With the major economies of the world in shambles, businesses and entrepreneurs are on a rampage to find alternative ways to keep the cost down.
With no clear economic solution in sight, brick and mortar businesses as well as online companies are quickly turning to outsourcing to keep the cost of doing trade to a minimum.
Large companies with access to a hefty amount of spending can quickly find cheaper alternatives to run the business but for struggling entrepreneurs, it's a different story.
Let's face it - entrepreneurs wear a lot of hats.
But there are times when a budding entrepreneur has to evaluate the positive and the negative side of wearing all the hats against outsourcing.
With outsourcing, you are able to free up your time to concentrate on more important and higher priority tasks.
The drawback - outsourcing costs money.
So when is the right time to outsource? I'd say NOW! With the current economic downturn, your business won't survive let alone prosper if you're spending your time doing jobs that don't really contribute to growing your business.
Moreover, there is a considerable amount of chance that what you are doing right now is not even your expertise, so you are losing a very good amount of money because tasks take longer to finish and are more infuriating to do.
What should you outsource? I'd say A LOT! 1.
First, operational and management tasks demand a lot of time but are very important - especially bookkeeping and accounting, which are core components of running a business smoothly.
There are a lot of service providers on the Internet who are expert in these matters so outsourcing your bookkeeping and accounting tasks as soon as possible is a must.
Here is one good reason WHY you should and HOW you should.
2.
Outsource your website content needs if you are thinking of putting up your own website or if you already have one.
Whether you have a brick and mortar business or an e-store, outsourcing the design, programming, web content and/or marketing aspects is a priority.
Besides, there is a one hundred percent probability that you won't be able to do all of these by yourself.
This will usually be a one-time fee, unless you will have a need to constantly update your website.
Bite the bullet and hire an expert.
Get it done right at the least possible time and stand out from the rest.
Let your online presence be felt.
3.
Next, outsource tasks that would take you a lifetime to accomplish but will take an expert one day.
Avoid biting off more than what you can chew.
Getting bogged down in tasks that can waste your time will cost you dearly.
Find an expert in the field, build a relationship, let him do it quickly and accurately and pay him so you can concentrate on what matters most - sales.
4.
Lastly, outsource simple tasks even if they are a central part of your trade.
I have several clients who outsource their email management so they can just attend to more important correspondence and reading the most vital emails.
This may sound a little bit risky.
But if you build a strong business relationship with a provider, it's an extremely effective way to save time.
Hire a VA (virtual assistant) that can take care of other core essential tasks and let 'em sign a non-disclosure agreement.
Remember, even if you own a small business or running a huge enterprise, one thing that you should be focused on is sales.
Everything else comes next.
Wouldn't you be saving a lot if you outsource to, say, the Philippines where you can pay someone $500 a month to work for 10 hours a day, than hire a local employee for $10/hour working at only 8 hours a day for the same task and same quality of work? Bottom line - outsourcing costs money and there is risk associated with it.
But hey, you need money to earn money, right? Like a good entrepreneur that you are, you need to take calculated risks.
Find a way to do it and outsource as quickly as possible and make your business succeed.