Outsourcing is a crucial process that can help companies of all sizes become more efficient, more cost-effective, fill skill gaps within their internal teams, and ultimately fine-tune their focus.
How to know when it is the right time to outsource is the question on most CEO’s minds. Outsourcing is ideal for businesses that have a solid business model and are just on the verge, if not already scaling up and planning for growth. It is the best choice financially for businesses that just don’t have the capital yet to hire an internal team to fill up all the necessary skillsets needed to scale up a business. It’s not usually a question of if it’s worth it, it’s often more a question of when is the right time for my business?
There are some key indicators that can cue you to start thinking about outsourcing certain skills sets, or even a full team.
Scaling and Growth
When you need to scale for quality and growth and you have neither the time nor the budget resources to build and manage these important functions internally. This is especially true if your company has roles that are hard to fill with qualified, experienced, and productive people. When imminent growth is on the horizon, you need to be ready to manage this growth with both efficiency and expertise. You will not have the time or resources to go through the full hiring process for multiple positions and skillsets. 5 Essential Steps for CEOs to Avoid the Risks of Premature Scaling
When your direct competition is quickly capitalizing on their established presence in the market and you need to start executing your own Marketing and Sales plan so that you can be a key player and have your own presence. This focus and direction need to happen quickly and it needs to be done expertly. You need a skilled team in place, ready to go who can prepare your business to set you apart from the competition and ensure that you don’t get lost in the dust.
Wearing all the hats
When you are still working ‘in’ your business and you are unable to focus on your marketing and sales efforts. You are likely still the only salesperson in your team and you are also the only one working on whatever marketing efforts you’ve put forth so far. You are stretched thin and in many directions. Burning the midnight oil just does not seem like an option anymore and you are ready to start delegating so that you are no longer the primary bottleneck for your business growth.
If you are spending way too much time hiring workers and it is taking you and other team members away from your high-priority tasks. Writing role profiles, advertising positions, interviewing, onboarding, training, and scheduling is exceedingly time-consuming and may end up costing your company more in the long run. This is especially true if you need to hire for multiple positions.
When it’s the time to define a strategy with your marketing and sales that are directly tied to your business model and your revenue goals. The CEO typically finds themselves here when they have already invested a lot of funds into singular marketing tactics, digital marketing, and other ‘one-off’ approaches and the ROI has not been existent. It is now time to create a strategy that aligns with your goals and that is measurable so that you can assess the effectiveness of investments and strategies for adequate budget/resource allocation.
When you need to fine-tune your brand to reach your target more effectively and create an effective lead generation engine and a sales process that your company owns.
When your revenues have been stagnant and you need a reboot but you have neither marketing nor sales management expertise on your team. You need to outsource a team that can jumpstart your business and implements a revenue management service so that your cost does not outweigh your income and there is a solid growth plan in place.
During a Recession
During a recession, the instinct can be to start cutting costs everywhere and as soon as possible. Typically, marketing is one of the first line items to be cut and this can be a costly and dangerous decision. Marketing MUST stay to keep you relevant. However, there are ways to keep a marketing team that is more cost-effective by being a fraction of the cost of keeping ‘in house’ employees and also provide you with an experienced, executive-level team that can support you in remaining solvent during any global economic crisis that takes place – this way is: outsourcing.
If you find any of these situations familiar, it’s time to outsource. Now it’s time to find a person or a team that can support you to ‘Set The Stage for Growth’. Lights, camera, ACTION!
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