When Should You Outsource?

Resource Management

Small, midsize and large businesses use outsourcing in varying degrees to meet their needs, and it can be a smart move even when you’re focused on controlling costs. There are situations when outsourcing can save time and help you stay within budget. Being able to recognize those opportunities and bring in the right vendors can position your business for growth.

Opportunities for Outsourcing

You may want to explore options for outsourcing when your business reaches a tipping point with staffing or workload, or there’s a need to fill a role that requires a specialized skill set or level of expertise. Outsourcing allows you to bring in qualified professionals without paying for the overhead that comes with payroll, insurance and in-house office space.

If you or your team members are stretched so thin that you don’t have enough time to spend on strategies for growing revenue and other core responsibilities, this is another sign that your business could benefit from outsourcing. Outsourcing back-office tasks allows you and your teams to focus on more important initiatives.

Here are some business functions that are commonly outsourced:

• Administrative support. Hiring an administrative assistant can help the office run smoothly, but if your needs are part-time or sporadic, outsourcing this work might be the answer. A virtual assistant can help with calendar management, phone calls, emails, customer support and more.
• Accounting and payroll services. Repetitive tasks such as bookkeeping and data entry are usually a good fit for outsourcing. An accounting firm can handle a range of services including transaction coding, accounts payable, accounts receivable, payroll administration, financial reporting and more.
• Executive expertise. Small-business owners wear a lot of hats, and sometimes you need a consultant to help navigate major decisions. For example, you might not need a chief financial officer on staff, but you could contract with a CFO-level person to do a financial analysis on a monthly or as-needed basis.
• Technology support. If you don’t have sufficient internal IT resources, you may want to hire a tech support firm to manage security and provide the right level of support for employees. Since hiring for IT support requires specialized knowledge, outsourcing can help you fill this role with confidence.

Find the Right Partner

When you’re searching for a vendor, ask for referrals and recommendations from your business network. Also consider using online marketplaces designed to connect contractors and businesses, such as Upwork.com and Fiverr.com. The best vendors are willing to embrace change and modify their solutions to meet your needs. Look for flexibility in delivery approach, technologies, pricing and more.

As your financial partner, we’re here to help you find solutions that fit. Contact your Seaside Client Advisor for more information at 407.567.2222 or visit http://www.seasidebank.com.

Tags: manage, opportunities, outsourcing, partner