Staffing

A Shortcut To The Skills: Areas Where Outsourcing Can Really Save You Time And Money

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As a business that is constantly looking forward, we’ve all got to embrace the latest trends, albeit to an extent. Whether we’ve gone analog and we’re embracing a new era of digital transformation, or we’re looking to round off the edges, the latest trends don’t necessarily mean the best for our business. Outsourcing is one of those things that, understandably, we all look upon with some form of trepidation. Some think outsourcing rids businesses of their personality, but outsourcing, for numerous startups, can save an infinite amount of time and money. Let’s show you how.

The Ever-Changing Technological Landscape

Because technology progresses at such a rate, the race can be hard to keep up with. These days, as there are so many different IT consulting firms, such as cyberjaz.net, we can choose the right company to partner up with, so they can guide us with a steady hand through these changes. For those people who aren’t able to acquire the skills of workers in-house, outsourcing to an IT support company can make the processes easier to handle.

Content Marketing

Creating content that is easy to absorb by potential customers is a fine art, because it can come across as being a bit too commercial-esque in the wrong hands. And when we haven’t got the time to learn how best to develop our voice, we have to outsource to a content marketing company that has the strategies in place that lends themselves well to your brand. The goal is always the same- to sell products- but we have to do it in such a way that it doesn’t seem like you are relying on sales and leads. We have to generate leads but we have to start relationships with our customers.

Bookkeeping

You may think it’s easier to manage all of the tasks yourself. After all, when you are a novice startup, it’s cheaper! But because the balancing of many plates can result in a dip in productivity, outsourcing to a bookkeeping company isn’t just taking advantage of their expertise, but it’s offloading the more mundane and stressful tasks. Your business needs adequate accounts and documents to support every item of expenditure, and while there are many reasons to not use outsourced bookkeeping services, accountingdepartment.com provides a solid argument for you to use them. You can’t be too careful when it comes to your money. After all, it’s a legal requirement that you keep everything in order.

Outsourcing isn’t a bad word anymore, and it is certainly a way for us to take advantage of the resources out there when we can’t complete certain tasks ourselves. Put simply, outsourcing gives you the opportunity to look at the skills you don’t have, and give the tasks to those that do. From content marketing to bookkeeping and the complicated minefield that is technology, we’ve got so many aspects to outsource. But these things can save us so much time, not to mention money. We could spend years finding the right people to benefit our business, but we have to pay them a full wage. Outsourcing is a great shortcut to the skills.

How Savvy Outsourcing Can Help Your Business Be More Profitable

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One of the first things you need to learn as a small business owner is that you can’t do everything yourself. Not only will trying to do so ruin your personal life with stress, it will also make the business suffer. Many of us are familiar with the saying, “He’s a jack of all trades but a master of none,” and it’s one that couldn’t be more true than in the context of a small business owner.

Luckily, there are many different ways you can reduce your workload and stay focused on what’s really important to the business, one of the most prominent being outsourcing. Farming work to outside firms will make it easier for you to stay focused on the crucial tasks connected to the running of your business. And if you can succeed in choosing the right outsourcing partners, then this practice can also make your business more profitable.

Here are three ways outsourcing can turn into an improved bottom line.

Cut Down on Costs

Keeping overhead down is critical for any business, but it’s even more important for small businesses. You need every resource available to you to invest in the growth of your business, as not doing so could get you into trouble. And since poor cash flow management is consistently the top reason small businesses fail, it’s especially important you’re minimizing costs wherever you can.

Specialized firms are entirely dedicated to one task or one set of tasks, and businesses like yours are their customers. As such, they have both the skills and the motivation to offer the best price possible. Paying for someone to handle certain aspects of your business can be significantly cheaper than trying to do things on your own.

However, for this to work, it’s important you spend time determining which functions should and should not be outsourced. For example, don’t outsource things you do well just because it’s cheaper to do so. Instead, make up a list of things you struggle with, or of tasks that feel extraneous, and then look for help in these areas. Doing so will allow you to focus on your strengths while saving money on things that either you don’t do well or that distract you from growth.

Get More Bang for Your Buck

The other way that outsourcing helps boost profitability is that it allows you to get more out of the money you spend on the business. Let’s think up an example: your company is beginning to employ digital marketing tactics—a smart move considering the world we live in—and while you’re current marketing team is exception at building a brand and at generating leads through traditional mediums, they don’t have a lot of experience in the digital space.

