Consumers’ behavior has never been changing this fast. We want a tailored and exceptional experience, making every dollar we spend worth it. Does your company business model translate unto this demanding world?
Most entrepreneurs have great talent, usually the reason why they went into business in the first place, yet, consciously or subconsciously, they stall the progress of their company: they think they can do it all!
What if you could use people that know more stuff that is useful to the company while you focus on generating income?
Entrepreneurs have long seen outsourcing as a strategy reserved for big business but technology, accessibility and corporate drop-out have made it a more accessible tool to powerfully impact your bottom line.
With highly qualified professionals as subcontractors on board, upgrade your skillset pool, execute at a higher level and save yourself the burden of paying payroll taxes, health insurance, worker’s compensation, etc. If you have space constrictions, it will also enables you to grow your company without increasing physical property expenses.
Manage human capital:
Most businesses still consider consumers and employees as separate. Wrong! Wrong! Wrong! People, clients and workers alike, are your most valuable assets. They are the ‘raw material’ that create wealth. How you manage your human capital will directly impact your level of revenue.
“Small business, augmented by a global pool of human capital, can compete directly with the biggest players in their space, and win.” says David Walsh, entrepreneur and author of Source Control, an e-book on effective small business outsourcing. So dream bigger and play in the major league!
At first you may feel like you are the only person who could do the work, you know your business and want control over everything. But why do something you may be good at when you can do something you are great at? Letting go pays off, in higher returns and faster growth. The greatest asset of a manager is their ability to duplicate themselves.
Is spending hours going through your expense receipts, undertaking strategy or marketing projects or seeking funding really the best use of your valuable time? Contractors will help you carry your workload, empowering you to focus on what moves your needle.
For small businesses, we recommend outsourcing from the very beginning. It will enable you to rapidly scale and build a durable business. By bypassing the learning curb of understanding what skill set is required to get outstanding work done and how to keep employees accountable for it, you will acquire knowledge organically and rapidly be in a position to transition to bringing these talents in-house.
In my next post I’ll cover what tasks to outsource, how and when. In the meantime, I’d love to hear your thoughts in the comments. What are some other ways you have adapted to this very demanding economy? How this demand for nothing less than excellence is influencing the ways in which you conduct business and behave as a consumer?
Author: Carine Dieudé, Partner, Director of Strategy, specializes in growth and exit strategies, systems and operations, for small and medium size businesses.
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Altima Business Solutions is a full service Business Accelerator specializing in helping business owners maximize efficiency, profitability and company value to improve the lifestyle of employees and management.