February 26, 2016
There are more people venturing into business and entrepreneurship today, which explains the small and medium enterprise sector is thriving. It is impossible for every business owner to possess the skill to manage each task. For that reason, most will choose to outsource some aspects of their operations, but what is the cost of outsourcing? We’ll cover the benefits and trade-offs a small business owner should consider.
Outsourcing is delegating repetitive, time consuming work and highly skilled tasks. It enables a business owner to free up valuable time and focus on the core reason the business is in existence. However, outsourcing is not free- there is some cost that it has for the business owner. Is it worth it? Here is a comparison of the benefits and the trade-offs.
Outsourcing continues to gain popularity due to its host of benefits which include the following:
If outsourcing is so great, why isn’t everyone doing it? Just as there are benefits, it is necessary to weigh them against the trade-offs to finally determine if outsourcing is worth it. The trade-offs include:
A quick comparison of the benefits and trade-offs reveals that there is much to be gained by outsourcing, and that the trade-offs can easily be controlled with careful planning. The cost of outsourcing is much more valuable than detrimental for a company.
What was service would you never outsource?
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