The cost of outsourcing is a common concern for a lot of businesses. They think it is quite an expensive thing. Instead, it is a cost-effective way to deal with the downward economy and gives you the know-how that needs rigorous recruiting processes and investments otherwise. When you are restarting your business in you find investments in time and money, there are plenty of profit opportunities missed.
Take into account how to spend a few hours running social media like Twitter or LinkedIn with someone in the current marketing team. In turn, without a guarantee of the results, you save around $20 of outsourcing. You can have a much-needed effect now if you employ a social media team and outsource all social activities. Businesses are striving for costly on-board expertise in 2020. Instead, the operation you need professional guidance should be looked at and be outsourced.
Here are some of the key business activities that you should be outsourcing in 2020:-
1. Accounting & Bookkeeping
Accounting and bookkeeping are the backbones of any finances for businesses. Assigning a dedicated time and resources in-house for the same can be too distracting and costly. Startups should opt for accounting and bookkeeping services directly from industry experts. With that, you are assured that an account specialist – CA or CPA (depending on your country) is overlooking your accounts. It leaves you stress-free and helps you focus on continuing core business activities. Keeping a systematic record of all your financial transactions is also necessary for compliance and not abiding by it may leave your business in jeopardy.
2. Income Tax Management & Filing
Computing income tax and making efforts to file those are critical to business compliance. Having a dedicated accounting and tax department is costly as it requires special skills coupled with necessary training. Also, your team needs to have a compliance calendar for the year 2020 in place to ensure your business does not miss out on any filing deadlines. That is why hiring tax consultants pay off to keep the business activities running smoothly. Most of these taxation professionals are well-equipped with the tools and software required to file the return and compute taxation. This way, you will also save on spending on software licensing and upgrades. When you hire a bunch of business service professionals for TDS and GST return filing, you are freeing yourself from the unnecessary burden of hiring new personnel, creating a new department, and IT investments.
3. Marketing Subcontracts
Small business thrives on creating a greater impact through marketing as they hold the potential to up your sales. Many top leaders would prefer to keep the marketing team in-house, burdened with plenty of tasks split amongst a handful of people. It is something that can adversely affect the departmental efficiencies that the true potential of the talent never comes out due to the mounting pressure of deliverables. Hiring a team of marketing experts can pull off a great job here, especially when it comes to managing multiple activities. Offering the marketing subcontracts will reduce the burden of carrying minuscule tasks from the core marketing team who’d rather spend time on analyzing the data and making key decisions. Most of these agencies would also take care of social marketing, creating graphics, building media pitches, drafting content, gauge HARO opportunities, etc. Fast growth in 2020 is a must and outsourcing a bunch of mundane tasks in marketing makes much sense to the smart entrepreneurs.
4. Outsourcing IT
Tons of customer data are available for business to make quick decisions and that may well turn the fortunes. Even the small businesses need such data along with the place to store this data securely. There is a plethora of customer files, credentials, and critical personal information that can help you know your customers better. And managing such data would require getting assistance from IT consultancy services to leverage multiple technologies like cloud computing, database management, server maintenance, etc. More than 1/3rd companies prefer IT services globally and it is something that no growing business can afford to ignore in 2020. There are many ways you can render the IT services from experts across the globe which includes a pay-per-usage basis, paying up monthly retainers, and even upfront payment for a year to save more. Your business relies on the websites to enable customers to explore your offerings and know you better. Also, you can scale your websites by making it a point of sales by integrating payment gateway. The fierce business competition on the web is also catching the attention of spammers and hackers who could infiltrate malware in your systems and servers. IT service providers can prove handy under such circumstances who monitor your data and keep the threats away.
5. Admin Support Outsourcing
Any small business that is experiencing rapid growth would need a helping hand to get through their routine tasks. The best bet is to have virtual assistants that take care of the mundanity outside of your office space. There are many things for which you can use admin support right from scheduling the meets, managing databases, sending out emails, creating newsletters, scheduling appointments, managing media communication, etc. Admin support can also handle your receipt management, providing first-hand customer support, and call assistance.
The current marketing condition requires futuristic businesses to leverage economies of scale and make the most out of geographical labor-rate differentials. The idea is to keep your focus strictly on performing core activities that bring business and make revenue; everything else can be outsourced to drive efficiency in the organization. This year, start with outsourcing any of the above departments to experts and experience the business growth that makes a difference.