Businesses Fail Because Of Lack Of Profits
Delegating the time consuming process elements of any business can save time and money
For every company, the right time to outsource is different. Few businesses today have in-house staff to handle all of their daily activities, but many need outside help to undertake these functions, and new projects will always require contingent workers or specialised outsourced functions that don't warrant recruiting, training and monitoring another full-time employee.
When you and your current employees are unable to manage the day-to-day business of your company and build the business satisfactorily, it may be time to consider outsourcing.
The time to outsource can be when you realise that although the business needs to grow, you have no time left in the day to plan or pursue that growth.
Typically new entrepreneurs will feel that they may lose control over these functions as they feel that they were the only person who could do the work efficiently, but for the business to grow they soon learn that they have to let go and start delegating.
For very small businesses efficiency may demand that you start outsourcing from the very beginning. This may be starting out with a bookkeeper and a virtual assistant, and growing the team from there. In many own businesses today it is typical to see them with contracts for a virtual bookkeeper, a web designer, a ghost writer, a graphic designer, an executive assistant and even a project manager.
What to Outsource
The chances are that if you are a small business, you're already outsourcing some business tasks, such as payroll administration or background and criminal checks for employment. And these days, almost any task can be outsourced, with so many qualified professionals leaving the corporate world to work as freelancers or contractors. However, just because you can outsource a task doesn't mean you should.
Before choosing which tasks you can farm out, take a hard look at your business and determine your strengths and values. All small businesses must identify their core competencies and capabilities and focus their own R&D, talent management and resources on being the best in their industry at these, as outsourcing any aspect of core or critical tasks would be a big mistake.
