Outsource What You Don’t Know
As a small business owner, you want the best people managing the necessary tasks for your business. Because technology has advanced, enabling jobs to be completed from anywhere, outsourcing private contractors can be more practicable and cost saving than hiring regular employees. During the 2007-09 economic downturn, thousands of professionals entered the job market. Many well-qualified professionals, instead of waiting for jobs to appear, began working for themselves. The list of free-lance professionals available to serve your company seems endless. The highly trained talent includes marketing directors, graphic designers, copywriters, paralegals, web designers, HR consultants, bookkeepers, and, of course, CFO’s.
The best jobs to outsource fall into three categories: 1) Highly skilled executives, such as chief financial officers, chief marketing officers, and chief information officers; 2) Jobs that require repetitive tasks, such as data entry and accounts payable; and 3) Jobs that require special knowledge, such as IT professionals. The one important caution is that you vet your contractors to the degree that you vet your regular employees. At this time, the private contractor market is saturated, and you want the very best working for you.
In November I will tell you how to locate such professionals and in December I will tell you how to vet them.
The Economic Downturn – And Outsourcing
I recently interviewed a man who until 2009 was a vice president in a Fortune 500 company. He made a very nice living for his family and prior to 2009 was as secure as anyone. Almost overnight, his company faced a severe downturn and he had no job. This is the story of countless executives who happened to be in the wrong industry during the economic downturn and the anemic almost non-recovery. Because things happened so fast and the drop was so severe, the market was saturated with former executives. It seemed like good jobs would never return. Out of necessity, this gentleman re-invented himself and started calling on small businesses. He marketed himself as a consultant helping business owners expand through acquisition. His advice to his vast customer base has been priceless; advice that normally wouldn’t be available to a small business owner.
When jobs began to return, he started getting calls asking if he would come back to work. His response so far has been – forget it. He says he never again wants to rely on anyone but himself. Why would he? He is again providing a very nice living for his family along with providing a wonderful service to his customers.