Outsourcing can be considered contracting, subcontracting, making an arrangement or subservicing with an outside company.
It’s either a company or an organization purchasing goods or services and subcontracting them from an outside source. Simply put, it’s a way for business owners to take a load of work off their shoulders and let someone else take care of it while still maintaining control.
If you are planning to outsource your project to a company or an independent professional, it pays to know its pros and cons first of all.
What are the pros and cons of outsourcing?
PROS OF OUTSOURCING
It Saves You Time
Time in the fact that if you were to spend your time creating a website, for example, and to learn how to develop it or build it, you need to spend an extra time instead of focusing on something that you are stronger and better at. You might be a better writer, you might be a better speaker or you might be a better marketer.
Having someone else to the task or create a website for you will save you time and basically, two things can be done in parallel at the same time.
It Allows You To Leverage For Growth
Outsourcing allows you to leverage for growing your business much faster. If you are looking to start your business now, instead of you spending all of your time doing all the things in your business, if you hire people to help you manage all those things that you need to do at the same time, just think how much faster you can grow your business compared to doing everything by yourself.
Access To Resources
You can get access to resources that you don’t have. The biggest thing from just speaking to or speaking to the market is you spend a lot of time doing technical things that are probably not your strong skill points or skill set. If you hire or outsource a professional that could do that for you, you can get access to their skills and knowledge compared to you having to spend hours, days, weeks and even months to learn how to do it.
CONS OF OUTSOURCING
It Takes Time
Time is the factor that people have to spend time to write the procedures or put together a plan and give it to a person. It may take you time to even train someone to do the job. You can’t always expect to give all those tasks and hopefully the person you hire know exactly what to do.
You have to spend time training them. You have to spend time providing the information for them and you do have to provide all those things in order to accomplish them.
If you are into a long-term partnership, it’s obviously great. But for short-term project-work, the skill set that they have may not be aligned with your business. Thus, outsourcing really takes time to implement and process.
It Can Be Very Costly
You might spend more time, more money and not get a result. A lot of companies are investing thousands of dollars into projects and nothing gets done. If you are one of them, it’s not really your fault but also too, you may not have done the right thing and follow the right procedures and get the right people in place. That is unfortunate, but it is a fact of life. But if you follow the right steps and find the right people, then obviously, it’s going to be smooth sailing for you and your business
It’s Not For Everyone
There are going to be entrepreneurs and business owners who succeed really well by doing it themselves, make a lot of money and have a successful business. On the other hand, not everyone has a lifestyle. Some may be working 60-70 hours a week by themselves in an entrepreneurial type of business and making a lot of money, but they don’t have the time and freedom that they want.
So, outsourcing doesn’t work for everyone. But if it works for you, that’s where you can take it to your advantage. Use it to leverage your skills and your business.