Moneypenny started as a family business in 2000 and now has 750 employees globally. It offers businesses a customized suite of inbound call, live chat, and customer contact services. From a state-of-the-art facility in Charleston, South Carolina, and the United Kingdom, Moneypenny manages more than 15 million calls, chats, text messages, and emails for more than 13,000 clients annually.
The outsourcing market is widely utilized by businesses across the globe and is currently worth an estimated $85.6 billion.
Joanna Swash Global CEO from Moneypenny comments: ‘ Historically outsourcing was a negative word. People thought about it as cost-cutting and moving jobs abroad but outsourcing is now seen as so much more positive. Entrepreneurs now see outsourcing as an opportunity to speed up their pace of innovation, release funds to invest in other areas of their business, and therefore is an opportunity to get an advantage.’
Joanna continues: ‘Gone is the time when everyone believed that outsourcing meant you lost control of certain aspects of your business. Nowadays outsourcing makes perfect sense whether it is legal and HR services, computer services or in our case communications, as clients pass on certain support functions to other expert companies and can focus on delivering their own products and services. Outsourcing is also very cost-efficient as it allows companies to quickly scale their requirements up and down.’
Moneypenny ‘s outsourcing guide will help businesses, from identifying when and what to outsource, through to choosing the ideal outsourced partner:
When thinking about outsourcing, make sure that it is for the right reasons.
The main goal when you outsource is to improve efficiencies, increase resources and improve your business’ profitability, but we understand that small business owners may find it difficult to relinquish control of certain functions to a third party. To help with your decision, ask yourself the following questions:
How much time am I spending away from my core business?
Time is precious in the business world, and certain business responsibilities will take away this valuable time. If you find yourself or members of your team spending an inordinate amount of time on certain tasks, or being regularly distracted, taking you away from core business responsibilities, outsourcing can provide an invaluable platform to gain this time back.
Do I have the right skills for this task?
Whilst it may not form part of your core business, many functions (such as accounting or marketing) play an integral role in running and growing your business. As a result, struggling to complete these tasks will not only add to your stress levels, but also take up your time that could be better spent focusing on other areas of your business. Outsourcing will provide you with a team of experts that have the right skills, qualifications and experience to handle your requirements, therefore improving efficiencies within your business.
Am I jeopardising my business’s profitability?
Unless it makes clear business sense to outsource a function, then it is simply not worth doing it. However, if your business’ profitability is being impacted because you are unable to complete tasks to the standard necessary, or you are under-delivering in certain areas then take outsourcing into consideration.
This could remove the necessity to hire someone and take on all of the overhead costs associated with employment, (i.e. holiday pay, sick pay, training, equipment, etc.). Advances in technology have also made it relatively simple to outsource via remote access.
Choosing your outsourcing partner
Now comes the tricky part; you’ve identified the area that you should outsource but how do you decide on a partner?
Detailing your precise requirements to your partner is essential. Your brief should specify the length of the contract, the details of their role, what your expectations are (experience, skills, client base, etc), when you want to begin, your goals, some background on your company and, of course, why you are looking to outsource. However, it’s not unusual for companies to not know exactly what they want from a provider so instead outline your challenges and issues as a provider can then come up with solutions and services that haven’t yet been considered.
Speak to multiple providers
One of the biggest mistakes any small or new business could make is choosing the first and only provider they contact. Whilst they may sound great on paper, until you compare a provider’s skills and experience to their competitors, you run the risk of choosing the wrong partner and not achieving your desired results. You could also end up paying over the odds if you accept the first and only quote you receive.
Assign a dedicated contact
Communication is the key to a successful outsourcing relationship, so ensure that your partner has a dedicated contact within your business that they can approach with any queries they may have, and vice versa. Regular meetings or phone calls will also ensure that both parties are continually working towards the same goals.
Moneypenny’s outsourcing services and industry-leading technology and scalable solutions make it the right fit for businesses of all shapes and sizes. Find more information about how Moneypenny is reshaping the way businesses interact with their customers at Moneypenny.com.