A study conducted on 2000 companies by the consulting company, Bain and Co., had astonishing results. The findings showed that only one out of every 10 companies achieves sustainable growth and profit. What was the reason that differentiated winners from losers?
It is outsourcing; they achieved the perfect balance of outsourcing and offshoring specific services to grow and increase their profits. They got a blend of expertise, professionalism, and economic costs.
There are many services for startups that can be outsourced for maximum efficiency and better results. If outsourcing is done intelligently, it can benefit small businesses and startups to maximize their returns. Outsourcing services for startups has many advantages for business owners. By outsourcing services for startups, you can get the experts to do your work in less time. With lower risk, you can explore the global talent to do work for you.
Hiring employees means regular payout and employee benefits; however, you don’t have to incur any fixed monthly charges in case of outsourcing. Instead, you can make a contract with the outsourcing firm or individuals for a specific project. In short, when you are struggling to manage so many things on your plate, outsourcing services for a startup can be a great deal to go for.
In the blog, we have come up with some of the services for startups to outsource, for getting professional services without hurting your finances.
When talking about the services for startups, business development services are one of the two key pillars. Any startup needs financial and non-financial services. The business development services come under the umbrella of non-financial services. Business development services involve the skills, knowledge, and information that are required to successfully run the business. For example, it can be ideas and strategies to improve business productivity, reduce costs, or target an untapped vertical market.
For a business development executive to give startups services, they have to have research skills, relationship contacts, and strategy-making and have excellent communication and interpersonal skills. With the help of business development services, you can pitch your business idea effectively to prospective investors and develop successful strategies to give your business a strong foundation and much more.
A business will ultimately die if it has no digital presence. Web development and online presence have become one of the core business functions. Due to the pandemic of coronavirus, new as well as established businesses are working to be present to the users in the online environment. For a startup, web development is also very important.
There are two options, either hire a full-time web developer or assign the project to an independent website developer. Hiring the web developer will double your costs, and at the initial stage of business, all you are looking for is costs cut. So, web development services for startups are highly affordable to outsource.
Legal requirements are the first thing to be fulfilled before taking off your business idea as a startup. You cannot start a business out of the blue. For running a successful business, you must comply with the legal guidelines of the industry, state, and country where you are doing business. Outsourcing legal services for startups is a perfect solution to get your legal requirements fulfilled.
Legal matters are technical, and you cannot venture yourself into it without prior knowledge. Outsourcing legal services to a legal firm or independent lawyer to take care of all the legal requirements and advice can be cost-saving and time-saving. Besides, you will get the expertise of professionals instead of a nerd.
The IT services include network infrastructure and development, network security and maintenance, and synchronizing the software with the network system. Outsourcing your IT services for startups will bring a sigh of relief to you. IT solution is one of the main items on the to-do list of any company, and IT developers & IT houses charge you a monthly fee and manage your network security and maintenance. Most of the outsourced IT services include maintenance, troubleshooting, and system backup services.
One of the greatest risks for any network is that unforeseen glitches can cost many bucks to settle. But, you have covered all the unforeseen network security expenses in one monthly fee when you have outsourced IT services. No matter how complicated the job is, the IT house has experts to get it fixed. So outsourcing IT services for startups is affordable and professional.
Marketing is undoubtedly one of the most important functions of any business. Marketing services for startups include public relations to build investor relationships, promotions, content marketing, Search Engine Optimization, and promotional listings to be visible in the online space.
By outsourcing your marketing services for startups, you can expect professional marketers to increase your brand presence in the digital environment and pitch your business idea to investors in the most effective way. The promotional listings make you visible to the investors as well as prospective customers hence bridging the distance. Startupstips is a digital marketing agency that can help you grow your business presence in a digital environment and connect you with your right audience.
When you are in the initial stages of your business, there is a long to-do list. When you are taking care of so many things at a time, it can be hard to manage everything efficiently. Additionally, you cannot be an expert in everything. HR functions like payroll, recruitment, and compliance can be outsourced to save your time and money to focus on your business’s core functions. You will have more time to pitch your ideas to your prospects, product development, and networking to get funds.
Internal audit, tax & VAT returns, and end-year financial statements, are some of the financial services for startups used once or twice a year. By outsourcing these financial services, you can take charge of your core business and flourish it. Any experienced accounting firm will manage these functions of the finance department for a one-time fee at the end of the year or when needed.
A startup can only flourish if all the functions of the business are integrated and done by professionals. You can understand the importance of smart work by looking at the number of startups that fail during their first 5 years. What highlights the winners among losers is the right balance of expertise and efficiency, leading to sustainable growth.
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