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Which Business Activities Should You Outsource to Experts in 2020?

A common notion amongst businesses is the cost involved in outsourcing. They think it is an expensive affair. But, on the contrary, it is cost-effective and gets you the expertise that otherwise requires going through a stringent hiring process and investments. There’s plenty of value opportunities lost if one considers the investment in time and resources.

Consider someone from the in-house marketing team spending a couple of hours to manage social accounts like Twitter, LinkedIn, etc. In return, you are saving around $20 of outsourcing without the guarantee of results. Now, if you hire a social media team and outsource all the social tasks to them, you will get a much-needed impact. Businesses strive to onboard expertise that is getting expensive in 2020. Instead, it is best to look out the activities for which you need expert assistance and start outsourcing them.

Here are some of the key business activities that you should be outsourcing in 2020

Accounting & Bookkeeping

Accounting and bookkeeping are the backbones of the finance function for businesses. Assigning dedicated time and resources in-house for these can be too distracting and costly. In fact, startups should opt for accounting and bookkeeping services directly from industry experts. With that, you are assured that an account specialist – CA or CPA (depending on your country) is managing your accounts. It leaves you stress-free and helps you focus on continuing core business activities. Keeping a systematic record of all your financial transactions is also necessary for compliance and not abiding by it may endanger your business.

Income Tax Management & Filing

Computing income tax and making efforts to file those are critical to business compliance. Having a dedicated accounting and tax department is costly as it requires special skills coupled with necessary training. Also, your team needs to have a compliance calendar for the year 2020 in place to ensure your business does not miss out on any filing deadlines. That is why hiring tax consultants help to keep the business activities running smoothly. Most of these taxation professionals are well-equipped with the tools and software required to file the return and compute taxation. This way, you will also save on spending on software licensing and upgrades. When you hire a bunch of business service professionals for TDS and GST return filing, you are freeing yourself from the unnecessary burden of hiring new personnel, creating a new department, and IT investments.

Marketing Subcontracts

Small business thrives on creating a greater impact through marketing as they hold the potential to increase your sales. Many top leaders would prefer to keep the marketing team in-house, with a plethora of tasks split amongst a handful of people. This can adversely affect the departmental efficiencies, and the true potential of the talent never gets utilized, due to the mounting pressure of deliverables. Hiring a team of marketing experts can really help here, especially when it comes to managing multiple activities. Offering the marketing subcontracts will reduce the burden of carrying minuscule tasks from the core marketing team who’d rather spend time on analyzing the data and making key decisions. Most of these agencies would also take care of social marketing, creating graphics, building media pitches, drafting content, gauge HARO opportunities, etc. Fast growth in 2020 is a must and outsourcing a bunch of routine tasks in marketing makes sense for smart entrepreneurs.

Outsourcing IT

Tons of customer data are available for business to make quick decisions and that may well turn the fortunes. Even the small businesses need such data along with the place to store this data securely. There is a plethora of customer files, credentials, and critical personal information that can help you know your customers better. And managing such data would require getting assistance from IT consultancy services to leverage multiple technologies like cloud computing, database management, server maintenance, etc. More than 1/3rd companies prefer IT services globally and it is something that no growing business can afford to ignore in 2020. There are many ways you can get the IT services from experts across the globe which includes a pay-per-usage basis, paying up monthly retainers, and even upfront payment for a year. Your business relies on the websites to enable customers to explore your offerings and know you better. Also, you can scale your websites by making it a point of sales by integrating payment gateway. The fierce business competition on the web is also catching the attention of spammers and hackers who could infiltrate malware in your systems and servers. IT service providers can prove useful under such circumstances because they monitor your data and eliminate threats.

Admin Support Outsourcing

Any small business that is experiencing rapid growth would need a helping hand to get through their routine tasks. The best bet is to have virtual assistants that manage the routine tasks. There are many things for which you can use admin support right from scheduling the meets, managing databases, sending out emails, creating newsletters, scheduling appointments, managing media communication, etc. Admin support can also handle your receipt management, providing first-hand customer support, and call assistance.

Conclusion

The current marketing condition requires futuristic businesses to leverage economies of scale and make the most out of geographical labor-rate differentials. The ideas are to keep your focus strictly on performing core activities that bring business and make revenue; everything else can be outsourced to drive efficiency in the organization. This year, start with outsourcing any of the above departments to experts and experience the business the growth that makes a difference.

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