In this scenario, you have two choices: A) train your staff and allow them the space to learn about this new, constantly-changing field, or B) bring in some digital marketing specialists to help you. The better choice for a small business is almost always option B. This is because by asking your current marketing team to switch their focus, you’re going to take them away from what they do best so that they can work on something with which they’re unfamiliar.

As a result, you’ll get more bang for your buck if you outsource. Not only would outsourcing your digital marketing in this context save you money, but by delegating to experts, you’re increasing your chances of success, meaning your foray into digital marketing will end up giving your company’s bottom line a big boost.

Enhance Employee Productivity

The more you can get out of your employees, the better you can expect your bottom line to be. Yet the people who work for you are still human beings. They have limits, and if you try to push them too far, then they’ll not only begin to resent you for all the stress you cause them, but their work will also begin to suffer.

Outsourcing can help you with this. It can take certain tasks off your employees’ plates so that they can focus on their job functions that actively contribute to company growth. For example, you could outsource a number of human resources functions to a professional employer organization (PEO) so that some of the more time-consuming and mundane aspects of their jobs, such as processing benefits, managing payroll and ensuring all compliance paperwork is filled out, is done for them.

Once they’re freed from having to spend large chunks of their days worrying about these responsibilities, your HR team can focus on other things, such as improving your candidate experience and enhancing your employer brand, both of which will help you recruit more effectively and increase profits.

Find the Right Outsourcing Options for Your Company

Smart outsourcing decisions can have a radical effect on your company. It will save you time and money, and it will allow everyone at the company, including you, to focus on what’s most important for the company to grow. However, remember that not all outsourcing options are created equal and that you’ll need to do a thorough cost-benefit analysis before deciding to work with someone. But if you do your due diligence and choose the right people to help you, then outsourcing can be a way to truly transform your business.

About the Author: Jock is the founder of Digital Exits, an online brokerage service. He started his first business when he was just 19, and since then has bought, run and sold several others, all of which operated in the digital space. Outsourcing has been a core strategy from the beginning, which makes Jock a big advocate of using this practice wisely.

Steps to Choosing an Outsourcing Partner

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When you run a business, there are so many different specific areas which you need to concentrate on that it can be difficult to keep up. And you only have so many hours in the day. One possible solution is to hire staff members, but this can end up getting particularly expensive. The other main step which companies take is to outsource to a firm that specializes in a particular field. However, it is not always easy to choose the right partner who is going to fulfill the needs of your company. So, here is a bit of guidance on choosing one.

Choose the Most Pressing Areas

The first areas which you need to consider outsourcing are the ones which are most pressing to your business. Perhaps you are nor properly in control of your finances and need an accountant to sort out the situation for you. Maybe you desperately need a marketing campaign to generate increased awareness of your company. Otherwise, it could be that you need something highly specialized such as https://www.consultingradiologists.com/teleradiology-services/. Ultimately, the choice is yours and it is not something which anyone else can decide for you.

Check Experience Levels

Now that you have decided on the specific areas which you would like to outsource, the time has come to check the experience levels of the vendor. Some of the measures that you can use include a number of projects successfully completed, types of clients, and measurable statistics. You can also check the experience levels of everyone on the team who will be working with your business.

Ask for References and Work Samples

Just like you would if you were conducting interviews for possible staff members, you should ask for references and samples of their work. Of course, you may have to respect the confidentiality of the clients which they have worked with, but this doesn’t mean that they can’t give you an overview of what they have done and the results that they have achieved in the past.

Establish Good Communication Channels

One of the most important aspects of working with partner organisations is the communication. For example, how readily available is the company for support? Do they operate in the same time zone as you? What are the preferred methods of communication? Do you have a single point of contact which you will be going through? These are all questions which are worth clarifying before you go any further down this path.

Assess Financial Stability

Obviously, you want to be working with a company which has a decent level of financial stability. When a complete business function is being outsourced, it makes sense that the vendor provides you with some assurances that they are going to be able to continue offering you the services that they had promised.

Choosing outsourcing partners is a task which should be completed with the same level of scrutiny as selecting members of staff to work at your business.

How Well Do Your Know Your Computers?

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Computers are fantastic inventions that have enabled us to be incredibly productive at work and at home. However, computers are still a mystery to many people and it’s understandable considering how complicated they are and how many parts they involve. However, we believe that it’s important to understand how your computer works, what it’s capable of and how you can make the most of them.

