3 Benefits of Business Process Outsourcing for Small Businesses
As a small business, one of the most challenging aspects of growth and scaling is finding ways to manage the growing need to keep up with business processes.
When thinking about everything it takes to run a successful business, deciding what to prioritize can feel overwhelming, but business process outsourcing (BPO) can be a game-changer for scalability and growth.
What is Business Process Outsourcing (BPO)?
Business process outsourcing is contracting with third-party service providers to support specific business processes. If you have ever worked with a bookkeeper or a tax preparer, you’ve participated in BPO!
Business Process Outsourcing (BPO)and Business Process Automation (BPA) often work in tandem as complementary components of a strong foundation for growth.
Many different kinds of business processes can be outsourced, from Human Resources and payroll to marketing and sales.
Both back-end business processes, such as data entry, administrative or executive support, or accounting, and front-end business processes, such as customer service and sales, can be outsourced.
Outsourcing your business processes can give you the leverage you need to scale while reducing cost and improving efficiency.
3 Benefits for Small Businesses to Take Advantage of BPO
Benefit #1: Increase Cost Effectiveness
Business Process Outsourcing enables you to hire experts in multiple fields, drastically improving efficiency and reducing the time spent on business operations by as much as 75%.
This can result in cost savings in multiple ways: first, as a business owner, your time can be spent focusing on activities that promote your business’s growth and increase profitability; second, through expertise, process improvements, and automation, your service provider can cut down the time it takes to run the necessary back-end processes your business relies upon.
Benefit #2: Leverage Expertise & Cutting-Edge Tools
Outsourcing your business processes enables you to maximize your access to expertise, tools, and other resources, thereby expanding your ability to scale and placing you on a more level playing field with larger competitors, without the need to increase your in-house staff. For example:
You can work with a Fractional CFO to take a look at the financial health of your business and provide critical financial reporting to help inform your business decisions.
You can work with an operations project manager to streamline and organize your existing digital business files and set up a system to maintain a filing system that will grow with your business.
You can work with a Marketing Strategist to help identify your target customers and set a strategy in place to increase brand awareness and focus your marketing efforts.
Benefit #3: Focus on Growth Activities
One of the most important things BPO can do for you as a small business owner is give you your time back. By increasing your bandwidth, BPO can enable you to focus your efforts on nurturing your business, increasing profits, and preparing the way for continued growth.
By giving you access to an expanded team of experts, you can not only streamline your business operations but also ensure you’re building a strong foundation to support your business growth.
Interested in Business Process Outsourcing for your business?
If you’d like to learn more about our team of operations experts, you can book a free strategy chat with us here!
