hat would you do in your business if you had more time?
It’s a thought that business owners daydream about. Many business owners have, in their quest to create more time for themselves, been lured by the idea of outsourcing. The Businessdictionary.com defines outsourcing in the following way:
“The contracting or sub-contracting of noncore activities to free up cash, personnel, time and facilities for activities in which a company holds a competitive advantage.”
What is the most productive way in which you and your staff members could be spending their time, if they didn’t have to spend an obligatory portion doing admin and other non-core activities? Would you be selling, strategizing, chasing a growth target?
If you have answers to any of these questions, then you might consider outsourcing finance in your company. Doing so could save (or earn) you money.
“Companies having strengths in other areas may contract out [certain aspects] of their business to concentrate on what they do best and thus reduce average unit cost”, says businessdictionary.com.
The outsourcing sector is becoming more and more prolific. At the same time, it is becoming more complex than ever before. According to globalizationx.com, several factors are playing into this. They include globalization, the consolidation of companies, supply chains and functions, and conversely, the diversification of various industries.
“Traditional outsourcing models are crumbling more quickly than we could have anticipated,” says globalisationx. Gone are the days of appointing a large, disconnected and separate institution to fulfill in-house accounting duties. Instead, companies are
