Outsourcing 101: How To Choose What To Delegate To Third-Party Companies by Forbes – Entrepreneurs

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When we start our own businesses, it’s easy to want to do everything ourselves. The business is like our baby, we’ve worked so hard to get everything just right and now it’s finally profitable. As you grow, however, it’s not possible or even desirable to do everything yourself. That’s where outsourcing comes in.

Outsourcing is the key to scaling while maintaining profitability. Not every task that needs to be done, after all, will require a full-time or even part-time employee. When you’re bringing in a third-party to handle some of your tasks, you’ve got a specialized worker who is already trained, experienced and can do the work well at a cost that’s beneficial to you.

Choosing what to outsource to third-party companies can be challenging, and it’s important to get it right. This is something that I take seriously as the owner of Transcription Outsourcing, where we regularly outsource work to a lot of great contractors. Let’s take a look at how to choose which tasks to outsource to other companies.

1. Tasks Slowing You Or Your Team Down

There are some tasks that everyone dreads a little bit, especially because it just slows everything down. These are often time-consuming, repetitive tasks that need to be done regularly, but that can easily be transferred to someone else to boost productivity (and thus profit) significantly.

Some examples of great solutions to time-consuming tasks you don’t want to deal with include:

• Hiring an answering service to take in phone calls.

• Outsourcing analytics reports and campaign monitoring to qualified marketers.

• Enlisting payroll services to handle payday so you don’t have to.

2. Tasks That Need Specialized Expertise

There are some tasks that need high levels of expertise that we may not have. Being a business owner doesn’t mean that we’ll be great at every aspect of the businesses we run. For example, you typically shouldn’t try to write advanced email marketing campaigns on your own. Hire a copywriter who has experience in direct response messaging.

Hiring an expert will almost always be worth the investment, no matter whether their specialty is business law or graphic design. They’ll typically get you results you never would have on your own, earning back what you put into their services and more.

Additional examples of experts who you may want to consider outsourcing to include cybersecurity experts, CPAs and ad consultants.

3. Tasks That Don’t Require A Full-Time Employee

There are simply some tasks that don’t require 40 hours a week to do (or even 10 hours), yet are still crucial to the success of your business. In these cases, it’s typically going to be financially beneficial to start outsourcing.

You may, for example, have an administrative assistant doing basic bookkeeping, but you don’t need a fully qualified CPA on your staff at all times. It makes more sense to hire them to help with your taxes and consult on major business changes. The same goes for lawyers, too; keep one on retainer instead of hiring someone internally.

Other examples of tasks that are important but don’t require full-time workers include social media marketing, PR or crisis assistance, and content writing.

What Tasks Should You Keep Internal?

While outsourcing can absolutely benefit your business, it’s important to know what tasks you should keep to yourself and your direct employees. Here’s what you should never outsource:

The tasks that you only trust your team to do well. You’re experts in what you do; make sure you’re keeping that expertise in-house where it’s important.

The tasks where it wouldn’t be profitable to outsource. Sometimes it takes too much time trying to show someone the ropes for a simple project, or it costs too much to outsource compared to training an internal team member to do the job. If this is the case, keep it in-house.

The tasks that you love. There are some parts of the job that we genuinely love. Some jewelers, for example, love helping customers while others want to sit in the back and reshape rings and set diamonds. Consider what tasks you love doing, and keep those for yourself. It’ll keep you passionate about your business, which is an important part of success.

Final Thoughts

When choosing a third-party contractor with whom to outsource, check their reviews and testimonials online, make sure they’re reliable by looking for CJIS compliance (a security standard that will protect your business) and ensure their business is native to your home country if they’ll be accessing sensitive information. This decreases the risk of security threats or information leaks.

It can be difficult to hand off small parts of your business and the work you do to other third-party companies, yet it can be a crucial part of growing. When you hire the right person, it’s almost always worth it.

July 3, 2019 at 09:02AM
https://www.forbes.com/sites/theyec/2019/07/03/outsourcing-101-how-to-choose-what-to-delegate-to-third-party-companies/
Forbes – Entrepreneurs
http://www.forbes.com/entrepreneurs/
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