It’s exciting to start a new business. It’s even more fulfilling when you and your team personally hit the different milestones, one by one.
Yet, outsourcing can boost businesses and has become increasingly popular among companies in Singapore. In fact, outsourcing can grow young businesses because you engage external experts with the knowledge on how to build portfolios.
Outsourcing will solve the one concern startups, entrepreneurs and midsize businesses face – being bombarded by mundane, daily tasks. These tasks include training staff or managing the financial accounts of your business. With that, here are 4 ways how outsourcing some of your company’s operations or duties can aid in building your business.
1. Cost-effective to aid business development
The first thing that might have crossed your mind when you read the word ‘outsource’ is expense. Yes, funds have to be taken out to remunerate these outsourced workers.
However, outsourcing is more cost-effective than it is expensive. Firstly, when engaging external help, you save on staff benefits for these outsourced workers. If you outsource duties that can be done remotely, you can save on equipment, software and furniture needed to provide the in-house staff.
Therefore, you free up some capital to which you can invest in other areas of the business, such as research and development. This becomes cost-effective in the larger scheme of your business development.
2. Gain access to experts and their knowledge
When you outsource to experts, they offer reliable advice on the challenges you might be facing. Smaller and growing businesses can reap benefits when they tap on the experience of these specialised industry partners.
For example, if you’re opting for audit services in Singapore, the consultants will not only move you along in the financial auditing processes, but they also offer advice to your growing business. Without engaging external help, you might miss out on the possible risks and developmental business ideas.
Usually, these outsourced services are also more affordable than hiring an in-house full-timer to complete the same tasks.
3. Outsourcing can be flexible
Additionally, you are given a choice to outsource a whole HR department or outsource perhaps only the area of staff training. This means that you have the flexibility to choose which aspects you wish or do not wish to invest in outsourcing.
Similarly, if you are looking at outsourcing accounting services, our team at Ackenting Group offers scalable services. This means not only can you scale back the help required for specific functions, but you can also scale up the outsource help needed – especially during peak periods that are relevant to your business. With years of experience, we have served over 1,000 clients across different industries and business sizes, so we can provide a tailored solution that fits your company.
4. Launch projects at a faster rate
As a young or growing business, you have plans to embark on a series of brand-building projects. Commonly, the lack of manpower or other resources might be a cause the delay in your project launches.
However, if you have a pool of external resources, you have the confidence and funds to experiment. Moreover, gaining knowledge from experts allows you to keep up to date with the trends and pitfalls. This knowledge will enable your projects to move forward more successfully.
Conclusion
Starting a business is a huge step, but help is readily made available to you through outsourcing. Outsourcing distributes your smaller tasks to others so that you have the time and space to create bigger plans for your business. Essentially, outsourcing can be seen as a productive approach to help expand your business.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
