Many entrepreneurs struggle to grow their business because they focus on the wrong things. Instead of working ON their business, they work IN it.
Sure, there are tasks that need to get done inside your business, and you want to ensure that everything’s done right down to the tiniest detail. But here’s the rub, if you tend to focus your energy on these non-core time-consuming tasks rather than performing the crucial activities which can propel your business to the next level, your business is doomed to stagnate. FOREVER.
Grasp the importance of this idea, and determine the key areas where you need to maintain your laser focus. Once you’ve done this, the next logical move is to get someone who can accomplish the other tasks that you’ve decided to remove from your plate.
However, if you are not yet ready to hire a full-time employee or are simply uninterested in doing so because of the “headaches” that come with it (e.g., recruitment process, payroll, providing benefits, training, workplace and equipment, and supervision/ quality control), there is another way to scale your business—it’s through outsourcing. (more…)
One of the most common mistakes that entrepreneurs do which stunts the growth of their business is they try to be superheroes and do everything in their business. As your business grows, your needs also change and you need to adapt accordingly.
It is unwise to spend most of your day performing the time-consuming ancillary functions, instead of the value-adding core activities that drive revenue and growth. These crucial processes may involve the strategic and creative aspects of your work.
As for the mundane tasks such as responding to client inquiries and requests, data entry work, administrative duties, and other similar activities, it is recommended to hire someone else to do it for you. (more…)
You may have probably heard about horror stories of business failures among startups. According to Cambridge Associates, the percentage of startups that fail has topped out at a whopping 79% during the dotcom bust. But before you start to get dissuaded and feel doomed to fail, there are some things that you can do to survive and thrive as a new startup.
When it comes to business advice we could all do a lot worse than listen to Virgin boss Richard Branson. Since he and some friends launched a student newspaper at the age of 17, he’s gone on to create a group of companies that generates over $1 billion a year. So when Sir Richard extols the virtues of outsourcing, it’s probably worth hearing what he has to say.
In the increasingly competitive recruitment industry, the agency which delivers the fastest results dominates the market. Hence, larger recruitment agencies with greater resources gain a competitive advantage over small- to medium-sized firms.
However, there is an effective way on how these smaller recruitment agencies can keep up with the race. By outsourcing general recruitment duties, administrative tasks, data entry, and other non-core processes, recruitment agencies will be able to save time, reduce costs, and increase the productivity of their in-house team.
Outsourcing is not a new business practice; in fact, it has become one of the key trends in corporate strategy over the last couple of decades. At its current pace, this business trend shows little sign of slowing down.
Outsourcing has been a buzzword in the international business community since the 1980s, and has become a common practice these days. The global market for outsourced services stood at $76.9 billion in 2016, and it is estimated that it will reach $220 billion by 2020. From small businesses to huge corporations, business leaders choose to outsource some of their processes because of the workforce productivity, flexibility and cost reductions that can be realized.
Lead generation is the lifeblood of any sales cycle and the foundation of a successful business. Leads can be generated passively by through signage, print or digital advertising targeting walk-in traffic or visually striking “Calls to action” driving website leads. Lead generation can also be an active (and proactive) process of list building, lead qualification, and appointment setting.