More companies are looking to outsource most of their business functions. According to Fortunly, about 54% of companies use third-party services to interact with their customers. While cost-cutting is a common outsourcing goal, companies have their own reasons for outsourcing. Some want specialized skills while others want to scale their business. If you also want to hire a service provider, read on to know the right time to start outsourcing your business process.
You Use Multiple Business Software
Using more than one software to meet your business requirements is a waste of valuable resources. For starters, employees have to engage in duplication of data. Most tools work with the same information but require their own database.
Additionally, entering the same data in different software makes it prone to human error. This can lead to poor client management and a decrease in revenue. A Gartner survey found that poor data quality leads to an average loss of $15 million every year.
You can avoid this by outsourcing software integrations. Service providers combine multiple software into a single platform that is suitable for your business. They can also add any additional features that aren't available in off-shelf tools. Apart from the cost benefits, software integrations also improve data flow and increase employee productivity.
You Struggle With Employee Retention
If you ever had an employee resign, you know the costs and struggles that come with it. According to Forbes, the year 2021 will see a higher employee turnover rate. As a result, companies have to bear the consequences such as loss of talent and decreased productivity.
Moreover, hiring new employees comes with its own challenges. Both, the lack of the right talent and the high cost of training someone new are distressing for the company. If your business also struggles with retaining staff or filling vacancies, then outsourcing is the best option for you.
Outsourcing companies have pre-trained staff that can handle your business tasks. It also gives you access to industry expertise which assures better work quality. Additionally, the large number of employees also makes them reliable. You can outsource your work without worrying about leaves, vacations, or resignations.
You Focus More On Non-Core Tasks
Every business needs to have a great accounting or marketing team. But as a real estate company, your main focus needs to be property management. If you spend more resources on managing non-core functions, it will affect your business productivity.
Many outsourcing companies offer services to help with non-core tasks. In fact, recent studies by Clutch found that accounting and IT services were the most commonly outsourced tasks. This lets business owners focus on their core competencies and allot adequate resources for them.
You Want To Avoid Unnecessary Tech Purchases
With advancing technology, most real estate businesses rely on various software for better efficiency. But for smaller businesses, purchasing quality software for their business processes is not affordable. Moreover, off-the-shelf software contains features that are often underutilized. Acquiring the right software also comes with additional costs. You need to It experts to ensure that everything runs smoothly.
Instead, you can outsource your IT requirements. Recent research by MIS Quarterly found that IT outsourcing significantly reduced operational costs, including non-IT expenditures. By outsourcing, you can access the necessary tools and technology without burning a hole in your pocket. Their experienced staff also take care of tech management and ensure your data is secure.
Your Employees Are Underutilized
For most businesses, employee compensations make up a large part of their total expenditure. But most companies don’t make full utilization of their workforce. According to Forbes, companies use only 40% of the talent and capabilities of their employees.
One of the reasons why employees are underutilized is the lack of work. For example, most real estate businesses won’t require a full-time accountant. Hiring one will be expensive considering the amount of accounting work required for your business.
A better option is to outsource temporary tasks to a third-party service provider. Depending on the tasks, you can hire them on a project-to-project basis. This can save you additional expenses as you will be only for the work done.
You Want To Be Ahead Of Your Competitors
According to Sprout Social, 1 in 3 people are willing to go to other companies if they are ignored. While having a huge client base is important, it is also essential to meet client expectations. If you lose clients, your competitors will gain an edge over your business. If you want to be ahead, consider outsourcing some of your business processes.
Handling a larger number of clients requires additional resources. Outsourcing companies can provide you with the right assistance. This can help in client retention and also increases business reputation.
Your Business Is Growing Fast
A fast-growing business is exciting but also comes with a higher workload. Hiring new employees every time your business makes an advancement isn’t feasible. This is when you should consider outsourcing.
Business calling is much easier with a third-party service provider. Outsourcing companies can meet your requirements, whether you want a team of 5 or 50. Before hiring an outsourcing company, you also need to decide the tasks you want to outsource. You can talk to your service provider to come up with an outsourcing strategy suiting your current and future business goals.
Outsourcing is a critical decision for every business. Though it requires some investments, the benefits often outweigh the costs. The right outsourcing partner can let you focus on business growth without worrying about other tasks.
Outsource Your Business Processes To KriyaGo
Outsource Your Business Processes To KriyaGo
KriyaGo specializes in real estate business processes. We handle CAM reconciliations, lease abstractions, and back-office accounting. We understand your business requirements to suggest the right outsourcing strategy for you. Our team of skilled experts ensures continued support and also guides you on business improvement.
We also help our clients find the right technology for their business. By integrating popular real estate software like Procore, Yardi, and SAP Concur, we build software according to client requirements. Our software integrations improve business functionality and increase productivity. Our business strategies are unique to each client and ensure tailored results.
Looking for a reliable outsourcing partner? Reach out to KriyaGo!
