Is Outsourcing The Right Strategy For Small Businesses During Slow Economy?
"When things get tough the tough gets going." Here the latter word "tough" implies people who equip themselves with the best practices and some added innovation to see through the rough, in this context, the slow economy. Let's pick outsourcing, as a strategy to counter this rough time and understand whether it is a sensible move to make or not.
Two most important objectives
There are two most important things businesses must consider in this snail paced economy. One is to keep the operational cost minimal and enough, remember there is a thin line between minimal cost and acute cost; you should not squeeze down to a situation where you literally stop spending and as a result lose business. Second, run your business in full throttle rather than being speculative, i.e., try to identify and latch on to every single business opportunity that even remotely comes your way. If you are dead serious about these two objectives then sailing through will be a walk in the park.
Cutback options
You can indulge in many things to chop off that excess operational cost, like cut down on staff, move into smaller office space, avoid fixed and long term investments and of course outsource your non-core business activities, which otherwise needs to be handled by your in-house staff.
Assessing outsourcing as an option (cutbacks)
While all the cost cutting activities undoubtedly reduce cost, outsourcing your non-core activities gives you the double benefit of cost cutting as well as the time, focus and energy to concentrate on your most important money making activities. It not only makes you stay focused on your primary business but also adds more professionalism to your non-core activities, which ultimately will rub on to your core business and brings about an overall air of enthusiasm and growth orientation.
New business identifying options
Coming to the second aspect of hunting down every single business opportunity, requires you to be dead focused and all ears to site them as and when they creep up. Now if you sit down to chalk out plans to get this designed and executed you may end up with a probable list of activities like:
No un-required deviations, no non-productive communications, 100% focus on product or service development or customization, quality business time with full focus and energy, hiring additional staff to manage back office tasks, telemarketing, online/offline marketing efforts and so on, the list may even get bigger.
Now if you prune down these, you may probably end up with; one: focus on product/service development/customization and second: marketing.
Assessing outsourcing as an option (business identification)
As things are clearer now, you can go ahead with hiring additional marketing teams at the cost of regular employee benefits, training and managerial challenges or completely outsource these to virtual assistants who will not only manage your marketing efforts but will also take care of your additional and increasing back-office work at competitive costs. The option of outsourcing also helps you stay closer with like minded and growth oriented people, in identifying new business opportunities.
Other crucial benefits
Another important benefit that outsourcing brings is the experience of being collaborative and associative. This teaches small businesses the need and also the right approach for partnering with productive associates and other growth oriented businesses especially in this dry economy. These virtual assistants also give you a feeling of extendedness, which can make you feel real positive and upbeat in these trying times.
Two most important objectives
There are two most important things businesses must consider in this snail paced economy. One is to keep the operational cost minimal and enough, remember there is a thin line between minimal cost and acute cost; you should not squeeze down to a situation where you literally stop spending and as a result lose business. Second, run your business in full throttle rather than being speculative, i.e., try to identify and latch on to every single business opportunity that even remotely comes your way. If you are dead serious about these two objectives then sailing through will be a walk in the park.
Cutback options
You can indulge in many things to chop off that excess operational cost, like cut down on staff, move into smaller office space, avoid fixed and long term investments and of course outsource your non-core business activities, which otherwise needs to be handled by your in-house staff.
Assessing outsourcing as an option (cutbacks)
While all the cost cutting activities undoubtedly reduce cost, outsourcing your non-core activities gives you the double benefit of cost cutting as well as the time, focus and energy to concentrate on your most important money making activities. It not only makes you stay focused on your primary business but also adds more professionalism to your non-core activities, which ultimately will rub on to your core business and brings about an overall air of enthusiasm and growth orientation.
New business identifying options
Coming to the second aspect of hunting down every single business opportunity, requires you to be dead focused and all ears to site them as and when they creep up. Now if you sit down to chalk out plans to get this designed and executed you may end up with a probable list of activities like:
No un-required deviations, no non-productive communications, 100% focus on product or service development or customization, quality business time with full focus and energy, hiring additional staff to manage back office tasks, telemarketing, online/offline marketing efforts and so on, the list may even get bigger.
Now if you prune down these, you may probably end up with; one: focus on product/service development/customization and second: marketing.
Assessing outsourcing as an option (business identification)
As things are clearer now, you can go ahead with hiring additional marketing teams at the cost of regular employee benefits, training and managerial challenges or completely outsource these to virtual assistants who will not only manage your marketing efforts but will also take care of your additional and increasing back-office work at competitive costs. The option of outsourcing also helps you stay closer with like minded and growth oriented people, in identifying new business opportunities.
Other crucial benefits
Another important benefit that outsourcing brings is the experience of being collaborative and associative. This teaches small businesses the need and also the right approach for partnering with productive associates and other growth oriented businesses especially in this dry economy. These virtual assistants also give you a feeling of extendedness, which can make you feel real positive and upbeat in these trying times.
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