Did you know that outsourcing can help you earn better profits? Outsourcing a part of your business to India (non-core activities) can be highly beneficial and lucrative for your business. Research surveys have proved time and again that it is beneficial for businesses to outsource work to another company, as it gives them sufficient time to focus on their core business.
But how do you assess if your business should outsource? Now you can, with the following five steps, which can help you assess the benefits of outsourcing for your business:
1. Think about the various benefits that you can get from outsourcing: By outsourcing, your business can get access to specialized services at a low cost. You can also make enormous savings, increase in business growth, achieve greater efficiency and make speedy deliveries. Moreover, you can also give your business a competitive edge and gift yourself extra time to focus on your core business. By assessing all the benefits that your business can get from outsourcing, you can decide if outsourcing is the right thing to do.
2. Assess the cost of labor: The greatest advantage of outsourcing especially to developing countries like India is the low of labor. For example, India has large pool of talented young people who can offer excellent services at a cost that is nearly 50% lower than the cost of labor in countries like the United States or Europe. If your company is in the US, then outsourcing to countries like India and China will be very beneficial, as you can get your work completed by skilled professionals at a low cost.
3. Consider the benefits of operating 24/7: The difference in the time zone between countries like India and the United States also benefits outsourcing to a large extent. Indian services providers can keep your call center or customer care up and running on a 24/7 basis because of India’s unique 12 hour time zone difference. With Indians working during late night hours to answer the queries of your customers in the United States or Europe, you can be sure to make a lasting impression on your clients.
4. Estimate how outsourcing can maximize your profits: By outsourcing, consider the ways your company can maximize its profits and increase its levels of productivity. Through outsourcing, you can concentrate on developing your core business while an external service provider takes care of your non-consequential work. With the extra time available for the expansion of your core business, you can be sure of reaching new heights. You can put your investments to better use and also save on the money that you would otherwise have to invest on your workforce or infrastructure. You could also save on the cost of training new staff and investing on new technology or software.
5. Reflect on the increase in speed: By outsourcing you can make speedy deliveries and save on time. By making fast deliveries to your customers, you can make way for greater customer satisfaction, which in turn leads to more business. The delivery of the completed projects ahead of the deadline will also attract more business to your company, thereby resulting in better profits and higher revenue.
We hope the above five steps can help you assess if outsourcing is for you. Is there any other step that you would like to add to the list? Let us know by leaving a comment in the box below. We, at Outsource2india love to hear from you!
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