12/30/2021 Tip: Are You Getting All 4 Benefits of Outsourcing? | Growthink

12/30/2021 Tip: Are You Getting All 4 Benefits of Outsourcing?

Today’s Quote

“If you aren’t making any mistakes, it’s a sure sign you’re playing it too safe.”
~ John Maxwell

 

Today’s Tip

The term “outsourcing” describes contracting out of a business process to a third-party, that is, someone or some firm outside of your core organization.

Outsourcing generally refers to ongoing processes versus one-time processes. For example, the development of your website is generally a one-time process. Conversely, the maintenance of your website is an ongoing process. However, some people consider both one-time and ongoing processes to be outsourcing when you select someone outside of your organization to complete them.

Regardless of your definition, outsourcing has many benefits, my favorite of which are these four:

  1. Focus: Outsourcing allows you to focus on your core competencies and activities. For example, if you own a chain of restaurants, you generally don’t have (nor should you) the skills to develop a cutting-edge website in-house.
  2. Cost Savings: You can often outsource to individuals and firms in areas with lower costs of living and thus lower prices than you can attain in-house.
  3. Expertise: When outsourcing to individuals and firms who specialize in a certain area, they will have expertise that you simply don’t have.
  4. Flexibility: Outsourcing allows you ramp up and/or ramp down more quickly than maintaining a full-time staff for all functions.

 

Today’s Resource

Get 10X More Done at 1/10th the Cost

When you outsource properly, you can have highly skilled workers complete all your tasks quickly, and at a fraction of the cost your competitors pay.

The result: you grow quickly and profitably!

Go here to learn the exact formula I use <–

 

Trivia

Today’s Question: Who was the inventor of the world’s first disposable diaper?

Previous Question: What is the name of the popular pinboard-style photo-sharing website that launched in 2010?

Previous Answer:   Pinterest.

Pinterest was launched in March 2010. As of June 2013, Pinterest boasts 48.7 million users worldwide.

Pinterest is a social image bookmarking website that allows users to save images and categorize them on different boards. Users can create unique “boards” for their pins and even follow other users’ boards that they like. 

Popular categories are travel, cars, food, film, humor, home design, sports, fashion, and art.
 

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