6 Ways to Unlock Growth Potential with Outsourcing
If you had to choose between hiring an experienced CFO to spearhead financial strategy or a team of skilled people to execute daily tasks, which would you choose? It’s an impossible question because both are necessary for successful growth. Unfortunately, limited budgets and steep hiring costs often force founders to struggle along without the full team they need to meet their needs.
The traditional approach to solving this problem is to hire linearly, filling one role at a time as resources become available. But there are several problems with that approach:
- It’s expensive. – On average, companies spend $4,700 to recruit and hire a new employee. That doesn’t include soft costs like time investment and opportunity costs, and it also doesn’t include the new employee’s salary, benefits, or ramp-up time. When you add it all up, you can expect total hiring costs to reach three to four times the salary of the new employee.
- It’s time-consuming. – Your team will spend 30-40 hours over the course of a month or more to hire one new employee. For senior positions, that process could take three to six months or even longer.
- It leaves critical roles unfilled. – While you are investing time and money into finding the right people, critical roles in your organization will go unfilled. Current team members will have to fill in the gaps, which becomes increasingly burdensome as the company scales.
If you are tired of constantly hustling to meet your talent needs, outsourcing offers a cost-effective, efficient alternative. Here’s what you need to know.
Accelerate Growth, Drive Value
With inflation on the rise and the economy uncertain, business leaders must find creative ways to deliver value and solve problems with limited resources. Business process outsourcing steps into your talent and skills gaps with tailored solutions that deliver the exact resources you need, when you need them.
But how does it compare to hiring internally?
Many business leaders believe that hiring internally offers more control over specific operations, processes, culture, and team-building. They may be hesitant to outsource due to concerns that they will lose the cohesive feel of the company or compromise their unique culture.
There are two ways to avoid these negative outcomes: 1) choose the right partner and 2) outsource only non-core tasks that don’t contribute to competitive advantage. If you follow these two golden rules, the benefits of outsourcing will far outweigh the risks.
Here are 6 ways outsourcing helps you add value and drive growth:
- Trim Costs – Outsourcing is more cost effective than filling each role you need with a full-time hire. You’ll gain a team of people who are ready to hit the ground running without the expense of recruiting, hiring, onboarding, salary, and benefits.
- Access Critical Domain Expertise – Running a business is a bit like juggling. In the early stages, you can do a pretty good job of keeping all the balls in the air. But as the business grows and becomes more complex, systems and processes must become more sophisticated as well. CFO leadership, accounting, business intelligence, data analytics, project management – it all gets complicated quickly. That’s when you’re at risk of dropping a ball or two. Outsourcing allows you to toss those balls to someone with the critical domain expertise to keep them in the air effortlessly.
- Offload Non-Core Processes – Outsourcing allows you to focus your hiring time and resources on building your core team. By handing non-core tasks off to an external partner, you free team members to spend their time on growth-oriented work and customer care.
- Scale Faster – Growing businesses need a reliable way to add additional resources quickly and efficiently. Outsourcing enables you to scale your team up or down as you manage individual projects and long-term growth initiatives. Partnering with an experienced external team also means there is minimal ramp-up time so you can achieve your goals faster.
- Leverage Technology – Outsourcing gives you access to more sophisticated technology solutions and expertise that you don’t have on your team. The provider can work with you to select and implement the tools that will work best for your needs, and may also offer tailored solutions as part of the engagement. For example, Atlantix supports clients with EdgeVu, our suite of modular technologies. EdgeVu helps you eliminate data silos, automate your data life-cycle and generate the insights you need to drive value in your business.
- Gain a Trusted Partner – It’s true that outsourcing isn’t always the best solution in every case. Providers all have different methodologies, different expertise, and different goals which may or may not align with your needs. In our experience, the best outsourcing providers partner with you as an extension of your team. Rather than operating in a silo, they collaborate with you to solve urgent problems, fill critical gaps, and deliver massive value quickly.
Here’s the bottom line: Outsourcing helps you make the most of limited resources by connecting you with a team of people who can deliver the skills and expertise you need without the cost and time investment of linear hiring.
Is Outsourcing Right for You?
When you reach an inflection point in your business, it’s time to make a decision: is outsourcing right for you? Here are some questions to help you make the right call:
- What specific tasks and processes do you need help with?
- What gaps do you have in your team?
- How does the cost of outsourcing compare with the cost of hiring in-house?
- Do you have knowledge or skills gaps that you need to fill?
- Are you ready to scale?
- What are your long-term growth plans? Could outsourcing help you accelerate those plans?
- What are you looking for in an outsourcing partner?
Outsourcing can be a great way to manage costs and improve efficiency, but it’s important to do your research and choose the right provider to ensure success. Look for a partner that understands your business, has the expertise you need, and will work alongside your team to help you achieve your goals.
Contact us today to learn how we can help you bridge resource gaps, optimize your finance function, leverage data effectively, and drive value across your business.