No business is being spared by the current worldwide economic challenges. Between inflation, gas prices, and staff shortages due to the ongoing pandemic, keeping a business on track is now more difficult than ever.
This is my second post on Outsourcing as we’ve seen a surge in outsourcing through all vertices of business over the last 24 months. Because of this I felt it deserved a deeper dive.
Outsourcing is contracting parts of your business to other experts. It has several benefits, especially if those particular tasks aren’t part of your firm’s core competency (example: printing and mailing, data management). Letting someone else handle those elements makes sense in saving time and money and helping you focus your staff and energies on the things that matter most for your company.
But outsourcing also hits two essential points in running a business.
Duplication of equipment. Referencing the above example of postage and mailing, why would you lease expensive equipment if you can outsource it elsewhere at far lesser costs?
Asset utilization. How much do you actually use certain costly pieces of equipment? For example, do you have a vehicle designated for a specific task or tasks, like delivering your mail to a postal facility? Then what? They just sit there overnight doing nothing. And let’s not even go there when it comes to fuel costs!
Outsourcing can streamline these kinds of expenditures and keep your budget in line during an economic challenge like the one we’re currently enduring.
Plus, if your staffing has taken a hit due to the pandemic or cutbacks, outsourcing to an experienced firm can pick up that slack.
In short, outsourcing is the deep breath you need in these tense economic times.