Post by Daven Michaels, founder of 123 Companies.
I’ve been an entrepreneur since the age of 15, that’s over 30 years now. During this time I stumbled across a business formula that I used to turn multiple diverse business ventures into extremely successful businesses, including a few multiple-million dollar home runs.
I was very fortunate to have crossed paths with a very smart individual at a very young age. He took me under his wing, he mentored me and guided me. I find myself applying those same lessons and principles even today.
In 2006 I started 123Employee, a virtual employee center in the Philippines. I started with one employee and today we have hundreds of employees operating from several managed facilities. In 2011 I used the power of public speaking to cast a wider net and reach even more entrepreneurs all over the world.
First, it is necessary to say this; if you’re not yet leveraging outsourcing company solution for your business, you may be missing out a great deal in many ways. First, it is most likely you’re incurring a lot of expenses on overhead. That’s not all, you may also be paying more to access special skills. Keep reading to find some frequently asked questions and answers about outsourcing.
Q: What Exactly is Outsourcing?
A: It’s simply a business solution that enables you hire qualified employees without creating an office space for them. In essence, these employees work from their own location (which could be offshore or on-shore) and are not limited by time-zone difference.
Q: What Do I Stand to Gain by Leveraging Outsourcing?
A: As mentioned earlier, businesses that are not yet leveraging this business solution are missing out big time. This is because outsourcing offers tons of benefits: cost savings, cheap labor, reduced market entry time, access to special skills at lower rate, shared business risk…the list continues.
Q: Is Outsourcing a Legal Business Practice?
A: Absolutely. All thanks to the Inspiration behind the creation of the internet, small businesses can now leverage this business solution. In the past, it was a luxurious business solution for the big business owners. It’s an old-age practice that became more popular because of the internet and the World Wide Web.
Q: How Do I Know It’s time to Outsource?
A: There are some tale-tale signs that point to the need to outsource. A major sign is when you or your in-house employees are swamped with tasks to the extent that you no longer pay quality attention to the core tasks that promote the continuous existence of your business.
Q: What Should a Company or Business Outsource?
A: While outsourcing is an effective business solution, it’s always good to analyze the needs of your business when considering hiring an outsourcing company. Usually, the rule of thumb is to consider those tasks that are time-consuming – e.g. administrative and content production tasks. Also, if you’re badly in need of specialized skill set but can’t afford it in-house, consider using outsourcing as an affordable means of accessing such skill sets.
Q: What Business Functions are Best Outsourced?
A: You can outsource virtually every business function. As mentioned earlier, prioritize those functions that consume most of your valuable time. But, generally, you can outsource anything from administrative tasks to legal, marketing, IT, content production and just any task.
Q: How Do I hire the Best Outsourcing Company?
A: First, you should employ strict hiring process as you would do when hiring employees in-house. Ensure that the potential outsourcing provider possesses the skill set you seek and has proven track record as a proof.
Finally, ensure you compare a number of providers before narrowing down to the best outsourcing company.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.
Originally posted in http://davenmichaels.com/outsourcing-company-frequently-asked-questions/