Did you know that since 1989, business process outsourcing services have been trending and will always be in trend? Outsourcing is always a cost-effective manpower choice for startups and SMEs. Over the last 3 decades, business process outsourcing has become a vital part of every business management. It is amazing to know that nearly 37% of small businesses outsource at least a part of their business process. According to a study by Clutch in 2019, over a third of small businesses use outsourcing to ensure better growth of their organization. In that survey, 52% of participants plan to outsource a business process in the near future. Clutch surveyed 529 business owners and managers in 2019 to better understand their outsourcing preferences and plans.
Let’s take a tour of the key findings of this survey so that you make informed decisions easily.
Key findings from the 2019 small business outsourcing survey by Clutch
- More than one-third of small businesses presently outsource their business process. Business process outsourcing helps to cut costs and increase available skills. But they may face challenges due to information confidentiality, communication, and differing expectations.
You can enjoy advanced data security, full-on confidentiality, and all other outsourcing benefits only if you choose a company like India Rep Company. It uses industry-best tools and technologies to protect its clients’ data. Apart from this, all of our teams are well trained on how to maintain confidentiality while delivering high-quality services.
- Generally, businesses prefer to outsource technical tasks, including accounting, digital marketing, IT services, and tasks that require a lot of time.
- In 2019, more than half of participating small businesses plan to outsource business process requirements. But small businesses should understand the entire process accordingly and then go for outsourcing.
- Small businesses go for business process outsourcing primarily to boost efficiency and receive assistance from an expert.
- Businesses that are running with 50 or fewer employees are less likely to outsource in comparison with businesses with more than 50 employees. Smaller businesses often go for freelancing services as it seems more cost-effective for them.
- 90% of small businesses are planning to outsource business tasks in 2022.
These stats will help you to understand why and when you should go for a reliable outsourcing company that will help to handle your business process requirements better. Finding a reliable and technically advanced outsourcing company means you are unlocking the door of opportunity.
Let’s check the benefits that you can enjoy with a reliable business process outsourcing company in 2022.
- Do more core business practice
When you are an entrepreneur, it will be better if you do whatever you are good at. On the other hand, you should always remember that there is no one to handle the core responsibilities of your business. That’s solely your task. But tasks like data entry, business process operations, digital marketing, and even parts of administrative requirements, accounting, payroll, and HR services can be done by others. An outsourcing firm can help you in all these areas. They offer timely services without compromising the quality, moreover, they have the best technologies and expert minds to perform critical tasks without any human error.
Being an entrepreneur, you may think that you can handle everything. But that’s not a wise decision. You should create room for planning and innovation.
- Reduce in-house labour costs
Hiring and training full-time employees include lots of costs, especially when you have short-term projects. If you try to have your own in-house team, you will find it hard to implement scalability. An outsourcing firm is equipped with the best resources to offer high-quality services. The most amazing thing is that, here, you do not need to pay anything extra, unlike having an in-house team. If you can reduce labour costs, it will be easy for you to save more money for the future.
- Better control of cash flow
By outsourcing your business process requirements, you can convert a fixed cost into a variable cost. In this way, you can easily free up your cash flow for investment and improve other parts of your business. Proper cash flow management is truly important as it helps in better decision-making. To ensure the best growth of your business and have enough support for future hard times, proper cash and fund management is mandatory. Outsourcing can help you to save more money, get high-quality work, and gain better control of cash flow.
- Access top talent
To turn a newly hired candidate into a valuable employee, it is important to offer solid training and guidance. And this is an expensive choice. If you do not have enough time, you won’t be able to train them and get quality work from them. If your teams are not trained enough, lots of miscommunication, poor quality work, missed deadlines, and so many other things will take place. But with an efficient outsourcing company, there are no such risks. You can get on-time and high-quality work.
Outsourcing firms are also recruiting. They hire the industry-best talents, train them accordingly, and let their clients enjoy the best services.
- Full-time employee retention
Employee turnover is very painful, especially when a business is trying to grow badly. When someone quits, the money and time you spend on training and hiring them to go in vain. Moreover, if valuable employees leave at the wrong time, your projects may get paused, and you can lose your valuable clients also.
A lot of non-core tasks are there for a growing business organization. You can think that you can handle everything with your in-house employees. But the reality may differ. If you overburden your employees, they will feel dissatisfied with working at your place. And you know that dissatisfied employees are prone to quit.
It will always be better if you outsource non-core requirements and let in-house employees perform what they are good at. In this way, they will be satisfied, grow regularly, and serve your organization for a longer span of time.
You can easily enjoy all these benefits with business process outsourcing services. In order to know more about business process outsourcing and get the best services from the next month, you should connect with India Rep Company as soon as possible.