Outsourcing has long been the favored tactic of big businesses looking to control costs, but studies indicate that there are much wider benefits than simply decreasing expenditure. According to Deloitte, outsourcing can be a powerful way for startups to propel themselves to new growth by providing two crucial benefits to the business. These areas of benefit concern two main themes; expertise, and accountability.
A question of innovation
That expertise will help you to innovative within your business and take it to new heights. According to statistics analyzed by the Harvard Business Review, a huge skills gap exists in the USA that covers the digital and business talents that startups look for. Due to the quickly shifting nature of modern digital business and technology, having naturally innovative workers is essential.
This has become especially pronounced in 2020 as the pandemic has raised the need for innovation and, in turn, the profile of outsourcing and the benefits it brings to business. Having fresh eyes and talented workers will help to keep your business up-scaling in innovation terms, and help you stay ahead of the competition.
The most obvious benefit of outsourcing is that it brings skills to your business that may have otherwise been absent. When constructing platforms and services, this is invaluable; but outsourcing also helps in building accountability. Attempting to complete tasks that are beyond your current skill base or that you are simply unsuited for can create wasteful and costly projects can be a detriment to growth. Finding expertise and utilizing it right away can help your projects to be sustainable and accountable to a single point.
The psychological edge
The Startup is one of Medium’s largest single publications and highlights the fact that 90% of startups go out of business within the year. A reason for this is burnout; running a business is difficult and time-consuming. Outsourcing allows you to cherry pick areas of the business where your time could be spent better elsewhere and streamlining processes down that are a big drain on your time. This is perhaps the most valuable gain above all others, and will help you when looking to generate growth.
That free time can be allocated to furthering your business nous and ability to innovate. That means improving your business on your own terms, and in terms of what third parties can bring to the table.