Companies no longer rely on offshore outsourcing solely for cost-cutting. These days, outsourced services are often more robust than in-house teams, shifting the goal post to achieving innovations, increasing operational efficiency, and broadening businesses’ consumer base.
Here’s how outsourcing can help you generate more consumers:
Greater availability of funds
When businesses start out, they naturally have limited funds and, therefore, have to allocate them with great consideration.
Unfortunately, in the start-up phase, companies struggle to break-even. At this point, operational expenses are so high that you don’t have huge allowances for marketing and advertising.
Outsourcing helps you save on these costs. When an offshore company looks after accounting and data entry tasks, you no longer have to recruit in-house members to do so.
You can also get the outsourcing company to look after your payroll, content marketing, and branding tasks. As a result, you save on recruitment costs and infrastructural costs.
When companies have high retained earnings, there are greater margins to spend on advertising and marketing. This way, you can reach out to a wider target audience.
Greater innovation
To understand this point, let’s take the example of the industry giant, Procter & Gamble. When the company outsourced its R&D activities, the resulting boost in innovation productivity was 60%. Through this, they were able to generate over $10 billion from 400 products. Even to this date, over half of P&G’s total innovation comes from outsourced activities.
This is because when you collaborate with an external company, you bring in new ideas and expertise. These companies also work with a wide range of clients across the world and possess versatile insight into how business is conducted globally. This makes it easier for you to disrupt your traditional business model and innovate. Companies that innovate create new needs and gain customers that previously may have been classified as non-consumers.
Professionally-managed insights
When you outsource routine tasks like data entry and accounting, your bookkeeper no longer has to spend hours recording transactions and making general ledger entries. Your outsourcing agency will generate all the meaningful reports and analyses your company needs. These include liquidity analysis, profitability analysis, and even tax consultation.
Since these insights are professionally-managed, they’re accurate and relevant. Businesses can use this type of data to make better and more well-informed decisions. Well-tabulated and well-presented information helps you identify key profitable customer segments. This way, you can choose key accounts that are contributing to your profits and focus on those customer segments to generate higher revenues from them.
3Alpha is an offshore outsourcing company that offers accounting, data digitization, and database management services to businesses! Whether you’re looking to streamline your operations or reach out to new customers, get in touch with us!
Companies no longer rely on offshore outsourcing solely for cost-cutting. These days, outsourced services are often more robust than in-house teams, shifting the goal post to achieving innovations, increasing operational efficiency, and broadening businesses’ consumer base.
Here’s how outsourcing can help you generate more consumers:
Greater availability of funds
When businesses start out, they naturally have limited funds and, therefore, have to allocate them with great consideration.
Unfortunately, in the start-up phase, companies struggle to break-even. At this point, operational expenses are so high that you don’t have huge allowances for marketing and advertising.
Outsourcing helps you save on these costs. When an offshore company looks after accounting and data entry tasks, you no longer have to recruit in-house members to do so.
You can also get the outsourcing company to look after your payroll, content marketing, and branding tasks. As a result, you save on recruitment costs and infrastructural costs.
When companies have high retained earnings, there are greater margins to spend on advertising and marketing. This way, you can reach out to a wider target audience.
Greater innovation
To understand this point, let’s take the example of the industry giant, Procter & Gamble. When the company outsourced its R&D activities, the resulting boost in innovation productivity was 60%. Through this, they were able to generate over $10 billion from 400 products. Even to this date, over half of P&G’s total innovation comes from outsourced activities.
This is because when you collaborate with an external company, you bring in new ideas and expertise. These companies also work with a wide range of clients across the world and possess versatile insight into how business is conducted globally. This makes it easier for you to disrupt your traditional business model and innovate. Companies that innovate create new needs and gain customers that previously may have been classified as non-consumers.
Professionally-managed insights
When you outsource routine tasks like data entry and accounting, your bookkeeper no longer has to spend hours recording transactions and making general ledger entries. Your outsourcing agency will generate all the meaningful reports and analyses your company needs. These include liquidity analysis, profitability analysis, and even tax consultation.
Since these insights are professionally-managed, they’re accurate and relevant. Businesses can use this type of data to make better and more well-informed decisions. Well-tabulated and well-presented information helps you identify key profitable customer segments. This way, you can choose key accounts that are contributing to your profits and focus on those customer segments to generate higher revenues from them.
3Alpha is an offshore outsourcing company that offers accounting, data digitization, and database management services to businesses! Whether you’re looking to streamline your operations or reach out to new customers, get in touch with us!