Are you a creative firm? Have you ever encountered the potential client and said that you cannot do his/her project because of lack of manpower. Well, you really are in a need of outsourcing which will expand your capabilities along with your business.
Outsourcing has moved from the status of a cheap method to resolve your business problems to a standard practice for businesses. What’s not to love in the concept of outsourcing your business anyway, you get your work done for the half of price that in-house employee takes plus it does it without getting your existing employees under the stress of overworking. Moreover for you it means greater opportunity to handle more clients without hiring new employee.
BUT WHAT IS GROWTH HACK ANYWAYS?
“Growth hacking is a process of rapid experimentation across marketing funnel, product development, sales segments, and other areas of the business to identify the most efficient ways to grow a business” Wikipedia.
Put simply, Growth hacks are the tricks by which a business is able to expand its operational reach in order to achieve expected results in a minimalistic time frame. But the real question that arises is which one of the growth hacks to choose that can grow your business exponentially.
BENEFITS OF OUTSOURCING.
The whole world around is your hiring ground
Whenever you search for a skilled employee that can complete your desired projects, you are always constrained by geographical boundaries. But you live in just a country right? What about the whole world that is left because of this setback. Well in outsourcing you are free to select anyone from any country, solely on the basis of his/her talent and skill. In the end, it’s the result that matters not the place from where it is done.
Whether a startup or medium size enterprise, the primary focus always revolves around the cost-benefit analysis of the project. Why don’t you outsource that project? Statistically speaking Johnchow.com has observed that more than 60% of the actual expenditure can be saved through outsourcing your respective projects. And realistically speaking all you want is that your project must be a perfect blend of quantity and the quality, the source of getting it completed always plays a secondary role.
Everything in the universe is constrained by one thing and that is time. You can do so much in a specified period of time. Outsourcing your business expands your reach of productivity, you can share your workload with the person living somewhere else and making space for more urgent work that needs attention. In result, outsourcing multiplies your productivity by double.
Reduced labour Cost
The most crucial element of outsourcing your labour is in the cost of hiring him. There is a huge difference in developed vs developing country wage rates. In fact, countries like India can have up to 60% difference in the cost of the same project if do it in-house.
STILL NOT CONVINCED, HERE ARE SOME FACTS FOR YOU
- 53% of marketing executives plan to outsource their marketing. (Source: Hubspot.com)
- 78% of small businesses believe hiring freelancers give them an advantage over competitors. (Source: Elance Survey)
- 27% companies outsource to cut costs. (Source: intetics.com)
- In a survey, 90% of businesses cited outsourcing as crucial to their growth. (Source: Economist.com)
- Outsourcing increases productivity and competitiveness 10- to 100-fold. (Source: Economist.com)
So if you are a digital agency, printing firm, digital studio, web hosting or an advertising agency, then countries like India are filled with hundreds and thousands of agencies that are looking to leverage your work. Tech companies are now more than ever interested as they are paid well in their currency exchange and in return, you get to complete your project for less than 50% of in-house cost.
In the nutshell, this whole “Outsourcing” concept is a sure-shot mechanism to drive your company’s growth and turn the tables for you. All you need to care about is to channelize your time and resources in a proper direction and identify the suitable talent from a diversified talent pool located around the globe.