Expanding your business is no easy task, and it is not necessarily the best way to ensure your company’s success.
Indeed, many businesses expand for the wrong reasons or before they are ready, which actually damages it rather than helps it.
However, there is one way in which you can quickly free up the necessary time, energy, and resources to expand your business organically.
This is by outsourcing administrative tasks. While it may seem like a small detail to consider, administrative tasks have the potential to hoover up your company’s money through staff costs, red tape, and the time it takes to deal with administration.
Instead, by outsourcing these tasks to an external team, you are free to expand far quicker than you otherwise would.
This is why outsourcing administrative tasks have the potential to expand your business:
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Transcription is a time-consuming task
One glaring example of an administrative task that can easily be outsourced to an external team is transcription. For instance, if you were hosting an important meeting, you would require the minutes to be recorded by a staff member. This is a time-consuming task that, while necessary, does not need to be explicitly completed by a member of your staff.
This issue has only been made worse with the rise of video conferences online. It is increasingly difficult to record meeting conversations online in real-time accurately. You may have to employ a full-time member of staff to record these meetings and type them up by hand. This is hugely inefficient and can cost you dearly in staff costs alone. Instead, by using an AI-based transcription service such as Verbit, you can do without this difficulty and employ that member of staff in another, more useful area.
Just because you outsource doesn’t mean you lose control
One argument against business outsourcing is that you lose control over those tasks you are outsourcing. While it is true that you can’t look over someone’s shoulder to check how the job is going when you outsource, it doesn’t stop you from holding the outsourced team accountable if the task is not done to your standard. Indeed, there is added incentive for an external company to complete the task to a high standard because they are relying on your continued business to survive.
In addition, due to the recent increase in remote working, businesses are learning how to deal with not having their employees in a single office at any one time. This makes the principle of outsourcing administrative work less of a worry, as it is something that is happening across the board.
Outsourcing saves you significant amounts of money
A compelling argument in favor of outsourcing administrative tasks is that it is likely to save your significant business amounts of money in the long term. While this may seem strange – after all, you still have to pay another business to complete the task – there is a good reason for this saving. The overhead costs alone of hiring and maintaining an entire administrative department is huge. You have to pay this team the same fixed amount each and every month, offer them holiday leave, potentially use up valuable desk space if your business is office-based, and create additional administrative tasks just by employing them in the first place.
By outsourcing these administrative tasks, you cut out all of those issues. As a result, you are likely to make a considerable saving every month. This money can be reinvested into your company in more productive ways, such as by spending more on production or marketing.
Outsourcing gives you the ability to focus on what’s important
When you outsource your business administration, you can free up time and resources to focus on what is important to your business. This includes production, sales, and marketing. Simply by making your full-time team smaller, you have more time to invest in each member, making sure they are happy, productive, and working to a high standard.
Keeping your team smaller makes it more efficient
By keeping your full-time team as small as possible, you ensure it is agile and efficient. This applies to all aspects of your business, but it is particularly pertinent in this case because as long as an external team is handling your administrative tasks, you don’t actually need to worry about those tasks to ensure the success of your business. Keeping your business as streamlined as possible also makes it easier to relocate, conduct team meetings and maintain overall staff morale.
The decline of office-based businesses reduces the need for in-house administration
This is an increasingly important factor to consider with regards to outsourcing business administration. While it was easy to dismiss outsourcing in the past, instead of leaning towards a larger in-house team, this is no longer the case. Instead, more and more businesses are turning to remote working environments.
This in itself has many benefits, such as vastly reduced overhead costs, improved staff morale, and increased flexibility. As a result, business leaders have to learn to manage staff productivity from afar. This involves a deeper amount of trust, but it can also mean staff can be relied upon to handle greater individual responsibility levels. Therefore, it is not much of a stretch to outsource your administration tasks to an external company, as it integrates well with the existing remote-working dynamic.
You have fewer employees to manage, meaning you have more time to lead
The fewer employees you have to manage, the more time you have to focus on your role as a business leader. While looking after your staff members every day is important, the fewer people there are, the higher the quality of leadership you can provide, and the more attention you can pay to the details.
Furthermore, you can dedicate more time and effort to forming effective business strategies and creating a more intimate working environment in which every member of staff feels valued, appreciated, and a crucial part of the overall company.