Hiring shortages and budget cuts have been at the forefront of the minds of small business owners and human resources managers over the past year. By 2030, all baby boomers will be age 65 or older, meaning younger, less-skilled professionals will be left to fill in the labor gaps. Budget concerns are also looming large as many industries are still struggling to recover from the COVID-19 market collapse.
As a result, the U.S. economy has seen a sharp uptick in outsourcing across industries. In five years’ time, the global outsourcing market will be worth over $425 billion. As 2021 slowly draws to a close, there’s no time like the present to take advantage of outsourcing trends, from call centers to IT support.
- Benefits of outsourcing call center services
- Benefits of outsourcing IT support
- Benefits of outsourcing bookkeepers
- Pros of outsourcing business tasks
- Adopt outsourcing today for a bright, efficient future in business
Benefits of outsourcing call center services
The number one reason for outsourcing comes down to cost reduction, while flexibility comes in second place. Call centers are the perfect example of how businesses can adopt low-cost, high-value customer service solutions through outsourcing.
Firstly, choosing one or several international call center options means you can ensure around-the-clock customer support for your clients. Call centers are also designed to handle both peak volumes and slow times, reducing the amount of money and time you invest into each phone call.
Outsourcing your customer service calls also grants your company access to skilled operators who know how to work in versatile situations. Bilingual agents, frequent reporting, and access to additional communication channels like live chat and email make outsourced call centers a one-stop shop for all of your customer service needs.
Benefits of outsourcing IT support
Leading the pack when it comes to technology outsourcing is IBM, a New York-based company with a revenue of $76.5 billion. As of 2017, IBM employed over 130,000 people in India, a third of its total workforce. However, international outsourcing isn’t the only option when it comes to IT — domestic outsourcing is becoming increasingly popular as well, especially for companies in need of highly specialized technical assistance.
Paying on a per-ticket basis allows companies to maximize profits while gaining access to expert technical assistance on-demand. Your IT outsourcer will also be responsible for meeting certain service criteria and adapting to your business needs, so you won’t have to worry about wasting unused resources.
Benefits of outsourcing bookkeeping
All businesses need bookkeeping services, but smaller companies can sometimes struggle to find the resources necessary to hire an in-house bookkeeper. Outsourcing can help cut back on this essential cost while allowing you to focus on what matters most — running and growing your business.
Services like Bookkeeper.com and Merritt Bookkeeping allow you to do just that, and many have integrated accounting software into their systems to make the process that much easier. Along with the obvious benefits of a centralized, cloud-based bookkeeping system comes a reduction in errors, a fully scalable business model, and the ability to make better business decisions. Come tax season, filing will be quick and simple with the help of your virtual bookkeeper.
In fact, according to the 2018 Client Accounting Services Survey, around 80% of businesses outsourcing bookkeeping have reported having more time to focus on their companies. Half worry less about mistakes, while 30% have received advice leading to higher profits and smarter business decisions. Your business may see large gains when you make the relatively small change of outsourcing bookkeeping.
Also Read: Top Small Business Accounting Software 2021
Pros of outsourcing business tasks
Although outsourcing is a tactic employed across industries, some commonalities can be found across the board. A growing gig economy has led much of the world’s top talent to eschew traditional work environments and opt to work as independent contractors, sometimes in partnership with agencies.
This remote, specialized model of work allows businesses to access top talent worldwide, whether your company is headquartered in Los Angeles, CA or Tulsa, OK. Working with specialized professionals paradoxically entails cost savings as well. Not only do businesses see more return on the dollar for outsourced work, but they’re also able to provide a higher-quality service for clients and run their businesses more efficiently. Whether your business needs help managing social media or fielding customer service calls, outsourcing can help.
Adopt outsourcing today for a bright, efficient future in business
With outsourcing poised to become the future of business, it might be shocking to discover that large companies are 66% more likely to outsource than small businesses. This is likely due to the fact that smaller businesses are hesitant to spend capital they may not have on seemingly unnecessary expenses like outsourcing.
However, this trend could place smaller businesses at a disadvantage in the years to come. Outsourcing doesn’t have to be expensive, as the rise of freelance marketplaces like Fiverr and Upwork have shown. In return, the return on investment for outsourcing is relatively high. Increasing company efficiency and accessing top talent can set small businesses apart from the crowd.
Gone are the days of stressing over labor shortages, hiring decisions, and employee healthcare.
When handled thoughtfully and responsibly, outsourcing is one of the fastest ways to streamline company operations and expand your client base. The many benefits of outsourcing allow you to focus your full attention on the one thing that matters most: running your business.