Many entrepreneurs find that the best avenue toward company growth is in outsourcing some of the repeatable processes in your company. With such activities handled by expert professionals, your valuable time can be freed up to think about ways of expanding your company, and about how to move it forward.
Identify tasks which can be outsourced
Time and money can be saved on a great many business activities, but not quite everything. As an example, you probably would not want to outsource your marketing and advertising activities to a third-party, because you’d never be able to teach them all the core values which are important to your company.
Anticipate training and recruiting costs
Building a reliable team of professionals who can represent your company and some of its key activities will always take time, and generally a considerable financial investment as well. Once you find the right third-party to work with, you can expect to spend additional capital on training them, because it will be very important for them to be great representatives for your company.
Try out a test project
When you’re evaluating candidates for outsourcing, you should arrange a test project with each of your candidate companies, in order to see what kind of rapport you develop with them. This may sound like an unnecessary expense, but you’re much better off finding out beforehand whether a third-party will fit your needs or not.
Communications are even more important with a third party that you collaborate with, than they might be for in-house personnel. Your own company employees probably have a pretty fair understanding of your goals and objectives, but that won’t necessarily be the case with an outsourcing company you work with, at least in the beginning. Make sure that you communicate frequently and thoroughly with your outsourcing candidate.
Certainly in the beginning at least, a good amount of patience will be required from both yourself and your outsourcing company. This is especially true if you’re working with a foreign company where English may not be the first language for many of its employees. A little patience can go a long way toward establishing a good working relationship.
Need outsourcing capital?
If you’ve been considering outsourcing for your company to save on expenses, but lack the capital to implement the right program, we may be able to help you. Contact us at Bear River Financial, so we can discuss some options for providing you with financial assistance.