The excitement of running a business quickly dwindles when could-be entrepreneurs realise just how time-intensive the day-to-day grind is to keep a business running.
The dream of afternoons spent teeing off on the golf course fades fast.
The reason successful business founders find leisure time is because they know how to prioritise for only the business-critical functions they are needed for.
The mundane tasks, that do not require the expensive time of senior management, get delegated. In large companies, there will be staff around for more delegation to happen. In smaller firms, business process outsourcing (BPO) can be the strategic approach for business expansion without skyrocketing overheads.
Discover 6 BPO Opportunities that Could Save Your Business Money
- Sales and Marketing
Sales and marketing go hand-in-hand, but they can be outsourced separately or combined. The goal of marketing campaigns is not always to increase sales.
Strategic marketing campaigns can be outsourced to increase brand awareness, customer loyalty, or vanity metrics on social media.
Sales outsourcing can be used to cover areas like lead generation, outbound sales calls, or entire sales call handling.
Specialist outsourcing firms may handle both sales and marketing or focus exclusively on one area, such as outbound sales calls based on market research to build their own qualified list of targets that meet the criteria set by your business.
2. IT Support and Management
In today’s competitive marketplace, outsourcing IT support and management have become common, primarily because of the cost savings. Maintaining IT support in-house is expensive. The hardware, the support teams, and the subscriptions that accompany most of the cloud-based services such as Microsoft 365.
Microsoft has partner agencies certified in IT support specifically to help clients save money without sacrificing on the quality of service delivered.
3. Administration Roles
Admin encompasses a lot of tasks that make hiring an admin assistant difficult. This is an area that digital platforms have disrupted the recruitment industry.
Hiring “virtual” admin support lets businesses hire for the task rather than the role.
Marketplaces exist where you can hire one-off admin tasks like creating a lead generation report for an email marketing campaign, or for the over-committed CEO… to hire a Virtual Assistant to manage their calendar, emails and schedules. Similarly, entire social media management can be outsourced for less than the cost of hiring a social media manager to work in-house.
4. Shipping and Logistics
Any business with a product to ship is likely familiar with outsourcing the logistics side of the business. Maintaining a fleet of vehicles and covering the cost of driver hire, vehicle insurance, maintenance (or lease costs) and the fuel used to get products delivered will know it’s expensive. It’s much more affordable to charge a fee for delivery and pay a logistics firm to handle it.
Like most industries, logistics outsourcing is dominated by a few big players. There are smaller local courier firms around.
Research the areas you need delivery for because if you do not need national or international delivery, there may be local courier firms more affordable that can meet your shipping requirements. Examples of businesses that only require local delivery are fresh food supplies from farm shops, family butchers, or perhaps florists who only serve their local area.
5. Human Resources
Outsourcing HR can be as straightforward as using a recruitment agency for the recruitment aspect only. Specialist HR firms can handle every part of human resources from employee onboarding, payroll, training, procedural advice and compliance, including internal policies such as return to work interviews or disciplinary procedures for excessive staff absence, poor time management, or behaviour concerns in the workplace.
6. Accounting and Payroll
Accounting and payroll management is complex and time-consuming. There are HR firms that are able to handle payroll outsourcing as a service. Depending on the service provider, the payroll may only be managed. It does not necessarily mean you get a service backed by sound accounting advice and best practice bookkeeping.
Certified accountants can assist with all account’s management, including payroll, bookkeeping, business planning, financial forecasting, and liaise with financial institutions on a client’s behalf should capital be required for business expansion or survival.