Apr 20 2007
Outsourcing is In
I attended a keynote speech by Rich Sloan – Co-founder of Startup Nation – on Wednesday night. Rich spoke of seven key points for small business to remember. One of his points “Outsourcing is in� stood out to me. Not only because my business interests are in outsourcing, but because the company I work for has outsourced several functions to companies that execute them better than we do.
Beyond simply knowing more about these functional areas, companies that specialize often have buying power, economies of scale and scope and are able to save business owners time and money. The ability to save businesses money in these areas is further amplified when considering the opportunity cost of doing it yourself.
The truth is that all business owners outsource something. Legal council, accounting services, marketing support and several others immediately come to mind.
Most small business owners I’ve met don’t have time to learn the tax code or all the laws associated with employment unless that is their core business. The bottom line for them is the bottom line and time spent away from improving that is time wasted.
Jake Lunt is the General Manager of Idaho Operations for A Plus Benefits Inc. He maintains a blog highlighting small business strategic concepts.