So whether you’re moving into a new office and equipping it with new computers, or if you just want to learn more about the technology that you use in your business, we’ve prepared a thorough article that will teach you everything you need to know.

A rough understanding helps you cut future costs when purchasing hardware

As with many other industries, it’s important to have a rough understanding of something before you make investments in it. If you understand how computers work and the value of the parts, then you can easily cut future costs by purchasing second-hand or refurbished hardware instead of brand-new from manufacturers. With this rough understanding of computers (a simple course) you’ll be able to make some huge savings. 

Equipping your employees with the right tools will help their productivity

How much do you know about your computers and their costs? Do you know how satisfied your employees are with them? If you want to equip your employees with the right hardware and tools, then it pays to have a deeper understanding of the tools they use, the software they require and so on.

Computer slowdowns and errors are a common cause of low productivity

You may have experienced crashes and slowdowns in the past with your computer systems, but had no idea how to deal with them. By learning about computers and their errors, you could easily fix common problems without having to call out an engineer or tech specialist. If your business suffers from computer slowdowns and errors then you’ll likely experience staff lazing around and nothing productive. With just a bit of experience, you can easily fix any common errors before they have a chance to become annoying and ultimately slow down your business.

Software can do more than you might initially think 

If you have a large number of computers in your workplace then you might be considering managed IT support to help you look after your computers. This is to help you keep your software updated, to ensure that your programs are installed properly and to also inform you on how you can use different types of software to help you grow your business.

Conclusion 

Computers are an integral part of any business, but it’s also important to understand how they’re used, how they work and also what they’re capable of.

Working with Another Company? Top Tips for B2B Negotiations

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Many companies enter into business-to-business (B2B) negotiations in the wrong way. This is because they often fail to communicate properly. Communication in the business world needs to be direct, efficient and not dragged out. You have to respect the other party’s time and commitment. Just as your world should not revolve around theirs, you must realize that neither should their world revolve around yours. By this, I mean that your expectations of the other business should be realistic. However, there are other points to consider when working with another business. Here are just a few of them.

Settle on Terms First

You may be approached by another business who wants to talk about money first. Many business people find that these negotiations end with the other company walking away with a great price while the company offering the great price gets very little in return. Instead, start by finding out exactly what the company wants done. Then, figure out what the project is going to cost you to complete. When you think about your own bottom line first, you know how much you need to charge to make the project realistic for your company.

If you were a company needing sheet metal to help with your product manufacturing, for example, you’d need to go to a spot welding company for assistance. The first thing that you’d need to know is what their charges would be and discuss realistic deadlines. They would then most likely try to figure out how to come up with the most appealing deal that would benefit them financially. After all, another company isn’t going to choose to work with yours unless it is benefiting as well. Because of this, there might need to be some give and take. Don’t expect to get a deal for dirt cheap and be the only one to come out on top. Do your best to be flexible with your budget enough that both parties are financially benefited and happy in the end.

Think About Non-Monetary Benefits

On occasion, the other company may have non-monetary benefits that they can offer you. For example, certain services could be offered as part of the deal. You may also want to negotiate a plug for your company on their website or an introduction to a vendor where you know that they are getting a great price break. Thinking outside the box sometimes helps you build a bigger business through networking.

Prepare Ahead of Time

You never want to enter into business-to-business negotiations without being prepared ahead of time. If the business is publicly held, then the Securities and Exchange Commission filings may show you what the company has paid for services in the past. Learn as much as you can about the current and future needs of the company allowing you to see if this could be the start of a profitable relationship where you can meet ongoing needs. Find out about the person who you will be dealing with during the process. Try to find out who they are currently using to fill the need.

Understand Pain Points

Stop and consider why you want to close this deal. Perhaps, it is a slow period for your company, and you need to make payroll before you have to lay someone off or you need an introduction to another company that they can provide. Also, think about what pain points the potential customer may be experiencing. They may need the project done on a tight timeline or their current contractor has folded. Understand who needs to close the deal more. If the company is going to owe you a substantial payment in the end, then you usually have more leverage.

Use these ideas and your own creative tactics to make sure that you close a favorable deal. Even if the deal fails to close, remember that staying professional at all times may lead to them reconsidering your company in the future.

Guest author, Hannah Whittenly, is a freelance writer and mother of two from Sacramento, CA. She enjoys kayaking and reading books by the lake.

