Small businesses across the United States are facing unprecedented economic distribution due to the COVID-19 pandemic. The U.S. Census Bureau Small Business Pulse Survey indicates a negative effect from COVID-19 for51.4% of U.S. business owners.
Additionally, a recent study discovered that the number of active business owners in the United States dropped by 3.3 million over two months from February to April 2020. Business owners are now looking for ways to deal with the challenges while addressing their customers, clients, or employees’ needs.
What can be done?
For starters, The U.S. government has committed hundreds of billions of dollars to help your small businesses weather the coronavirus pandemic. Acquiring this loan may help recover initial and current losses. We know the virus is here to stay, hence planning further strategies keeping the current situation is vital. Small businesses may not have the budget to hire permanent full-time workers to help complete projects for customers. This is where the notion of outsourcing comes to play. According to statistics, more than one-third of small businesses (37%) are currently using outsourcing strategies to improve efficacy and save costs.
What is Outsourcing?
Outsourcing involves hiring a third-party service provider to perform tasks, handle operations, or provide services for your company. This service provider arranges its workers and computer systems to perform the tasks or services either on your company’s site or at external locations. According to statistics, small businesses most frequently outsource accounting (21%), IT services (20%), and digital marketing responsibilities (20%).
- Decreased Cost: Outsourcing reduces bulk expenditure in the early stages of your business. Outsourcing releases cash to other sectors of your business by converting fixed costs into variable costs. You’ll only be required to pay for the work done and not worry about hiring a full-time employee.
- Increases Efficiency: Allowing experienced professionals with higher research and the latest software handle some business operations ensures that the work will be done with perfection and promptly. This will lower the load from other employees who can focus their attention on other essential business functions and accelerate the growth of your business amid the pandemic.
- Reduces the Risk: Suffering a significant loss due to the pandemic has already affected your business. This is why mitigating further risks is essential. With outsourcing, the risk factor is divided between you and your service provider, saving you from carrying the entire burden alone.
At 3Alpha LLC, our clients are our priority. We go over and beyond to help your business recover the loss and prompt growth. We offer a wide range of services like e-commerce data entry, document data entry services, cad drafting services, BIM services, accounting bookkeeping service and many more. Visit our page today and let us walk you to the path of success!