Increasing your return on investment, or ROI, should be the goal of any successful company. The benefits of increasing your ROI will give you more resources for future growth. This growth can be beneficial for you and your employees as the increased assets can be reinvested in other areas, such as, opening new departments or improving the benefits given by your company. Decreasing your spending and increasing profits leads to more options being available for your company.
All of this can be achieved through outsourcing. Whether or not your views of outsourcing are positive, it is a fact that outsourcing allows businesses to reduce costs and still retain the same quality of work. In addition to the lower cost of labor, you gain access to a new pool of candidates making the recruitment of specialized employees much faster than before.
Lower Operating Costs
Decreasing the amount of money spent on hiring and paying employees is a surefire way to increase ROI. When you hire employees, you are essentially investing in them. By hiring through a business process outsourcing company or a BPO, you can mitigate these costs.
The first area you’d save on is recruitment. When outsourcing jobs to a BPO, there is a recruitment fee, but it is considerably cheaper than doing it in-house. To make things simpler, the recruitment fee is part of the overall fee you’d pay when hiring through a BPO. Some BPOs will have a detailed breakdown of exactly what your money gets you when you’re billed.
The bulk of your savings will come from salary expenses. The ability to hire a professional such as a bookkeeper at upwards of 50% savings is something that can boost your ROI. This is made even larger if you avail of more outsourcing professionals that can take over backend processes.
Being able to hire specialists to assist your core team helps in a two-fold manner. As stated before, you can hire positions at a greatly reduced rate, but this affords your core team something more valuable, which is more time.
By having someone handle backend tasks, you free your other teams to do the more important aspects of their job. Take a sales team for example, the core task of making sales directly affects the amount of capital your business has. Salespeople have to tend to data entry tasks after every transaction as data must be recorded, which slows down the sales process and pulls them out after every sale. By hiring someone or multiple people to supplement a sales team, sales agents can go from sale to sale, closing deals instead of letting documents slow down their process.
Another way you can increase ROI is by outsourcing entire departments. While the most commonly outsourced department is customer service, you have the option of hiring a wide variety of positions as well.
Take a marketing department, for example, in BPO hotspots in the world like the Philippines, marketing teams with extensive experience marketing in different parts of the world are readily available.
You aren’t just relegated to picking a marketing team, there are developers, accountants, licensed medical professionals, and many other industry professionals to choose from.
Create A Plan
If you’re thinking about availing the services of a BPO, make sure you go over it with your team. You need to put in place a plan and several processes in order to make it work. Outsourcing backend tasks isn’t a magic bullet that will solve all your problems. Without a proper strategy to implement them into the regular workflow, you could potentially have more problems than before.
Taking the time to plan out exactly what your outsourced staff will be doing, who they will be reporting to, and any contingencies that may need to be addressed is one way to set yourself up for success. It’s a necessary step in increasing ROI through the use of outsourcing.
Training Or Skilling Up Remote Staff
Remote staff, or your outsourced staff members, are able to bring more value if given the right resources. With the proper training, a lower-level position, such as a front or backend developer, can become a full-stack developer. Transitioning your staff from being able to do one task to doing the whole process will bring greater returns.
The Wrap Up
One of the easier ways to increase ROI is to decrease costs and increase profits. Outsourcing helps achieve this as hiring outsourced professionals decreases the cost for the position while allowing your core staff to do the tasks that directly affect your bottom line.
Taking the time to create a plan for your outsourced staff will help increase your bottom line as it will allow you to incorporate them effectively into your business. Once hired, you can further increase ROI by investing in your remote staff. Skilling them up will allow you to give them more tasks, which gets you more out of your investment in them.
Take advantage of the resources available to you and make the most of them. Outsourcing is one easy way to do this, just be prepared for the incoming staff and you’ll reap the benefits of outsourcing.