Small companies that outsource are shown to grow faster, larger, and are more profitable than those that don’t, according to a Pricewaterhouse Cooper survey.
And, this just makes sense! Because when you outsource, you’ll have more time to dedicate to growing the business with less overhead as you expand. If you have a one-time project, you can get going much more quickly on it!.
Here are some steps to take if you’re considering expanding your business through outsourcing:
Write down everything you are doing now
Include every single task that you do on daily, weekly, and monthly basis.
Evaluate your strengths and weaknesses
Look at the tasks you’re best at, and what you’re not. Common things that business owners will outsource are those that are essential to a successful business, but may not be in yourwheelhouse… like accounting, marketing, payroll, etc.
Look at the tasks that you can hire for cheaply
You should only be doing tasks that would typically warrant a higher hourly rate. Delegate everything else and give yourself more time to do the things that will help you bring in more revenue. This is why many businesses hire an office assistant first.
List those activities that affect your bottom line the most
Could you expand in those areas? Contracting a salesperson or fellow craftsman might be one of the more expensive jobs to outsource, but could help your revenue the most. Weigh the costs and benefits.
Consider outsourcing short-term to start
One of the best things about outsourcing is that it’s not set up to be permanent. Try it with just one person or partner, at a small amount of hours a week or shorter time commitment, to see if it really is beneficial to your business.
List your current or potential partners
Many of them can help you now with tasks and knowledge that you may not have considered. For example Madden can help you with a lot of the duties related to HR, in addition to helping you with finding and hiring staff.
The results can be exponential, so outsourcing just one area can give you and your business double or triple the room to grow. Give your Madden recruiter a call if you have any HR questions related to hiring your craftsmen!
