In these uncertain times, businesses are facing challenges like never before and many companies are facing up to the nightmarish scenario that coronavirus could be with us for some time to come.
With uncertainty hanging heavy, it’s almost impossible for businesses to risk expansion just now – but what if that also results in possibly turning down work because you don’t want to risk taking on new staff?
Why outsourcing fits the current business climate
Albert Einstein once famously said, “In the middle of every difficulty lies opportunity,” and it could be that coronavirus might be inadvertently causing a rethink of how we do business in the future.
Through the uncertainty caused by the virus, many companies are being forced to downsize (we hope) temporarily – but the work still needs to go on. In these difficult times, perhaps outsourcing could provide the solution your business needs – at least short-term – to keep operating at optimum levels.
Lower operating costs
If you outsource parts of your business, you’ll effectively hire specialist teams or individuals – but only have to pay them when they’re actually working. Outsourcing allows you to employ staff on a per-project basis, giving a considerably higher Return on Investment (ROI) than a full-time employee who you need to pay, whether they’re busy or not. Reduced overhead and lower operating costs are particularly desirable in times of uncertainty and help decrease your exposure to market volatilities.
Specialist skills as and when you need them
With outsourcing, you can pick and choose specialist skills – and use them only as and when they’re required. For example, it’s not uncommon these days for legal firms to outsource professional litigation services purely on an ad hoc, per-case basis. This pick-and-mix approach to projects makes companies considerably more agile and adept at transforming to changing circumstances. Also, by using freelancers, you may find you gain access to additional skills you simply didn’t have with your existing employees – meaning you’ll likely find yourself able to take on more varied types of work.
Free up time and resources
In every company and every project, there are always repetitive, time-consuming tasks that could quite easily be performed by people with lesser skills. For example, company bosses often find themselves getting bogged with paperwork or accounting tasks when, really, they should be focusing on doing the tasks that actually generate money for the company.
Outsourcing frees up valuable time and resources and allows you to concentrate on what you do best – running your business.
Expansion – without the risk
For many companies, the notion of hiring new staff in a time of such doubt and insecurity seems an impossible dream. However, that doesn’t mean businesses should just stagnate and stay ground to the spot. The majority of business owners aim for expansion and continued growth and the best way to achieve that is by taking on new projects and new staff. Outsourcing allows temporary expansion without taking the risk of employing staff on a full-time basis. The reduced costs of outsourcing might also mean you could build up a security buffer of extra funds for when times come good again.
