With many businesses pivoting in order to stay relevant during COVID, others are cutting costs to keep their doors open.
According to one of the country’s leading business advisors, Roslyn Newbound, while cutting costs may form part of the solution, there are other ways businesses can survive and thrive during a recessionary market without cutting the guts out of a business and putting key activities like marketing on hold.
Newbound is the founder and CEO of Accuratus Business Advisors; a company with a motto of we make small businesses big and they do exactly that. Accuratus is a business dedicated to helping small businesses grow through strategic advice and practical operational and efficiency focused tactics such as outsourcing.
“Strategic outsourcing is one of the key ways businesses can cut costs while also ramping up marketing, sales and operations,” Newbound said.
“A lot of people think that outsourcing means you just send your call centre or IT work offshore like the banks have done, but in fact, it means a lot more and is more relevant to small and medium size businesses than ever before. We speak to our business owners every day and the ability to understand and deliver on their vision is what makes us great partners. It is like having their entire business team in the office next door.
“Today, strategic outsourcing is more about doing things on demand when those things need to be done. If an activity such as marketing only requires three hours of work on a particular day, then this is the only time that is billed to the business for the work.
“If a business is paying a person full-time wages to undertake marketing work, then efficiencies can be achieved by outsourcing the work. Same applies for management, HR, financial management and every other non-technical function in the business. It really is about prioritising time and money within a business on the things that really need to be done in order to grow the business.”
Newbound believes that many businesses will need to look at outsourcing as a means of growing over the next 12 – 24 months. She has put together five key tips to assist small to medium size businesses make the outsourcing leap.
- Talk to a business that specialises in outsourcing for small to medium sized businesses
“Like anything, there are different types of outsourcing services in the market. Some outsourcers specialise in helping large businesses and government, while others focus on telephony services,” Newbound said.
“Find a business that is experienced in working with small to medium size businesses.
“Ask them questions to determine how they can help you and what type of services they provide. Explore whether they have the capacity to support your business as its grows and scales up. Do your homework, check their reviews and get references where you can.”
It is important to align yourself with an outsourcing company that understands your vision. What makes your business important and different to your customer base. It is imperative that any outsourcing partner incorporates this information into their delivery approach.
- Work out what you can outsource
“While outsourcing definitely helps you to cut costs in a business, it also helps you to grow by focusing on the key activities that build the business and generate revenue,” Newbound added.
“Outsourcing tends to cut through wastage very quickly. It forces you to identify what activities are essential to operations, service delivery and customer retention. Anything else that doesn’t fit under this banner, is parked.
“Usually activities such as social media, website management, SEO, live chat, customer enquiries, online business development, marketing, administration, and accounts are areas that can be outsourced very easily and for much less cost than undertaking them inhouse.”
- Select an outsourcing partner that provides a broad range of services – under one roof locally
“Once you have decided on which services to outsource, ensure your preferred outsource partner is able to deliver on as many of the services as possible – if not all,” Newbound said.
“Working with one provider is easier than working with three or more. A good outsourcing partner will be able to meet all of your requirements. Outsourcing needs to save the business money, but you are also looking for a solution that will give you extra time. Small business owners are busy. The last thing you need is to be running from appointment to appointment with different providers on a weekly basis. Most importantly, outsourcing is successful when it aligns to an overarching busines strategy. One-off outsourcing companies promise the world but in our experience we see clients who are left disillusioned when their expectations, and financial results are left unfulfilled.
“Avoid the temptation to outsource overseas. Working with an outsource provider in Australia is easier, highly cost effective and means you are keeping jobs in Australia. Your customers will thank you for it!”
- Fine tune your messaging and product offerings
“For most businesses, outsourcing results in growth and new customers – but only when the product offerings are simplified and well explained. In effect, outsourcing forces you to really think about what offerings will achieve the best results and the best way to market and sell them,” Newbound emphasised.
“Once these things are sorted, you are on your way. Again, a good outsourcing partner will work with you to address these things. They will bring their experience to the table and use this to help you get the best outcomes for your business.”
- Invest in the partnership
“Outsourcing is a process and involves handing over your business activities to a service partner. Make sure you invest the time, energy and focus to set things up as well as you can. All outsourcing relationships evolve over time as the partnership grows,” Newbound said.
“Working through things such as escalations, approvals, feedback, scripts, content, budget and processes is all part of the process.
“A good partner understands your business and delivers results. Giving the partnership the time it needs at the outset will help you to achieve great results over time.”
Accuratus caters to all sectors, including health, construction, food distribution, security, hospitality, energy and aged care.
Navy Veteran Davis Chris Takes the Music Industry by storm
In life, you need to break down anything that might be holding you back and change course if need be...
5 Disruptive Leaders Paving the Way in 2021
Where there is uncertainty, lies a whirlwind of opportunity. 2020 was the year that had entrepreneurs learn a great deal...
Brock Pierce Wants To Disrupt The Two Party System And Be Your Next President
We don’t usually cover politics much here at Disrupt, but when Crypto billionaire and friend of the show, Brock Pierce...
John Mcafee – Predictions For The Future
John McAfee is a world-famous tech CEO, computer scientist, civil disobedience activist, privacy advocate, and pioneer of the commercial anti-virus...
Gaby Wall Street – Teaching Latinas to Thrive During The Crisis
It’s no secret we are facing one of the most challenging financial times of the last few decades as we...
Tony Delgado – The #1 Entrepreneurship Movement In Puerto Rico
Puerto Rican online market is in constant progress. With many entrepreneurs who are coming here to start a business, it...
Elena Cardone – The 10X Ladies Conference Is Declaring 2020 The Decade For Women
The next ten years are meant for women to continue growing their potential and succeeding in multiple areas, including business....
How Josh Elizetxe Built Snow Into a $40 Million Dollar Business
There is nothing quite like an entrepreneur’s determination when starting a business. That’s my original quote by the way (pun...
How Jason Capital Became A Self Made Millionaire By 24
Have you ever wanted to earn the respect of everyone who ever looked down on you at some point in...
Sam Bakhtiar On His Way To A Quarter Billion
Dr. Saman Bakhtiar, who prefers being referred as Sam, lives in an 8200 square foot $5.2 million house, Sam is...
Entrepreneurship4 days ago
How One 16-Year-Old in India Has Made Over $1,500 on Fiverr in 3-Months Selling Automation Solutions
Executive Voice2 weeks ago
This Ottawa VP’s Passionate Approach to Real Mortgage Solutions
Executive Voice1 week ago
How Feminine Leadership Mentor Gordana Jakopcevic Leans Into Her Sexuality
Executive Voice2 weeks ago
PHOENIX MELVILLE – DOCUMENTARY DEMOCRACY
Entertainment2 weeks ago
Why Earl Chang, AKA Change, Believes That It’s Important To Grow As An Artist
Cryptocurrency2 days ago
Making Money in the DeFi Niche: A Review of Wolfystreetbets
Entrepreneurship2 days ago
Moonnation Bridge Is the Answer to Next Generation Gaming Services, Says Ben Todar- CEO, Moonnation
Entrepreneurship2 weeks ago
How the MiraQle Mission is Changing the Music Industry