How Outsourcing Can Help a Small Business Grow Business TipsChris JankulovskiJune 16, 20152 The world of business is changing. With over 80% of small to medium businesses acknowledging the importance of freelancing and almost a quarter employing freelancers weekly, companies are catching up with technological advances and globalization. Remote work means that there are no boundaries to expertise – and fewer boundaries on the growth of your business. For a small business, outsourcing can be the one step taking you from mere subsistence to active growth. Here are a few reasons why. Efficiency When you run a small business, there will come a time when you simply don’t have enough hours in one day to complete all your tasks. This is where outsourcing can be a brilliant idea. You can outsource the routine tasks to help you focus on the growth of your business, or you can seek out specialist knowledge to do the tasks that you’re less familiar with, such as building that professional-looking website. If you use remote staff, you can tap into existing expertise without the need to train new staff – and thus your services can be on a par with those of well-established competitors. Lower costs Image Credit: Angila Pitson Outsourcing is a great way to replace large costs with lower, variable expenditure – which means more capital will be available to generate revenue. Hiring remote staff will also help you avoid the costs of hiring and training full-time or temporary employees, as well as keep overhead costs low. By making use of virtual work environments, you may not need that expensive larger office – and can focus all your efforts on core activities. Speed A new business faces a lot of tasks, and it’s often impossible to complete all of them quickly and efficiently. Outsourcing can help you accomplish new projects in the shortest possible time by relying on trained specialists with resources already in place. You will need a degree of trust and good communication, but you will also have much more flexibility in choosing and changing your remote team. Flexibility Image Credit: Ed Yourdon Many small businesses face limited funding as well as fluctuations in workload that make hiring new full-time staff impractical. Through outsourcing, you can hire executive talent for a limited amount of time to go over your books, or you can benefit from financial assistance during tax season only. Focus Companies who try to perform all the tasks internally usually face major challenges as they grow, simply because they do not have all the necessary structures in place. Growth will happen more easily when you have the time and resources to think beyond the immediate needs of your business. By outsourcing some of these tasks, you can focus on the future and run your business proactively. You will leverage the skills of specialists, you will be able to focus on your main skills and you will avoid spending time and money on training and staff management. The improved workflow and capital flow make outsourcing businesses more attractive to investors and clients. For many small businesses, outsourcing is the most cost-effective solution to their problems and can remove the roadblocks to steady growth. References http://www.entrepreneurshiplife.com/outsourcing-grow-business/ http://www.entrepreneur.com/article/204652 http://www.cfoedge.com/resources/articles/cfo-edge-outsourcing-benefits-and-growing-small-companies.pdf http://www.virtualvip.co.uk/outsourcing-small-business/ http://www.successful-blog.com/1/5-ways-outsourcing-can-help-grow-small-business-in-hard-times/ http://www.businessknowhow.com/manage/outsourcekeys.htm http://www.theguardian.com/small-business-network/2013/oct/30/outsourcing-small-business-top-tips http://superfast-it.com/4-reasons-outsourcing-will-help-your-business-grow/ http://www.smallbusiness.co.uk/running-a-business/employing-staff/2227443/how-small-businesses-should-approach-outsourcing-and-finding-the-right-freelancer.thtml Special thanks to: Loria Royce for the main image, follow him on Flickr. About the Author Jamie Donafrio is an accountant and small business owner. He utilizes the power of remote staffing to run his accounting business without without having to pay for expensive office space. He also manages an accounting blog which helps educate aspiring accountants on the path to a fulfilling career in finance.