Businesses often operate in an uncertain environment, fraught with all sorts of risks. A good example is an ongoing disruption caused by the coronavirus pandemic as a result of which businesses in the US and across the world have closed for unforeseen periods. The few that remain operational have had to ask key employees to work from home. For the majority, it is not clear if they will ever be functional again.
So, how do you make sure that your business can survive? One of the most profitable strategies is to outsource certain executive functions of the companies. The following are some of the outsourced executives that can assist your business in times of trouble.
Administrative Assistants
Businesses need to concentrate on critical tasks and not on the repetitive administrative tasks which they can outsource. There are many people out there ready to work as virtual assistants. Once you have hired one, it will take minimal training to get him or her working for you. You can have your virtual assistant carry out tasks such as typing, data entry, and so on as you concentrate on core business functions. Outsourcing virtual assistants through an agency are way cheaper than hiring one on a part-time basis.
Legal Officers
During uncertain times, it is difficult for businesses to afford to hire a full-time lawyer. Even so, a small business is unlikely to have a considerable volume of legal work that necessitates hiring a full-time lawyer. Thus, the best option is to outsource legal services. You may want to retain the services of a lawyer for your needs as they arise or buy legal assistance from an established marketplace. You will be happy to know that several vendors are selling all sorts of legal documents. The options are so many that you don't have to lose money by engaging a full-time lawyer.
Marketing Executives
Marketing is a complex function that small business owners mistakenly think they can do on their own with no money. It is much easier when business is still slow. When it picks up, you may not be able to handle marketing as well as the core functions of the company. An outsourced marketing executive will manage all tasks, create leads, and help you generate steady sales. But that doesn't mean you outsource all the marketing functions. You may want to outsource content marketing, digital marketing, and other purposes. Even so, you should remain on top of things when it comes to the overall marketing strategy.
Fractional CFOs
A Fractional CFO is critical when it comes to helping you financial reporting, planning, and analysis tasks. It is much better than hiring a full-time chief financial officer. If anything, the outsourced CFO services cost is much lower than having to pay regular employees a salary. It saves you the headache of having to crunch numbers. In case you have financial questions, a fractional CFO will provide you with all the answers you need. He or she will prepare your financial statements in tile for filing tax returns in addition to helping you look organized.
IT Services Executives
Technology is one of the areas that need outsourcing. You could be tech-savvy or a newbie, it doesn't matter. Regardless of the task involved, it will take you a long time to learn how to do it. Why waste time learning site optimization, cloud migration, app coding, and two-factor authentication. It will cost you more to handle a task on your own than to outsource services. And, you might not do it up to the expected standards. For example, managing your website will mean wasting a lot of time. So, why don't you hire a dedicated website management services provider?
Human Resource Executives
Human resource functions include hiring, training, remuneration, and so on. It takes an expert human resource officer to effectively carry out these functions. He or she will be able to hire employees with the right qualifications, pay them well, and only get rid of them when necessary. It is different when you insist on doing these tasks yourself. You may find yourself engaged in endless wrangles with your employees with the likelihood of lawsuits. You may want to work with a multi-functional HR agency or several to handle talent search, payroll, and so on.
Conclusion
The main advantage of outsourcing executive functions is that you get to work with experts in the different fields at a very affordable cost. You also benefit from the vast experience accumulated by these professionals. It is definitely the best way to navigate through a challenging business environment when you can ill-afford to hire full-time staff.
