Handling a business all by yourself can feel exhilarating and even rewarding; however, as an entrepreneur wearing too many hats yourself can push you towards being overburdened and stressed. With a 90% failure rate for new online businesses, starting one can be difficult.

Successfully managing a business demands a fresh mind and perspective, which seems impossible with all the burnouts. To avoid this situation, only one solution comes to mind – Outsourcing your trivial and recurring business operations to a pair of capable hands.

Previously, businesses only outsourced parts of their business functions to save money. However, what began as a method for financial savings evolved into a strategic management tool and an indispensable part of doing business in a rapidly changing, globally expanding market. 

There are many reasons why outsourcing your tasks to a virtual assistant or an outsourcing agency is beneficial. This blog will walk you through all these reasons and things you should know about outsourcing.

But first, let’s explore –

What is outsourcing?

Outsourcing is the process by which businesses entrust their day-to-day operations to third parties or outside companies that specialize in the services that the companies require. These third parties can be virtual assistants, freelance/gig workers, or full-service BPO outsourcing providers.

Depending on their need for outsourced services, the business can assign specific tasks in a short-term or long-term contract. Furthermore, with virtual assistant outsourcing, you don’t need to pay for recruitment or any employee perks. Only the hours of services you use are subject to payment; the virtual assistant service provider handles the rest.

Since the turn of the 20th century, outsourcing has developed into a strategy for companies to concentrate on their key competencies while entrusting professionals to support core business operations.

Outsourcing carries some risks of its own, such as possible exposure of the intellectual property and a reduction in control. This can be avoided if you hire n agency from a digital marketplace such as Sortlist or  virtual assistant from a reputable organization like Wishup, which requires its VAs to sign a Non-Disclosure Agreement. As a result, all of your data is secure.

Tasks that can be outsourced

Many business operations are vital for the business but take your attention away from focusing on the core business areas. These operations can be easily outsourced to a virtual assistant or an outsourcing agency with proper presentation for increased productivity and boosted business growth.

Among these tasks include the following:

Why should you consider outsourcing?

Returning to our main topic of discussion, let’s look at why you should outsource some of your tasks.

Save money on labor and operating expenses

Hiring and training employees is one of the most time-consuming and expensive processes in any business, regardless of size. Even if you use online interview software, these procedures can take several months, and even then, there is no assurance that the prospective employee will be a wise choice and valuable addition to the group. 

Outsourcing allows you to turn labor expenses into variable costs by only paying for the services you use. In fact, studies show that using a virtual assistant can cut operational costs by 78%. For example, you can hire a healthcare virtual assistant to guide your members’ fight styles and workout routines if you run a fitness centre or gym for MMA fighters. Instead of hiring a full-time employee, you can pay your VA according to the hours they work.

The majority of businesses experience both busy and slow times of the year. Busier times require more capital. In a typical situation, you would pay employees the same wages throughout the year and cover other costs like office and bathroom supplies, furniture, specialized equipment, computers, productivity software and servers.

When you hire a virtual assistant, you pay only for the services and their predictable results, customizing your expenses to fit your needs. You’ll also be able to avoid paying taxes and other costs like employee health insurance by outsourcing tasks and jobs to other nations.

Concentrate more on your strengths

Donning several hats at once is among business leaders’ most common mistakes. For instance, small business owners familiar with financial management may wish to manage their books while operating their enterprises.  

But in addition to these tasks, startup founders also need to network, market their services, and cultivate business partnerships with investors.

Focusing on your company and its customer service is more crucial than ever, given the state of the economy. Therefore, you must set aside time for activities that will help tremendously to launch your business and, if necessary, outsource other jobs, including your development.

Businesses that outsource allow themselves to concentrate on their core competencies while leaving non-essential tasks to the professionals. This makes businesses more effective and increases their chances of long-term success by enabling them to focus all of their energy on what they do best.

When you don’t focus on what you do best, you basically accept the opportunity costs that come with it. Businesses can avoid these opportunity costs by outsourcing and focusing on what they excel in.

Image Source: Freepik

Gain access to new resources

Why spend thousands of dollars on a niche technology you may only use once when you can get free access to all the latest tools and skill sets?

Access to capabilities and facilities that would not otherwise be available or affordable can significantly enhance your company. 

Executives spend much time learning about their organization’s data workflows, privacy, and security practices, but they are also expected to continuously learn new skills and stay current with the rapidly evolving landscape of modern tech services. 

When you outsource, you employ a team of professionals with years of experience. Your deadlines and outcomes are the only things that matter.

This is especially helpful if you’re hiring virtual assistants for a job with which neither you nor your business has any prior experience. Then, you can outsource the task to someone who will complete it quickly, efficiently, and with higher quality rather than learning how to do it on your own time and at your company’s expense.

Outsourcing opens up a larger talent pool, essential for sustained business expansion. In addition, it is simpler to connect with experts from various backgrounds and skill sets and utilize their knowledge. Even if you only use their services once, you can quickly and easily resume working together.

Enhance customer service

Keeping your customers satisfied can propel your company forward. Customers today expect high-quality products, prompt after-sales service, and an overall positive transaction experience. 

They anticipate that a company will be prepared to answer their questions and solve their problems. They also require a company to be available 24/7 to handle salesforce customer feedback and reviews. A company must consider these factors to stay ahead of its competitors.  

However, keeping an entire customer support team in-house can divert too many resources away from core business areas. Furthermore, a small business or entrepreneur cannot afford such a team. 

In this case, adding a virtual assistant to your team can boost productivity and provide the support your company requires.

Outsourcing allows you to benefit from the expertise of highly skilled individuals at a fraction of the cost you’d have paid for an in-house team. It has the potential to improve your organization’s performance significantly. Customers can interact personally with your virtual assistant while receiving help. 

Additionally, even during odd hours, your VA will be available to help your clients. Their shift schedules can be adjusted to fit your absence times.

Your customers will feel appreciated after every interaction if you have a professional who handles questions and complaints politely.

Better risk management

It is simpler for businesses to anticipate and mitigate risks because they have a partner who can evaluate the entire undertaking from start to finish because business processes are divided and easily delegated to outsourced agents. 

After all, there are many instances in which outsourcing is preferable to traditional work. For example, a crucial employee’s abrupt departure could severely impact the company’s operations. 

Moreover, project cancellations, missed deadlines, and prolonged recovery times are other potential issues. Therefore, think about outsourcing before you panic and scramble to find a suitable replacement who may take months to train properly. 

It might be the best way to keep working uninterrupted, protect your company when it’s at risk, and guarantee that you always manage and reduce risks.

Additionally, compared to a team in a developed country, an offshore team of virtual assistants can be quickly adjusted to match a skyrocketing demand if you are launching a new product or offering a new service.  

Outsource your business operations today for boosted efficiency and work quality!

Image Source: Freepik

Small businesses and new entrepreneurs may find outsourcing intimidating, but the key is to prioritize what matters most and give yourself and your core team the freedom to do so.

Although outsourcing is frequently mentioned as a way to reduce costs, it can be so much more than that. Whatever the motivation for outsourcing—whether it’s to reduce costs, increase revenue, find better employees, or maintain competitiveness—the advantages are the best for businesses seeking to grow. When done correctly, outsourcing enables you to identify the best team for the appropriate task so you can concentrate on taking your business to the next level.