Managing a business requires owners and managers to be on their toes every day, taking care of every single aspect – including unplanned issues that may arise from day to day. Business owners and managers need to cope with ongoing stress, whilst still ensuring that deadlines are met in order to keep the company afloat. If you feel that your daily business tasks are taking up all your time, and you are barely getting around to running the business, it might be time to consider outsourcing some of your work.
Outsourcing some of your responsibilities is an effective way of cutting costs and boosting your business’ productivity. There are several service providers that offer professional services, industry expertise, and years of experience to help you run, and enhance your business. Letting go of certain duties can therefore give your company a competitive edge in its industry.
Some of the most common reasons why companies seek outsourced business solutions include:
- Minimising and controlling the business’ operational costs
- Utilising the outstanding skills offered by professionals
- Freeing up internal resources for other requirements
- Improving the company’s core focus by letting employees concentrate only on their core competencies
- Streamlining the company’s efficiency
- Sharing certain risks with a partner company
Of course, one of the main concerns that companies have when outsourcing certain services, is the breach of confidential information.
Whether the confidential data is your employees’ salaries, your customers’ personal information, or some data on your competitors, you want to be sure that your outsourced service provider will not let any of this information leak. Through the legal protection of non-disclosure and confidentiality agreements, this risk can be mitigated in full.
When it comes to outsourced business services, the benefits outweigh the risks. Some of the world’s largest companies, like Google and WhatsApp have made, and still make use of outsourced service providers to assist with certain aspects of their products. Google, for example, outsourced customer support services for AdWords to plus-minus 1000 external representatives.
Outsourcing financial duties:
Financial duties are some of the most outsourced services in today’s business world. Outsourcing specific tasks such as accounting, payroll processing, financial reporting, auditing, taxation, and secretarial work, will not only save time, but it will also ensure that your company stays compliant and that all the required deadlines are met.
Outsourced service providers in the financial sector know how to manage all aspects of a business’ finances. Not only will they keep your finances up to date, but they will also offer meaningful reports on your business’ figures, thereby enabling you to improve your overall profits and efficiency.
(Article sourced from The FD Centre)
There are numerous articles and press coverage of the interest rate cuts that have happened over the recent months. It’s likely that you’ve already been benefiting them – both your...
On 24 October 2018, National Treasury published new regulations pertaining to “electronic services” defined in Section 1 of the Value Added Tax (VAT) Act of 1991. These regulations...
Earlier this month, we discussed the business rescue process and the circumstances when this would be appropriate for a business in a position of financial distress. In the case of a...