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    The Value of Business Outsourcing: How to Do More in Less Time
    The Value of Business Outsourcing: How to Do More in Less Time
    The Value of Business Outsourcing: How to Do More in Less Time
    Ebook69 pages1 hour

    The Value of Business Outsourcing: How to Do More in Less Time

    By Anthony Ekanem

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    About this ebook

    Outsourcing is nothing new. Brick and mortar businesses have been doing it for years. But what may surprise some people is that online entrepreneurs can also use this common business strategy with a great deal of effect. Of course, outsourcing is not ideal for everyone. But by understanding the basics of what outsourcing is, how it works, and how it can benefit a business, it is possible to make an informed decision about whether the approach is right for your business.In the broadest sense, outsourcing is an approach to task management that involves utilizing resources that are outside the direct control of the company to handle tasks that are relevant to the operation and success of the business. Generally, this involves contracting with a service provider to handle the specific function for a specific period of time and with guidelines that are agreeable to both parties. In some cases, the service may be granted limited powers to act in the stead of the client, if that is necessary to perform the contracted tasks. The main function of outsourcing is often to allow employees to focus on company operations that may be more detailed and directly related to the growth of the business. Daily housekeeping issues are handled by outside firms, who do the job at a fraction of what it would cost for a full time staff to accomplish the same tasks. This helps to minimize the amount of clerical support that is needed in-house, and thus keep employee related expenses relatively low.
    LanguageEnglish
    PublisherAnthony Ekanem
    Release dateJul 27, 2016
    ISBN9783961120277
    The Value of Business Outsourcing: How to Do More in Less Time

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      Book preview

      The Value of Business Outsourcing - Anthony Ekanem

      The Value of Business Outsourcing

      How to Do More in Less Time

      Anthony Ekanem

      Table of Contents

      Chapter 1

      Chapter 2

      Chapter 3

      Chapter 4

      Chapter 5

      Chapter 6

      Chapter 1

      Introduction to Outsourcing

      Outsourcing is nothing new. Brick and mortar businesses have been doing it for years. But what may surprise some people is that online entrepreneurs can also use this common business strategy with a great deal of effect. Of course, outsourcing is not ideal for everyone. But by understanding the basics of what outsourcing is, how it works, and how it can benefit a business, it is possible to make an informed decision about whether the approach is right for your business.

      In the broadest sense, outsourcing is an approach to task management that involves utilizing resources that are outside the direct control of the company to handle tasks that are relevant to the operation and success of the business. Generally, this involves contracting with a service provider to handle the specific function for a specific period of time and with guidelines that are agreeable to both parties. In some cases, the service may be granted limited powers to act in the stead of the client, if that is necessary to perform the contracted tasks. The main function of outsourcing is often to allow employees to focus on company operations that may be more detailed and directly related to the growth of the business. Daily housekeeping issues are handled by outside firms, who do the job at a fraction of what it would cost for a full time staff to accomplish the same tasks. This helps to minimize the amount of clerical support that is needed in-house, and thus keep employee related expenses relatively low.

      How Is Outsourcing Used?

      Outsourcing is not an unusual process at all. In fact, many small businesses make use of this strategy to help keep operational costs to a minimum. For example, a company may choose to outsource payroll management to a service that will calculate applicable taxes, withhold the taxes for forwarding to state and federal agencies, and also handle quarterly filings on behalf of the business as well. Many businesses choose to outsource collection procedures on outstanding and past due invoices rather than have their employees devote time to this task. There are very few administrative and clerical functions that cannot be outsourced with a great deal of efficiency.

      Along with clerical tasks, outsourcing can also extend to such important projects as the launch of a new marketing campaign that is designed to entice new customers into the fold. The task at hand may be public relations efforts to help enhance the overall public perception of a business and its products. Outsourcing may be utilized as a means of launching a short-term sales campaign to pitch a new product to an existing customer base.

      Essentially, there are very few tasks within a company that cannot be outsourced. Even executive functions may be handled on a temporary basis by outsourcing the assigned duties and responsibilities, if circumstances call for this type of action.

      What Are The Benefits of Outsourcing?

      One of the main attractions of outsourcing is that the strategy can save a lot of money. For businesses that are just getting on their feet, every dollar counts. Depending on the function in question, there is a good chance that choosing to outsource the task will be cheaper than buying necessary equipment, hiring and training personnel, and actually doing the work necessary to successfully complete the task. For example, managing the company Payables and Receivables can take up a lot of time and require hiring at least one paid professional. This professional will need a decent salary and most likely some benefits in order to consider the position worth his or her time. By outsourcing these functions to an accounting firm, the client will pay a monthly rate much lower than a salary, and not have to be concerned about providing a benefits package. The savings in this one instance can be substantial.

      IT functions are another way to save money with outsourcing. Instead of maintaining a full-time staff to oversee a small and relatively uncomplicated network, contracting with an outside firm to do regular maintenance and troubleshoot when necessary will usually involve no more than one relatively small monthly payment. There are no salaries to pay and no benefits to provide.

      Another advantage of outsourcing is that it frees up company resources to focus on other important issues. For the online entrepreneur who is flying solo but wants to look like a real company, outsourcing such functions as phone

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