In 2020, the world came to a near halt in the face of the pandemic. Not everyone was prepared physically and financially. Economies were affected, and businesses scrambled to cope with the abrupt changes that needed to be made. All of a sudden, offices had to transition into a remote work setup, while businesses that still needed to operate with physical stores had to deal with heightened health and safety protocols.
As the world recovers from the impact of COVID-19, businesses continue to do their best to thrive. While it might be a challenge given that a collaborative workspace and business opportunities are limited, a solution still stands: outsourcing. In fact, outsourcing can help keep your business running with just the right planning put into it.
The Outsourcing Effect
Believe it or not, outsourcing is continuously on the rise. It’s been found that as much as 57% of companies outsource work so they can focus on their business, and as much as 93% of organizations are looking to integrate cloud services as part of boosting efficiency and innovation. Interestingly enough, it’s expected that by 2027, the business process outsourcing (BPO) market may reach $405.6 billion. This leads us to ask just how exactly businesses can use outsourcing to their advantage in spite of the pandemic.
Outsourcing is an excellent opportunity to optimize your business by focusing on your product or service’s main specialty or industry. This is especially helpful for small businesses as you’ll be able to maximize your capital, resources, and workforce. You can explore a variety of options to find out which outsourcing is best for you based on your immediate needs and company goals, most especially in the middle of a pandemic.
Once you find the kind of outsourced work that fits your needs, you can reap these benefits:
- Minimized miscellaneous tasks for maximized productivity
Small businesses operate with a dedicated workforce with specialized skills relevant to the company’s industry. Since it’s more challenging to manage a business while sorting priorities in light of the pandemic, outsourcing work comes as an excellent method to balance things out. You’ll no longer have to spread yourself so thin to deal with admin work, payroll, and miscellaneous activities to keep the business running. Instead, you can focus on building your business however you want to — take the opportunity to strategize and expand your business.
- Reduced risks
If there’s one learning we can take away from 2020, it’s that businesses always need to be prepared for damage control. We’ll never really know when the next disaster might occur — may it be small or massive. Building your business with an outsourcing company can help maintain your operations using only essential resources, technology, and team members.
- Acquiring top talent with specialized skills
With an outsourcing team, you have a chance to find the best people who can work in your business. You will be able to connect with talent who are not only up-to-date on industry standards but also capable of working efficiently and effectively even in a remote work setup. That’s less adjustment period and more time spent on kicking off new projects.
- Better opportunity to optimize work with new technology
One of the benefits of outsourcing is that you’ll no longer need to continue paying for an office space to house your workforce as you carry on with your business. Or at the very least, you’ll be able to downsize your workspace requirements and restructure your budget.
The pandemic is the best time to invest in innovation and optimization. This way, you’ll not only be able to upgrade the software and equipment you need to function optimally, but you’ll also be able to fast-track processes that ultimately make your business run more efficiently.
A study conducted by McKinsey & Company found that more than 90% of executives expect COVID-19 to change the way they do business in the next couple of years. The pandemic may have affected company budget and resources, but it shouldn’t be the end all be all to the survival and growth of your business.
Outsourcing has the flexibility to adapt to your business’s needs in such a way that you can choose to work purely with field experts or hire someone to work on non-critical tasks if need be. With outsourcing as part of your business strategy, you won’t need to worry too much about coping with another similar instance we may face in the future.
There are many benefits to outsourcing various functions of your business. Perhaps the biggest and most obvious is that the outsourcing model offers much-needed financial stability in the midst of trying times. This, in effect, lessens the burdens you may have of splitting your budget into paying excess spaces and resources you may no longer be using. Then you can reallocate your funds that can result in business growth.
Connecting with the right people can bring your business to the next level if you play your cards right. You’ll be able to make the upgrades you need to stay on top of your competitors. And ultimately, outsourcing is a very flexible setup that can save your business from going under should another crisis arise.
About the Author
Regina de Rosario is from Booth & Partners, a Seattle-based company with operations in the Philippines. With a solid background in conducting interviews with multiple candidates to identify the one with the most potential. Hired over 100 applicants for positions in dozens of industries and campaigns, at levels ranging from interns to upper-level management.
Excellent communication abilities, including written and oral, professional and interpersonal.
Highly organized and is able to complete several complicated administrative tasks simultaneously.