How Business Process Outsourcing grows your small business May 3, 2018
When we talk with small business owners about outsourcing, regardless of industry sector, there is one common issue they believe sabotages their business’ success:
They need more hours in the day to get all their work done.
As a small business owner, you are the centre of gravity – everything revolves around you.
You are CEO, HR, Accounts, Sales and everything else rolled-into-one.
And while, depending on the size of your business, you may have a small team of committed team members who go above-and-beyond to keep the wheels of your business running, even with this support, being the centre of every business decision often means working long hours, seven days a week.
And when you have competing priorities, which you do because you are the centre of gravity, where do you start in prioritising your tasks that you don’t have enough time for?
Talk to any time management expert and the best way to start organising your work day is to outline one or two tasks critical to your business’ success.
Do you know what these are?
Safe to say, cash – or rather cash inflow – would be one of the most critical factors for any business. But, cash inflow can only happen if there is enough time to do all the billing and client invoices on time.
Herein lays the start of your conflicting work priorities, and just when you think you have a handle on your critical task list.
For many businesses, cash inflow is determined by acquisition of new clients and getting more work from existing clients.
But this can only happen if you have time to ‘go out’ (whether face-face or online) and do business development and marketing to sell your business’ products and services to the marketplace.
Given all the tasks to achieve just one of your daily objectives – cash inflow – how can you get everything else done?
It’s understandable to be well and truly overwhelmed.
But there is a way to supercharge your small business’ profitability and increase the value of your business, and the answer may shock you.
Part of the solution, and I emphasise it is only one part, is to use Business Process Outsourcing to complement you and/or your in-house team to achieve clear objectives in your work day.
Business Process Outsourcing, when correctly used and properly deployed, enables your small business to grow on a more stable basis and allow you to retain and grow your in-house team.
How is that possible? You use business process outsourcing to give you back the hours you need to work on your complex client work and your bigger picture business strategy, whilst an outsource team is working on the simpler business tasks.
A quality ‘away’ (outsource) team comprises of professionals who are able to assist with a variety of tasks ranging from basic administration to processing accounts, through to preparing monthly management reports and marketing plans, implementing time saving IT applications, and much more.
Your ‘away’ team will assist with those basic, but important, overflow tasks that never get done on time, if at all.
By the way, don’t be surprised if this is already the secret weapon to your business peers and competitors who seemingly have their business work all “under control”.
As a small business owner, ask yourself: If time is money and time is in short supply given all you do, what value can an ‘away team’ add to your business?
Consider, also, if you have no obligation to pay a fixed fee for these professionals. You get to use your ‘away’ outsource team as your ‘home’ team as and when you need them. They are your cavalry on those days when all clients seemingly need work done ASAP and at the same time.
Whilst the cost advantage of off-shoring your work compared to on-shoring is obvious, what actually adds value to your small business is having time freed for you to do everything that increases cash inflow and the number of clients.
Imagine the freedom to have the time to do quality work for your clients (to actually use the skills they employed you for) and work on your business.
Imagine not having to worry about those pesky, simple tasks that keep transferring to tomorrow’s to-do list due to lack of time.
Imagine how many hours that would add to your day to grow your business.