Many companies aim to achieve sustainable growth in their businesses. However, it is natural for them not to “make it” right away. A recent study from Bain & Co. – states that only 1 in 10 companies has achieved that goal. One strategy they use is to organize and delegate work in ways that are more efficient than their competitors.
Outsourcing was invented to help businesses (most especially startups) for cost-cutting measures. Companies have used it strategically in many ways – either to achieve something they don’t have in-house or to strengthen specific skills in their business. With these strategies, if done properly, outsourcing will improve your company beyond cost-cutting.
Here are few strategic ways outsourcing can benefit your company.
- Build connections that can develop your company's growth. For businesses, both big and small, it is important for managers to have constant control over everything. Despite the fact that outsourcing has its own risks, managers still have to do their best with their connections offshore. One strategy you could do is to view these external relations as your key partners. Always ensure that you are in control. Make sure that the outsourcing company provides quality results as well. Your goal is to lessen possible risks in the company. If problems arise, make sure that you act on it immediately and provide feedback to your outsourcing vendor.
- Make the most out of new opportunities. With new businesses emerging here and there, companies need to step up and aim to leave a mark before competition gets in the way. Create something that makes you a pioneer. Research on new ideas for your company! However, if you’re swamped with a lot of urgent tasks for the company, researching on business development is the last thing you need to do. A group of individuals can make that as their top priority. Grab this chance and outsource it.
- Plan ahead and strive to be on top. It is normal for businesses to introduce new products once in a while in order for them to be ahead of their competitors – especially now that there are a lot of new markets starting up in this modern age. With your new products coming up, it might be difficult for you to focus on new product development and at the same time, manage existing LOBs. Outsource these existing tasks to an offshore company. Doing so would definitely boost your operations efficiency. So, you can focus more on aiming for the top.
These factors might probably be familiar to some, as they have been compiled by successful companies throughout the years. Just remember to organize everything from top to bottom, as it is the most essential rule in managing businesses. Not everything is perfect, but with the above-mentioned points, your company will grow successfully in the long run as outsourcing is more than just cutting costs. Use it well.