If your business is growing, congratulations! This means that your core ideas are working and it’s time to scale up. Perhaps you’re dealing with increasingly diverse revenue streams and need to hire an accountant or CFO to manage them all, or maybe you need to expand your operations and hire some HR staff to assist with recruitment? Although exciting, this can also be a very difficult time for businesses. If you make mistakes now when first establishing new processes and operations, then it will be even harder to put right going forward.
However, there is a solution for growing businesses: outsourcing! Bringing in teams that are already skilled and competent to help you with certain processes that require expertise, or to assist in establishing new ways of doing things, is a fantastic way of ensuring that your growing business doesn’t stumble at an important hurdle. Here are some reasons to outsource, and some ideas for how and when to use it:
Low-risk solutions Outsourcing to a specialist company is a fantastic way of reducing risk on important, sensitive processes such as accounting, HR and legal services. As your business gets larger, these things only get more complex as you diversify and roll out larger-scale products and services. Furthermore, you will have access to a much larger pool of talent than if you were to hire a new employee, which would limit you to a small and localised set of candidates as opposed to the almost limitless options made available by various outsourcing companies. Getting it right is so important to your continued growth, so why risk doing it without the proper expertise?
Focus on your core If you have grown your business to the point where you need to outsource some things, then you’re doing something right! By outsourcing, you’re freeing up your own and your core team’s time to keep doing what you do best. The reason why your business has seen some success will likely suffer if you try to stretch yourself too thin, so maintaining and increasing your momentum can be best served by outsourcing and relieving yourself of the pressure.
Saving both time and money While the upfront cost of outsourcing may seem steep, adding new staff to your business doesn’t just cost in terms of increased salary payouts. There are all sorts of additional costs like increasing your office space to accommodate new recruits, the process of hiring is a time sink that could be better spent and, of course, an increased catering bill for the staff party. Due to an outsourcing company’s level of expertise and the opportunity for a flexible relationship, there will likely be efficiency savings too. What’s not to like?!
Advice While the actual process may be taken out of your hands, the company you use may also offer consulting services that will allow you to improve your operations in the future when you feel more comfortable in your business' ability. Having an already established relationship with a team that already knows your specific business case will an excellent asset once you’ve established yourself.
Minc offers outsourcing services in a variety of areas. Find out more: https://www.mincgroup.co.uk/Pages/Services