You’ve probably come across books that talk about ‘how to grow your business’ or ‘how to make your business successful.’ There are so many of these kinds that are published—but not so much on the most critical element often left off the page: finding the right people who can bring the business to the next level and open doors you never knew existed.
The people in your team are your greatest asset. That’s why you have to nurture them. Support them. But how certain are you that you are already working with the right people? With so many applicants vying for a position in companies right now, it can definitely get tough to handpick those whose vision and work ethic align with yours.
In this digital age, why not let the data guide your decisions to ensure you select the best partners?
But First, What is an Outsourcing Strategy?
Business competition has always been so fierce and intense. For this reason, companies are always on the lookout for new trends and innovations to stay ahead of the curve. Having the right team—full of specialised talent—truly matters. This is why building a secure outsourcing strategy is very important.
As the term suggests, outsourcing strategy involves hiring third-party companies or specific individuals to do certain tasks for your company—tasks that may not be of your expertise but are essential in the overall success of the business processes. By doing so, the company no longer needs to hire additional full-time employees, cutting down the costs, boosting productivity, and still achieving the expected outcome—or even much better!
But as simple as it sounds, outsourcing can also get tricky—as results could vary based on the company or individuals hired. This requires a deep understanding of which tasks should be handled internally and which can be outsourced. Hence the need to build a solid outsourcing strategy that would consist of meticulously crafted standards, procedures, and regulations to ensure success.
So, How Do You Build a Secure Outsourcing Strategy for Your Business?
Simply put, an outsourcing strategy should exemplify flexibility—allowing you to outsource specific tasks or entire functions based on the needs of the business. To do this, here’s a quick look into the important steps that you have to know:
1. Readiness Assessment
Before anything else, evaluate your business’s readiness. Determine what the business needs, the potential costs, and whether it would truly be cost-effective. Ask yourself why the company can’t handle the tasks internally. While outsourcing offers many benefits, it’s crucial to first consider your company’s internal productivity. Assess what your employees can do, the results they achieve, and whether outsourcing specific tasks would genuinely enhance efficiency and effectiveness.
By doing this, you can ensure that the decision to outsource is well thought off and thoroughly understood. This prevents hasty decision-making that may lead to unnecessary costs or disruption of operations.
2. Needs Assessment
What exactly do you need? What specific task? Does it have something to do with customer service? Social media marketing? Web hosting? Bookkeeping and accounting? Data entry?
Note that a successful outsourcing strategy heavily relies on the kind of tasks delegated, not the projects. Clearly define what needs to be done and the process of how you want it to be completed—you can even document the process to create training materials, saving you so much time in onboarding new hires.
Again, make sure to identify the specific needs that outsourcing could address. Examine which tasks or functions are best suited for outsourcing and how these align with your business goals. Assess the gaps in your current operations that external expertise could fill.
Through thorough analysis, you can identify the areas where outsourcing can provide the most value and make informed recruitment decisions to support the business. When the needs of the company are clearly understood, you can make better decisions and select the right outsourcing partners and services that can fulfill your business needs.
3. Financial Assessment
Hiring experts to work for the company may significantly enhance your business operations, but this also comes with a cost. A considerable expense for that matter. Hence, you have to check the financial standing of the company and balance the value that these people bring against the expenses incurred.
You can start by establishing a clear project budget and deciding how payments will be structured. Will it be tied until the completion of the project, on hours worked or per tasks completed? As early as now, you have to also establish your payment method and schedule. In some cases, payments can be issued based on the completion of the project. Hence, you have to define the deliverables and other expectations before delegating the task.
4. Outsourcing Partner Assessment
Needless to say, outsourcing can definitely lighten up the load for your team. Unfortunately, you can’t just randomly handpick people to do important tasks for the company. Now that you have already looked into your budget, it is crucial to find the right people to suit your needs. But how do you go about this?
Selecting a reliable outsourcing company is key. This can either make or break the project. With so many tasks at hand, you can designate an outsourcing manager from your team to act as the focal person for all outsourcing activities. This person will serve as the liaison between your company and the third-party provider or individual expert that you are planning to work with, ensuring clear communication and smooth collaboration.
Once you have someone designated for this task, proceed with choosing a reliable outsourcing partner. Today, it’s easier than ever to find the right individuals or companies using data-driven performance insights, ratings, and reviews—no more experimental guessing through trial and error. Companies like TalentVine streamline recruitment by offering insights into candidates’ actual job performance, eliminating much of the guesswork. This approach saves time and effort, reducing the risk of hiring someone who’s only good at interviews but doesn’t deliver in their role.
That's it!
In this digital age, building a secure outsourcing strategy for your business does not need to follow the long arduous traditional method. Why do so when you can streamline the process to be smarter and faster—not to mention, more reliable? The best outsourcing strategy is one that delivers the most effective results: cutting costs, increasing efficiency, and getting tasks done excellently. Now, the question is: are you ready for your business to thrive with a modern outsourcing approach?