Southern California Insurance Brokerage Inc.
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1. Outsourcing: A Surprisingly Practical Solution
By Diane Dennis
Many owners of small and/or home based businesses (and yes even
some large companies) are discovering that it is both cost effective
and convenient to 'outsource' certain aspects of their respective
Do you pay an accountant to manage your books and/or to process
your taxes? That's outsourcing! If you have a website that you pay
someone else to maintain, you're outsourcing.
Even General Contractors do a sort of outsourcing every time they
issue a contract to a subcontractor.
If you're really good at outsourcing you can actually use it to
increase your company's profit margin!!
Uncovering Hidden Profits
What does your company do to make money? Whether you're in construction;
fixing Harleys; leading white-water river rafting adventures; scooping
ice cream; running your own beauty salon and so on, chances are
you're doing what you're doing because you know how to do it well
enough to not only make a living at it but a comfortable living
The river guide makes money when he's out in the boat with his
customers, shooting the rapids. The guy fixing Harleys makes money
when his fingers are greasily fine-tuning the bike. The roofer makes
money when he's 'roofing' the jobs he's lined up and when he's lining
None of these folks are making money when they're punching numbers
on the calculator figuring out payroll or dialing the phone numbers
of delinquent payers. Every minute spent on one of these tasks can
be equivalent to several minutes less spent on increasing your customer
base and building your coffers.
Those lost minutes are hidden profits... but each minute lost is
Growing your business can be painful. There are new expenses (such
as wages for additional office crew) that will be due and payable
before you've realized the additional income that will come from
that larger work crew getting more work done.
However, by using outsourcing you can actually grow your business
without many of the pains that go along with traditional growth
(see paragraph 1).
The reason for this is that chances are the fee you pay to your
service provider will be significantly less than what it would cost
you to do it in-house.
And the best part of all... ?
You now have time and funds freed up that you can devote to
growing your business! Let's face it, chances are you didn't
start your business because you wanted to do prelim notices (or
payroll, etc.) right?
Unless of course prelims and/or payroll IS your business... ;)
Focus on what you love, what your business is all about, and let
others take care of the endless litany of mundane yet required responsibilities
that you and every other business owner faces.
Legalities, Legalities, Legalities
--> Use a Contract!
Be certain that the contract outlines everything you are paying
for, specifically. What is expected of you and what is expected
of your provider?
For example, if you are outsourcing your payroll, how will the
paychecks be delivered to your employees, who's bank account do
the funds come out of, do they have a pool of employees you have
to choose from or can you hire whoever you want?
If you are outsourcing your prelim notices, what info are you required
to provide and will it cost more if you don't have all that info
available? Is there tracking of paperwork included in the price,
-- > Contracting/Outsourcing requires due diligence
Ask for references and CHECK those references carefully. Insist
on full contact information, including phone numbers, mailing addresses,
Ask for samples of their work (if applicable, such as if you're
looking for someone to build and/or manage your website for you
or someone to manage your photography, etc.).
-- > Confidentiality Agreements
In addition you may want to consider Confidentiality Agreements
(aka non-disclosure agreements). If your provider will have access
to confidential information, you may want to have him/her sign a
-- > We practice what we preach...
We outsource as much as we can now. It took us a while to jump
on the bandwagon but once I broke it down and looked at every aspect
of outsourcing I realized that it really can help to decrease your
expenses while increasing your income.
-- > Tell Us What You Outsource
To whom and what do you outsource? Tell us and you and your provider
could appear in our newsletter and/or at our website! Just click
here to send me an email. :)
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Well, that's about it for now. Have an outstanding day!!
Take care, Diane
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