Which Business Functions Do The Most Successful Entrepreneurs Outsource?

What exactly your business does is one of the first questions that any self-respecting entrepreneur needs to ask themselves. Knowing your core role is essential for understanding what you need to do to succeed. 

Businesses have long known that they don’t need to do everything in-house. Some services they can buy, often for much cheaper than if they tried to implement them themselves. But which functions do the most successful entrepreneurs outsource? Let’s take a look. 

Manufacturing

If you want to create consumer products, you might think that manufacturing them would automatically fall within the scope of your firm, but you’d be wrong. Hardly any of the biggest brands in the world make their products. Instead, they outsource the task to a third-party, once they settle on a design. 

This state of affairs might sound a little strange, but there’s a good reason for it. Most consumer product companies (especially startups) don’t have manufacturing expertise. They lack the capital and organizational structures to fabricate products at scale. That’s a specialism that the manufacturers themselves have. 

Beliving that you have to both design a product and make it at your facilities is a very 19th-century idea. It no longer applies in the modern economy

HR Functions

Traditionally, businesses dealt with human resources issues in-house. HR departments grew out of a need to manage employee pay and sick leave. The problem, though, is that it is time-consuming. Worse still, it is not actually a core part of your business that makes it unique. Pretty much every company has to manage its people. 

Successful entrepreneurs recognize that administering HR needs in-house is a drain on their time and resources. Many, therefore, choose certified payroll management services to take over the task for them. Professionals working at a third-party agency deal with all of the business’s staff-related issues, freeing up senior executives to focus on market-specific needs. 

CFO Functions

The CFO has long been a part of the governing structure that makes organizations tick. While some large firms need a full-time CFO to manage the financial aspects of their operations, the majority do not. 

Smart entrepreneurs know this, which is why many of them now use “fractional CFOs.” Instead of paying a full-time executive salary, you hire the CFO services you need periodically, cutting your overall wage bill. 

Office Functions

Is your office a core part of what makes your business unique? Almost certainly not. It’s just a space you use to get work done. 

You don’t need to own and manage your office in the modern economy. You don’t even have to arrange cleaning or replenishment services. All-inclusive officers provide everything you need to keep your employees happy, with none of the usual administrative hassles. 

Marketing

Go back thirty years, and practically all companies had in-house marketing departments. Since the millennium, though, executives have realized that they often get better value and results from third party agencies. Marketing agencies have the expertise they can’t get in-house.

Is it time you scrapped your marketing department and outsourced it instead? 

How to Improve the Employee Experience

It’s important to remember that your team of staff won’t automatically help your company move in the right direction; you need to cultivate the environment and the employee’s talents to make sure that it happens. While you might think that your company is a positive and productive place to work, there are always things you can do to improve things. And once you do, you’ll begin to see a whole host of benefits. For example, your output will be better, and so will the overall atmosphere of the office. Below, we take a look at a few ways how you can nudge your worker experience in the right direction.

Make Sure They’re a Right Fit

It’ll be a lot more difficult to develop a happy atmosphere if your employee was never going to be the right fit for your company in the first place. It’s not about hiring a worker that will seamlessly fit into your business. People can, after all, be trained to do things your way. But if they’re out of sync with the culture of the organisation, then there’ll be issues. If you’re running a young and dynamic startup, then you’ll be looking for a different personality to a company that’s more traditional and structural. Look beyond the CV, and figure out whether they’ll fit in well.

Treat as an Individual

Perhaps the most common complaint from disillusioned employees is that they feel as if they’re little more than a cog in a machine. They’re not treated as an individual in any sense. You can imagine how they would find their employee experience if they’re treated this way. So take the time to get to know your employees; it’s not just about the job they can do. They’re also people with their own concerns, needs, and wants. 

Two-Way Conversations

Sometimes, companies are guilty of feeling into something of a “master and servant” type of relationship. All the communication is one way, from the top to the bottom. While this does allow for a business to feel in control, it’s not the recommended approach. It can lead to distrust and resentful working environments, and productivity can plummet. It’s much better to make the workplace conversation run both ways. Getting the thoughts and feelings of your staff can lead to improved employee engagement, and can help you to run your business better. Your staff will have concerns and issues that you, in your more superior position, would not be able to see.

A Friendly Atmosphere

You can usually tell whether an office has a positive or negative atmosphere within a few minutes of being there. Once a bad atmosphere has set in, it can have a really negative influence — output decreases, and staff can begin to leave. So it’s up to you to create a pleasant atmosphere. You can do this by generally treating your staff well, and by offering small perks, such as free coffee and snacks, that make the day that slightly more enjoyable. People will be happier. 

Providing A First-Class Service: How To Ensure Your Business Receives Rave Reviews

In an age where reviews are increasingly influential, it has never been more important for businesses to provide a first-class service. Statistics suggest that more than 90% of us now check reviews and ratings before making purchases. If you’re hoping to attract rave reviews, here are some simple steps you can take.

Investing in technology

For many businesses, one of the main objectives is to provide a speedy, seamless service for customers and guests. If you run a hotel, a restaurant or a coffee shop, for example, you want to make sure that your clients are welcomed and either shown to their room or table or presented with a hot cup of tea or coffee as quickly as possible. Technology plays an increasingly important role in modern business, and it can speed up operations across several sectors. From manufacturing, sales and retail to hospitality and finance, investing in the right technology can make all the difference when it comes to service. Consider the impact of a call button in a busy restaurant or a hotel, for example, or the benefits of contactless payment devices for a coffee shop packed with commuters on their way to work. If you’re looking into buying or hiring new tech, it’s wise to carry out an audit, to check out what your competitors are doing and to analyse the potential benefits and costs before you make any final decisions. 

Asking for and analysing feedback

The best way to improve the service you provide is to interact and engage with customers and people who already have experience of your business. Encourage customers and clients to leave feedback, ask questions about the products they’ve bought or the services they’ve taken advantage of, and take time to read and digest comments. Both positive and negative feedback can be incredibly useful for company owners and managers. 

Adding a personal touch

When you’re working on customer service at your business, it’s always beneficial to think about your own personal experiences as a consumer or guest. We all want to feel valued, so try and make sure that every customer is treated like a VIP. Simple touches, like sending emails with personalised subject lines or offering guests a treat on their birthday, can make all the difference. 

Communicating

Thanks to the development of new technology and platforms like social media, it’s easier than ever to stay in touch. Modern-day businesses can enhance their brand image and build relationships with customers via several channels, including email, telephone and social networks, as well as face-to-face contact. Engaging with clients and prospects can elevate customer service to the next level and enhance brand reputation. If you’re keen to attract new customers and keep hold of existing clients, make an effort to stay in touch. Share content online, respond to comments and queries and let people know if you have news, you’re running promotions or you’re offering treats or discounts. 

Running a successful business isn’t just about selling products. Customers are also looking for a positive experience and high standards of service. If you’re looking for 5-star reviews, now is the time to focus on giving your clients what they want and going the extra mile to enhance your brand reputation and make your customers feel special.