Entrepreneurs know that proper financial management is crucial in ensuring their business’ longevity and success. This is why they are constantly looking for ways to cut costs without sacrificing the quality of their end product or service. Of the many cost-saving strategies present today, outsourcing is at the forefront, offering business-owners an opportunity to stretch their budget while still performing optimally.
Outsourcing to the Philippines has been recognized as a smart move by entrepreneurs and large-scale companies all over the world. The highly educated Filipino workforce with superior English communication skills make for a very attractive offshoring option for these businesses. Many Philippine-based call centers and BPOs offer a myriad of services, some of which are non-core tasks like live phone answering and specialized services like digital marketing. These are 6 ways of how outsourcing can help you be a wiser business-owner by lowering your expenses:
1. Outsourcing trims down your staff recruitment, hiring and training costs. Delegating a task to an external team of professionals means you no longer have to spend for recruitment, hiring and training. Outsourcing a team of order-takers, for example, will save you considerable money and plenty of time better utilized to grow your business.
2. Outsourcing saves you from office space and utility costs. New employees mean new cubicles and office utilities users. But thanks to outsourcing, you need not worry about purchasing more cubicles for your new email support team or increased utility bills, as your provider will be the one to shoulder all these.
3. Outsourcing saves you from equipment and supplies expenses. Hiring a full-time professional to provide specialized work means investing in special equipment and materials, which are usually expensive. Digital marketing, for example, is a specialized, evolving type of marketing. In order to remain on top, your internal digital marketing team needs the latest hardware, software programs, applications and updates to perform their job well, which can take up a huge chunk of your budget. Outsourcing your digital marketing to the experts frees you from making these investments yourself, while delivering quality work for your business.
4. Outsourcing cuts back on your salary and benefits expenses. Perhaps the biggest business expense of all, your staff’s salary and benefits add up to a very large amount at the end of every fiscal year. Outsourcing to the Philippines your non-core services like payroll is much cheaper than other countries because of the country’s lower cost of living.
5. Outsourcing gives greater staffing flexibility for your business. Hiring a full-time employee to perform a non-core task, such as data entry or lead generation during a season of high demand is not a financially-wise move. After the high season is over, you have a new employee who has nothing to do and recurring salary expenses. Outsourcing allows you to get people on board your company when and until you need their services.
6. Outsourcing saves you from incurring potentially high-risk expenses. New hires and the latest equipment can be high-risk investments. Your employees might jump ship if they come across a better opportunity, even after going through all the training you have provided. Expensive, quality equipment can be lost in case of accidents and disasters. Outsourcing deflects your business from experiencing these potential losses.
Outsourcing in the Philippines can help you cut your business expenses wisely by saving you from making huge financial investments in staffing, office space, equipment and labor. It also shields you from losing these investments – and the money you spent to acquire them – in case of unfortunate incidents.