As a manufacturer, your intent and hope is to bring all of your operations in-house — but the reality is that’s not always a practical solution. Why? Maybe your staff isn’t adequately trained or qualified to do so. Or, perhaps it doesn’t make financial sense to build a full-time team capable of bringing that vision to life.
Guess what? You’re not alone. According to a 2019 study, more than a third of small businesses outsourced some element of their business practices. A business process outsourcing (BPO) service empowers you and your team to focus on more high-level core business functions and let outside experts handle those other mission-critical organizational needs.
Best of all, outsourcing can boost your company’s profitability and productivity. Here are some areas in which BPO can best serve you:
While a user-friendly software like QuickBooks can help oversee your company’s finances, accounting is still a specialized skill that takes time to learn. Devoting too much time to it without the necessary know-how can take you and your employees away from other urgent core duties. If you’re not a financial expert, it may make sense to forego having a full-time CFO and instead contract a person or firm to work through it all for you.
You likely already deal with most of your customers online or over the phone. Still, why have your employees spend time in the office dealing with them when outsourcers can do the same? A call center or chat service based in the U.S. or overseas can handle all customer inquiries to your specifications.
To close deals, your team needs to spend significant time making sales calls and setting up funnels and processes. Some outsourced professional salespeople can do all that and bring in more dollars for you. Sales outsourcing companies will run the entire process for your company, including contacting prospects, order and product fulfillment, and customer relationship management.
• IT Management
Outsourced IT services reached $85.6 billion in 2019. Many companies can use BPO services that offer on-demand assistance for any tech issues that materialize.
• Administrative Tasks
Do you need full-time employees handling in-office administrative duties? For a small office, a virtual assistant can run everything from managing your inbox to making travel arrangements and purchasing supplies, often for as little as $5 an hour.
You don’t need to take time to manage every aspect of your website, social media accounts, and advertising. An outside marketing firm can focus exclusively on building buzz for your business and offer creative options and strategies you may not have even considered.
Are you launching a product or expanding the scope of your services? Instead of spending months learning about your industry, customers, or competitors, outsource all of that to a research firm. These companies often have vast resources to give you the insights you need.
As a business owner, you know that the most significant chunk of your expenses often includes overhead like rent, utilities, phone bills, security, and equipment. But what if you split these costs with other companies and had someone else handle them? An executive suite can get you space in multiple locations for a fraction of the cost of maintaining your own.
A small company doesn’t need an expansive HR department. Naturally, you can hire an outside recruiter to help you find the best talent. Still, you can also work with professional employee organizations that can handle benefits management, compliance, and payroll. With the money you save, you’ll get better benefits for your most valued employees and retain them longer.
For most companies, outsourcing just makes more sense. With so many options available, you can focus on your core business, ideas, and growth, making the best use of your limited resources and giving your company the best chance to reach its potential.
Dr. Anthony Decoste is the President and CEO of Global Virtuoso, an outsourcing company that specializes in the delivery of accounting, finance, and aviation support services for businesses of all sizes. He has over 20 years of international management experience and has a proven track record of helping companies cut costs and improve efficiencies.