 WebProWorld Marketing Forum |
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01.20.05
All Businesses Should Consider Outsourcing
 By Jack Thompson
Businesses of all kinds can and do benefit from the tool of outsourcing every day. Businesses large and small have been outsourcing every day projects for many years.
The businesses that use outsourcing as a tool to enhance and grow their business already know the value that outsourcing brings to their organization. Outsourcing is a business process term for what has literally become known as hiring a consultant, independent contractor, or freelancer to do a specific task or tasks for an organization in which the organization either does not have the time or the expertise to do on their own.
The organizations that have used outsourcing for many years know that with the positives it brings to the organization that it is also important to have a well managed plan of action for hiring a consultant or contractor for a business task. This includes deciding which projects or tasks to outsource, whom to hire for these tasks, how to manage the project, how to agree on payment terms, and how to achieve the desired results. There are many forms of outsourcing ranging from outsourcing payroll to outsourcing package handling, to everything in between.
 Small businesses hiring a self-employed accountant to handle the corporate tax returns are in essence hiring a tax consultant. Large corporations that hire outside customer service firms to handle their customer support are outsourcing that function of their business to focus more on their core business functions. It is entirely possible to outsource practically every business process within an organization.
OUTSOURCING TOOLS
There are a wealth of tools available for the organization looking to outsource business processes. Companies such as SmartyLance.com, enable a business to post a project to a project marketplace and receive bids from experts in the field. These type of freelance sites match companies with freelance professionals, consultants, and independent contractors. There are many advantages for a business to use services such as SmartyLance.
First, the marketplace enables businesses to use a centralized location to post their project, receive bids on that project, communicate with potential providers, choose a winning bid (either based on lowest cost or based on the credentials, expertise, or prior feedback of a particular provider), manage the project specifications, receive the delivered project and make final payment based on the terms of the auction. This centralized marketplace provided by SmartyLance greatly streamlines the entire outsourcing process and enables the business owner or manager to have greater control over the entire outsourcing process.
INCREASING COMPETITION
Competition is a complicated subject for many people. Ultimately, competition is good for the consumer, whether the consumer is an individual or a business, competition enables products and services to maintain high quality and low cost. Although many people dislike competition because it forces action to improve quality, the benefits to the overall economy even result in improved products and services for the very people that dismiss competition and the headaches it sometimes brings. Freelance marketplaces such as SmartyLance are no exception in that competition improves the overall quality and value for the project buyer and causes the freelance provider to adjust to market conditions in a practical, intelligent manner to win new business.
The benefits to the company looking to hire freelancers are obvious. For example, Company A can compile a list of consultants to work on the design of their new company logo. This list may include a multitude of design firms from the same geographical area. Company A would be required to submit an RFP by contacting each design firm individually, stating the requirements of their project and requesting a quote based on the requirements. Many factors come into play in deciding which design firm Company A will choose. Chances are, that using this approach, Company A will end up paying too much for the project and will only have a handful of providers to choose from. Company B also must outsource the design of their new company logo.
Rather than compile lists of design firms, which can result in overpriced quotes, Company B decides to post their logo design project to the SmartyLance marketplace. Doing so enables Company B to get competitive bids that help ensure that Company B gets the most competitive price for their project. By posting the logo design project to SmartyLance, Company B not only reduced costs associated with the project, they had access to specialists and skilled professional designers from around the world that were competing to give Company B the best cost and highest quality design for their money.
The entire process was managed easily through Company B's SmartyLance account enabling them to keep in contact, manage project specifications, manage competing bids, and send payment easily and securely through one of several different payment methods. An escrow account enabled Company B to ensure that payment wasn't released to the provider until all project requirements were met. Company B successfully outsourced the logo design project and was able to save several hundred dollars. They also received the project several days quicker than Company A. In this example of Company A and Company B, we see that Company A had limited its ability to find a skilled professional and limited its ability to save money on the project. Company B took full advantage of all the resources and benefits of the SmartyLance marketplace and was able to save time and money. By outsourcing critical business functions that are not core business functions, the organization greatly benefits through a savings of time and money which in turn benefits us all through decreasing costs that are passed down to the consumer.
TO OUTSOURCE OR NOT TO OUTSOURCE?
That is the question many small business owners and large corporations alike are asking themselves each and every day. Risks are inherent in any new business strategy or thought process. However, like any business decision, risk can be managed. By intelligently choosing a provider that matches your intended skill requirements, carefully detailing and outlining your project requirements, and ensuring that you maintain the requirements within budget, the benefits can far outweigh the risks.
One of the more common fears among some larger organizations that may be reluctant to outsource projects is a fear of the unknown. This fear stems from the inherent inability to oversee each and every aspect of the project from start to finish and to evaluate each step along the way. Internal employees devoted to a project are more easily evaluated and can be guided through performance and work appraisals. Managers may feel that outsourced projects are more difficult to oversee and manage with an eagle eye. The fact of the matter is that so long as there are well-defined contractual obligations and project reporting requirements, an outsourced project can in fact result in a more manageable outcome than actually thought. Also, the talent pool and skills obtained that may be completely unavailable to the organization allow the organization to reach milestones and achieve success that may never have been possible with their current employees.
Read the Rest of the Article.
About the Author:
Jack Thompson is a freelance writer, business consultant and entrepreneur. He has helped thousands of individuals and businesses across the world realize the benefits of outsourcing. He can be reached via email at newsletter@businessreviewjournal.com |
