In its most basic form, business is a hip parade. Running a commercial entity is about latching onto trends at the earliest opportunity and riding the wave of momentum. Scour the market and reap the rewards. That’s the theory. In many ways, it’s a fashion, and it works.
The most prevalent of these trends has been over the last three decades. Many communication executives have espoused downsizing and outsourcing. But what does that really mean? Well, by enlisting the help of professionals on an ad hoc basis, you eliminate the need for a specialist in-house team. Especially in smaller sectors, the focus is on minimizing the outgoings.
Companies are losing sight of the bigger picture. Outsourcing is NOT a cost-cutting measure. Of course, it has its economical benefits. Fewer resources. Fewer salaries. Only paying for the work you need, when you need it. But if your primary motivation is to cut corners, you’re going to come unstuck. Would you hire someone unqualified for a prominent position if their salary expectations were lower? No, and the same principles should apply here.
I recently encountered a company looking to outsource some content. They opted to go with whoever undercut the competition. The result, as you’d expect, saw the quality of work suffer. They ended up shelling out 50% more than they otherwise would have to get the work redone by a more competent writer. The same job. Paid for twice. There’s a lesson to be learned there, and it isn’t that hiring from outside has to be to the detriment of your business.
The idea of a savvy businessperson refusing to subscribe to the notion of ‘you get what you pay for’ is baffling. If something sounds too good to be true, it usually is. But in the digital age, it’s never been more critical to invest heavily (and wisely) in strategy. Those that choose to ignore it do so at their own peril. Here are just a few of the areas that could be infinitely improved by enlisting the help of external experts:
If success and longevity are ultimately how businesses are to be judged, then the same is true of the marketing game. More and more brands are reaching out to external consultants to help them find their voices. But doesn’t that cost more in the long run? Why aren’t they doing the work for themselves?
Well, the truth is that many companies do operate their own in-house creative department. Around 58%, actually. And that model does have its advantages. Your own team will, presumably, already have a good grasp of your products, clients, and identity. They’re consistent, for better or worse. But they also live in a bubble.
What happens when they become stifled? How dynamic can they be when you’re looking to expand on your ideas? In order to attract the top tier of creative talent, you have to be prepared to pay top dollar. That can be a pretty expensive venture, as I’m sure you can imagine.
By sourcing your marketing campaigns externally, you’ll only be paying full whack as and when you need to, not all year round. Not only that, but you’ll make incredible savings to pump directly back into your business. Overheads, recruitment, training. All of which are no longer necessitated as a result.
There is an awful lot of time and money invested in developing the perfect Human Resources team. It is, arguably, the most important department within your company. And while that’s still the case, the processes are changing dramatically.
Think about it. By employing a Human Resources team, you pay for communication, strategic planning, and administration. They aren’t producing a physical product you can promote or sell. And yet, the larger the company, the larger the Human Resources team, generally speaking.
By outsourcing as many of your HR needs as you can, you reduce the size your department needs to be. Of course, you’ll always need a handful of dedicated workers to handle the day-to-day operations. Depending on the circumstances, at least. But incorporating a team of outside specialists to work alongside your own department? That’s the evolution of HR.
Don’t take our word for it. Just ask any of the corporations that are getting hands-on with innovative software and practices. Companies like Peninsula and Wolters Kluwer are leading the way. By outsourcing HR with Peninsula, for example, you can gain access to bespoke organising tools and technology.
Let’s be real, nobody loves doing the maths. Well, except accountants, and you should be taking advantage of that. Spending hours fumbling over figures is not time well spent. Time that instead could be used looking over warehouse operations. Or crafting witty social media campaigns. Or just about anything else, really.
The point is; bookkeeping is generally an unwelcome distraction for every business owner. But it is, unfortunately, a necessary evil if you want to avoid doing a stretch somewhere down the line. Hand it over to the guy that chose maths as a career path. He deserves it.
Not only will you prevent some pretty killer headaches, but you could also save up to 40% per month in outgoings. That’s nifty, right? And there’s a bunch of other benefits to hiring an accountant, such as:
- Fraud Detection and Prevention: Unless you’re a wizard with numbers, chances are you’ve probably made a glaring error or two. Whether it’s intentional or not, fraud is still fraud. These guys know their stuff, and it’s their job to look out for indiscretions and nip them in the bud before the tax man comes knocking.
- The Long and Short of It: Professional accountants generally know just about everything to do with numbers. Including tax codes and legal loopholes. With a reliable accountant, you’re basically covered for any situation.
- The Attention That It Deserves: If you’re handling your own accounts, chances are you’re not giving it your full attention. And who can blame you? It’s not exactly fun. For the humble accountant, though, it’s their job to leave no stone unturned. Hear that? That’s the sound of peace of mind.
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