 

SME’s Can Bolster Profits By Following This Simple Advice

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Let me guess; I bet that someone in your firm has asked you recently what needs to be done to boost profits in the next quarter? Well, this comes as no surprise because it is a question that is asked over and over again throughout the world. After all, profit is the bottom line for SMEs and any business worth its salt will be looking at ways to maximize this, something that you can find out more about in the post below.

Cut costs not quality

The first method that can be used to bolster profits in an SME is to look at where costs can be cut. Although, this can sometimes be seen as a controversial project. The reason for this is that many people worry that reduced cost means a more inferior service or product will be shipped to the customer, something that can negatively affect profits.

However, there are ways in which costs can be cut that do not affect quality. In particular, negotiating a better deal with your supplier can help you cut production costs, but still, supply the same quality you customers have become used to.

Also, monitoring productivity and efficiency can help cost be cut because less time and effort are my being frittered away on unnecessary tasks. Something that means the more can be done in the same amount of time, which ultimately reduces the cost of each item that is created and increasing the profit you can make on each unit.

Sort efficiency issues to save time and money.

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Generate more leads

Next, a popular way of bolstering profits in SME’s is by generating more leads. Leads are potential customers with a real possibility of converting into a sales, and the more you have of them, the better. This is because the more leads you have on your books, the more sales you can close and the more profits you will make.

Digital marketing tactics are often used to create more leads for SMEs. In particular, the notion of the sales and marketing funnel is used to demonstrate the different stages of interesting, engaging, and selling to a customer.

Of course, there are simple digital marketing strategies that can be completed by non-specialists, like opening social media accounts. However, the most effective ones are usually completed by people like Mike Khorev that are professional within the sector. This reason for this is because they have the knowledge and expertise to know exactly which areas in your business need boosting to generate those valuable additional leads.

Repeat sales are still sales

Lastly, while a lot of effort can go into generating new leads, it is also crucial for SMEs to remember that the previous customers are a good source of sales as well.

In fact, with customers that have already bought from you, there is an already have established link, as well as a positive expensive to build on. With this in mind, don’t forget to send out new product details to those already on your books and to tempt them with special offers and discounts, as it can be a fantastic way in which you can boost your SMEs’ profits.

Signs That Your Company Is Growing Faster Than You Can Manage It

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Who wouldn’t love to grow their business? It usually means more attention, more profits and more ideas, but there will always come a point where you’ll realize that your business is actually growing faster than you can manage it. If you want to detect the early warning signs that your business is growing out of control so you can manage it better, then here are a couple of things to look out for.

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  1. Your infrastructure is starting to cost too much

If your basic business infrastructure, such as paying for cloud services and salaries, is costing you far too much of your budget, then there’s a good chance that you’ve started to outgrow what you can manage and you might need to start shuffling your money and removing expensive services like freelancers and outsourced work.

  1. You’re running out of space to grow

Physical space is another concern. You can easily run out of office space if you’re not careful and you’ll want to ensure that you always have extra space for new employees to work and storage space for your products.

  1. You’re hiring people far too often

If you find yourself hiring people for every little task, then there’s a good chance that you’re going to run out of money extremely quickly. You’ll need to start training employees instead of just hiring someone for every problem you encounter.

  1. You’re investing in things you know nothing about

Whether it’s a laser drill, networked devices or a powder coating booth as part of your manufacturing line, if your employees are asking you to invest in things you know nothing about then there’s a good chance you’re starting to grow beyond your knowledge. Regardless of if you’re planning on upgrading computers or adding a laser drilling service as part of your workflow, it’s a good idea to learn more info about it so that you better understand how it plays a part in your business. If you lack this knowledge, then consider speaking to your employees and having them explain it to you without technical jargon.

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  1. Your team is starting to grow further apart

Have you ever noticed that your team are starting to disagree on more things and work less together? If so, it’s a clear sign that your business is growing large enough to need separate departments that will rarely ever speak to each other. 

  1. You and your staff are lacking in direction

If you’re lacking a sense of direction and you’re unsure how to approach your business growth or adapt to new market conditions, then you need to be wary because you could start making poor decisions that affect your success in the future.

  1. Your employees aren’t growing anymore

Once your employees hit a wall, it can be difficult to overcome it and teach them new skills. This is a problem that can be overcome with professional training, or you might need to bite the bullet and hire more agile and flexible employees to replace them.

  1. You’re failing to communicate with your customers

Lastly, if you’re failing to communicate with your customers in a meaningful way then it’s possible you’re starting to grow too large for what you can handle.