While all of us may wish that we were going through less turbulent times, but as businessowners that’s not a privilege that we can count on. Ultimately, it’s about how well we can make it out of these trying times that determines the success of our organizations—to come out on the other side as better service providers destined for greatness. However, let it not be forgotten that while a desire to grow and overcome adversity is important for organizations, you need to be intelligent and cunning in the ways you pursue your goals.
Considering the existing condition of the global economy there’s no business in the world that’s struggling—more so, the businesses in the United States. With massive unemployment, the oil market crash and the financial market crash, everyone’s scrambling to get the situation under control. And there’s only one way of dealing with a market like this—you need to become more efficient as an organization because there just isn’t enough money to go around.
With the certainty of a recession, and maybe even a depression, looming right in front of us, we must figure out how to cut costs. It’s imperative that all businesses learn and devise strategies to do more with less money—and to continue doing this in the long-run. This is where the role of Business Process Outsourcing (BPO) services becomes important.
The Efficiency Gains from Hiring a BPO Service
Business processing outsourcing has always been popular for SMBs because it helps them minimize costs and focus on core organization functions. Back in 2019, 52% of all small businesses around the world were outsourcing some part of their business processes to a BPO service. The reasons most often cited were to get access to business expertise, reduce overheads and open up the leadership of the organization to explore ways to create a sustainable growth plan.
It’s not just small businesses who’re using outsourcing to support themselves. Back in 2013, two million jobs were outsourced to various locations around the world. At the time, 43% of all IT jobs, 26% of all distribution and 38% of all R&D was conducted by offshore workers. Ever since cloud computing and remote network access uptake became a norm—these numbers have only surged. Deloitte actually managed to quantify the advantages of using BPO services—speaking to businessowners who made a minimum of $1 billion annually to make the following conclusions:
- 59% of all business experienced cost reductions.
- 57% felt that it helped them focus on core business processes.
- 47% said that it improved their service provision capacities.
- 31% felt that their services improved.
These statistics pinpoint why exactly everyone needs to hire a business process outsourcing service in this time. These service providers can significantly enhance your business performance and help you survive—if not thrive—in the current economic dynamic.
What Can You Hire BPO Services For?
There are many different types of BPO services in the market right now that will offer you intellectual services and even helping you with tax preparation. These organizations bring along highly trained employees who might even outshine your in-house team. At 3Alpha LLC, for example, we offer the following services:
- Low-cost data conversion solutions
- Ecommerce accounting entries
- Expedited tax preparation
- Helping minimize tax liability
- Online bookkeeping services for small businesses
If you’re looking for business process outsourcing services to help improve your commercial prospects and build a successful organization, get in touch with us today.