The business model of today is far removed from the traditional top-down system, with organisations consisting of many departments, each playing a critical role and reporting to the CEO. The huge cost of running multiple departments is a driving force that led to outsourcing; by engaging the services of a local provider, you have zero capital to invest in both labour and equipment.
Here are a few compelling reasons to outsource rather than in-house.
1. Minimal liability – You don’t have to directly hire employees, which is a major liability for every employer, not to mention health & safety and all the other aspects that come with hiring staff. There are accounting and outsourcing services available from a leading Singapore law firm, for example, which allows you to remotely manage the business.
2. Comprehensive service – Being the client allows you to dictate how and when things are done; you can minimise your activities by connecting with an efficient 3rd party provider. They are happy to work with your systems and as there is competition, rates are reasonable. Cyber-security is one essential service that should be outsourced to a local IT specialist, which secures your network. Click here for tips on option trading.
3. Compete with larger companies – Outsourcing empowers a small business to compete with larger established companies by offering a range of services. Everything from digital marketing to office cleaning can be outsourced; IT management is one solution that a local company can provide. You can obtain a prestigious business address in the CBD to boost your image, while also engaging a virtual receptionist to answer all incoming calls. Many small businesses do just this and they project a winning image, much like a nationwide company.
4. Streamline your business processes – Outsourcing streamlines your processes and the responsibility lies with the contractors you hire; you don’t need to manage their staff, they are fully able to work independently. If you would like to learn more about local services for a foreign company based in Singapore, consult with a leading international law firm; they have all the connections you need.
5. Save money – When you factor in all the costs involved with in-house employees, it quickly becomes clear why outsourcing makes sense. Imagine having 30-40 directly hired employees! You would need an HR department to manage your workforce and rather than adding another department, outsource to a local HR agency and save a fortune.
Every business is looking for ways to save on running costs and by outsourcing, you can save a lot, while enjoying a professional service. Compete with larger companies by offering a comprehensive service provided by third-party contractors, while keeping running costs to an acceptable level. There are law firms that specialise in sourcing essential services for their many clients and they can quickly be contacted with a Google search.