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Outsourcing your Business Functions? 10 key services

Prabhat Nigam

| Updated: Aug 01, 2022 | Category: Finance & Accounting

outsourcing your business functions

Every small or big business is outsourcing some or the other function to outside third parties. As a small business, it is evident that you cannot undertake all the business functions in-house. Outsourcing your business functions is the only option to get important business functions executed without maintaining a full-time in-house team. This allows you to keep costs under control and increase efficiency by focussing your energies on tasks you are good at and enjoy doing.   

This article discusses the 10 key services you can outsource to efficiently run your business.    

What is meant by the outsourcing of business functions?   

When a business gets its business functions performed from a provider outside his business organisation rather than getting it done in-house, it is called outsourcing of business function. Outsourcing your business functions allows you to access domain experts’ expertise without the need to maintain full-length in-house teams.

What are the ways to increase cash flow into your business?   

Outsourcing your business functions can be helpful in different aspects of the business. Following are some of the business functions which can be outsourced in your business:

Accounting: Most small business owners or entrepreneurs are not great at accounting and maintaining the business’s financial records. If you are not a financial expert, it is better to outsource the Financial & accounting services as it will take a long time and skills to learn and become proficient in it. On the other hand, an expert accountant can get the work done in a short span of time. Outsourcing your business functions relating to accounting can increase efficiency and save you money.    

Sales: Very often, it has been observed that entrepreneurs are great at developing products but lack the knack for selling their products. If you are one of those, you can outsource your sales functions to a firm or professionals who can set up sales funnels and processes to close more deals. Outsourcing the sales functions allows you as an entrepreneur to channel your faculties for further development of your product.      

IT Management: IT management is the most outsourced business function across the globe, especially among small businesses, because they do not have the capital to maintain a team of technology experts who can offer on-demand assistance should any technology-related issue arises.      

Marketing: Usually, when growing your business, an outside marketing firm can take the tasks of running the ad campaign, content creation and social media marketing off your shoulders and allow you to focus on vital internal functions. These firms employ professionals who can come up with creative ad campaigns and creative strategies which you may not have access to.        

Customer service: If your business deals with customers online or over the phone, you can outsource customer services[1] to an outside call centre or chat service. This process requires passing on clear instructions to the company, which will be directly dealing with your customers. Further, outsourcing your business functions such as customer service can relieve you from the pain of dealing with petty customer issues on a daily basis.   

Administrative tasks: It is possible that you may not find the right person to handle your administrative tasks relating to your industry in your city. Post-covid, when most businesses have shifted towards home offices, there has been an increasing demand for virtual assistants who can handle everything right from inbox management and scheduling to social media posting. This is one of the least expensive ways to outsource your administrative tasks.     

Manufacturing: it is quite a possibility that small businesses may not have sufficient capital or ample orders or experience to set up an expensive manufacturing unit in the initial stages of their business. This makes them outsource their manufacturing functions to an outside third party.  

Research: Business keeps changing along with the changing habits of the customers. This makes it very important for your business to have a behavioural understanding of your customers. This can be done by conducting surveys and rumbling through innumerable online content. Such tasks are often outsourced to a research firm.

Shipping and logistics: The function of shipping products such as drop shipping right at your customers’ doorstep without your physical involvement can be outsourced to shipping and logistics companies. This option is gaining popularity among e-commerce sellers who want to direct their energies on online marketing and bring in more customers.

Human Resource: the tasks relating to human resource management include hiring, on boarding and management of the team. Outsourcing in human resources includes hiring a recruiting service to bring in qualified candidates for a vacant position. Other human resource functions outsourcing includes training, payroll management, other administrative tasks and attendance issues.    

Conclusion 

Looking at the above-mentioned 10 key services that can be outsourced, outsourcing your business functions can help your business optimising your current expenditure,Offloading your managerial responsibilities, Unburdening your in-house staff to concentrate on productive tasks, Cutting infrastructural and hiring costs in your business and Offering limitless access to global talent pools. You can choose Enterslice for outsourcing services for your organisation. 

Read our Article: 6 Key Factors That Affect Your Business’s Outsourcing of F&A

Prabhat Nigam

Prabhat has done his BA LLB (Hons) and has been writing research papers since his law school days. His interest in content writing made him pursue a career in legal research and content writing. His core areas of interest are indirect taxes, finance and real estate.

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