordingly.

    Solidifying the Company’s Goals and Values for Employees

    Part of a well run organization is nurturing happy and productive employees.

    As humans, we all have an innate need for both purpose and to be part of something larger than ourselves. Providing employees with a clearly defined mission statement helps to define their role in the larger organization. Thus, fulfilling both of these needs.

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    Now I’m not saying that a mission statement can overcome low pay and poor working conditions, but with everything else being equal, it can contribute to a happier and more productive workforce.

    To Hold Management Accountable

    By creating a mission statement, a company is publicly stating its highest values and goals for the world to see. By doing so, you are inviting both the public and your employees to to scrutinize how well the company lives up to its ideals.

    So if you state that you only provide the highest quality products, and then offer something less, it’s fair for both the public and the employees to question, and even call for a change in management.

    If management doesn’t take the mission statement seriously, no one else will either; and the legitimate authority that management rely’s on will be diminished.

    To Serve as an Example

    This is the opposite side of the coin from the previous statement. If the highest levels of management are seen taking the mission statement seriously and actively managing within the framework of the statement, that attitude filters down throughout the organization.

    After all, a good employee knows what’s important to their boss and will take the steps necessary to curry favor with them.

    Finally, use the company’s mission statement as a way to define roles within the company. You can do this by giving each division in the company a copy of the mission statement and challenge the head of each division to create a mission statement for their respective departments.

    Their individual mission statements should focus on how each department fits in and ultimately contributes to the success of the company’s overall mission statement. This serves as both a clarifying and a team building exercise for all parts of the organization.

    Final Thoughts

    Developing a mission statement is too often just an after-thought, especially for entrepreneurs. We tend to prioritize things that we perceive will give us the biggest “bang for our buck.”

    Somehow, taking the time and effort to sit down and think seriously about the what, whom, how and value of our business seems like a waste of time. After all, we got in the business to make money and become successful, isn’t that all we need to know?

    That mindset will probably get you started okay, but if you find yourself having any success at all, you’ll find that there really is such a thing as growing pains.

    By putting in the time and effort to create a mission statement, you are laying the groundwork that will give you a path to follow in your growth. And isn’t building long term success what we are really after?

    More Resources About Achieving Business Success

    Featured photo credit: Fab Lentz via unsplash.com

    Reference

    [1] Southwest Airlines: About Page
    [2] Fit Small Business: 10 Vision Statement Examples To Spark Your Imagination

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