Outsourcing services are often associated with medium to large sized corporations. However, small to medium sized businesses can also benefit enormously from outsourcing certain services. Outsourcing involves delegating various business functions to a third-party specialist. It is a business solution that enables SMEs to focus on business goals and in the long run, it can work out cheaper than doing it themselves too. Here are a few services SMEs should outsource.
Social Media and Digital Marketing
A strong marketing strategy can be incredibly transformative for small to medium sized businesses. Digital and social media marketing helps build brand awareness, it gets your business seen online and it can help increase your overall revenue and profitability. However, these services can be costly for SMEs, and the DIY approach can take business owners a long time to perfect. Outsourcing this service can save you time and money, and you can rest assured that it is being done right every step of the way. With a third-party provider, your campaigns will be targeted to the right audience and they will be delivered in a timely manner.
Conversion Rate Optimization
Conversion rate optimization (CRO) describes the systematic process of optimizing elements of a website to increase the percentage of site visitors that complete a desired action. A conversion rate optimisation agency tests site elements, such as website design, content and call to action buttons to ensure all CRO factors are fulfilled. Effective CRO elevates customer experience, improves digital statistics and helps you identify performance bottlenecks. Ultimately, when implemented properly this CRO will convert site visitors into customers quickly and improve retention.
Human resources is integral to most companies and there are many different services within this department. HR services include recruitment, payroll, employee relations and training. Although it may be tempting to take these functions on yourself or offload them to a trusted member of staff, this would be a huge waste of resources. From the off, HR functions may seem simple when it comes to small businesses. However, these services take time to complete and people who don’t have a clue about HR can end up tearing their hair out trying to master it. Outsourcing HR services to a professional can help develop and streamline your processes. In turn this will keep your workforce happy, help you remain compliant and, ultimately, it can improve your bottom line.
IT services include cybersecurity, maintaining an internal and external IT helpdesk, data center services and network maintenance. All of these functions require a high level of skills and a lack of expertise can have severe consequences for an SME. Your business will benefit from the professional level of support from IT providers, and you will gain a technological advantage over other SMEs.
Accounting services are the most commonly outsourced functions for small businesses due to the need for specialist knowledge. Similar to IT, accounting services also require expert knowledge. Trying to tackle these functions yourself can result in a lack of compliance, incorrect financial reports and reduced cash flow. In fact, getting something wrong in accounting can result in hefty penalty fees. Instead of taking your chances, SMEs should employ proficient third parties to take on these services instead.