How to keep up to business relevance in 2018

The business environment is always in constant change that pushes every entrepreneur to be on the watch out with an eagle eye to guarantee its survival, profitability, and relevance. Meeting customer`s needs and exceeding their expectations is always a center-stage in shaping the right business model to ensure productivity. Competition and technological advancement are proving to be some of the leading factors that are shaping up and shaping out much business. Time has truly changed and every business owner regardless of nature and size is thinking of how to improve profitability, growth, and development, create the value of the business as far as the society of the operation, engineering and re-engineering better business models among many other business needs.

Sustainability of businesses mostly SME`s have been in the spotlight over and over again. Every day we get to read newspaper headlines, television bulletins, business blogs pointing out a massive number of small businesses closing down, downsizing operations, reporting financial losses among many heartbreaking business stories. Harsh business environment engulfed with unfavorable government policies plus other regulations have been blamed for the predicaments. Although some of these challenges require external interventions, a greater chunk of the job must be done by entrepreneurs themselves to shape up their business and live up to the business revolutions.

In many cases, a good number of businesses have suffered stagnation. To some entrepreneurs not having the ambitions of growing big is a choice while others have consistently tried to grow broader but with little success. A section of these ventures continues to shrink its operations on their way to oblivion. An effort is truly required to give a ray of hope to the many businesses struggling with relevance and productivity. It`s out of the question that you can have a vibrant and successful company today and completely out of the industry tomorrow, it explains the blatant fact that what may work now may not work in the future. Entrepreneurs have to be agile, flexible and creatively manage the rapid changes in real time.

Constant creativity and innovation; Business leaders have to always stay awake and live true to the market shifts. Businesses extremely married to their products/services and business operations with little regard to the changing customer`s needs plus competition sets a better ground for extinctions. Business should always strive to involve creative/innovative personnel that believes in the company`s vision. Provision of a conducive environment that breeds the innovative culture that resonates throughout the company should be a priority. Business models are productivity tools that may be in check whenever a need arises, it goes long way in enhancing critical business aspects from the product/service, internal/external customers, technology, finances to marketing.

Consider delegation of duties and professionalism; As an entrepreneur, you can`t respond to all business needs and functions on your own. It`s viable to delegate other duties and management roles to more competent an professional personnel to handle some tasks, it helps achieves productivity in all business aspects more so areas where the business have been lacking the required skills to spike success. Assembling a competent team to manage daily functions and processes seamlessly even in the absence of business owner will be a move in the right direction.

Keep up with the trends with the potential of developing your business; It`s always important to understand your industry and aware of every factor that keeps influencing the business operations. Opening eye to trends having potential impact to your business such as technological advancement, culture, economics, competition, policies/regulations, customer taste, and preferences will place the company in better position to make adjustments and developments in time. Watching and responding to the industry trends should be part of business life to increase chances of business survival. It is important to note that, it`s of zero value to acquire information on the trends without proper tools or structure of integrating it into the business lifeline to achieving targeted results.

Shift ahead; always take some time to interrogate your business and question its relevance tomorrow. Plans and strategies should be developed to grab the competitive edge to always stay ahead of the competition. Understanding the customer needs/pains and working round the clock to develop products/services that satisfy the needs as well exceeding the expectations.

Stand positive when change knocks; resistance to changes is a challenge that many businesses deal with due to future uncertainties, unclear communication, delinking from the comfort zone. It is upon the business to professionally handle the change process, everyone needs to understand the need for change and involved in every step to promote togetherness in achieving the company`s vision.

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Why businesses are currently investing in strong business models

It’s a priority for every business to ensure it creates value out of its operations. In that spirit, many entrepreneurs have been calculative when selecting appropriate business models that will translate to a positive value in the short run and long run. Business dynamics such as technological changes, changes in customer`s behavior/patterns, competition, creativity/innovations have left many entrepreneurs to engage in gear in order to be ahead in the market. With all indications pointing at online entrepreneurship, transformation journeys continue to be living proof to several industries from service to manufacturing industries.

A business model can be about strengthening business value proposition, channeling revenue streams, targeting customers, overcoming business challenges, fundamental assumptions and framework for learning for startup ventures.

From the above highlights, having a viable business model is an obvious priority of every company regardless of the size, nature or age. Many fresh entrepreneurs continuous face an uphill task of designing a matching model for their startups, competition has become fierce, technology and customer’s habits is in continuous change complicating their startup challenges. In this article, I`ll expound more on the significance of business model, key components and considerable examples of business models just to add voice to the business aspect every entrepreneur must think about.

What makes a business model this important?

  1. A business model is the powerhouse of a venture`s strategy as it entails framework and direction for the targeted business success. It clearly states the company`s current position, where it expected to be and work formulae of getting there.
  2. It`s important for business entrants to gauge the new market by assessing the potential of the new product/service and getting the preview on how the business might perform.
  3. The designing of the business model helps in sharpening critical decision-making processes all in the direction of creating the value of the business. It singles out and prioritizes what`s important for the business.
  4. Business models bring out the creativity and innovative aspect of the business, all in line with understanding the customer`s needs, satisfying and exceeding their expectations.
  5. The process of developing a business model makes it easier in articulating the business vision and its realization. It becomes effective when sharing the vision with everyone in the organization to improve the understanding, buy-in, consensus building around the company`s vision and mission.
  6. A strong business model keeps the business management more realistic and accountable for the venture`s undertakings, time and other resources at play to ensure a positive return on investment.

Key components of a strong business model;
For every enterprise, its market approach, and strategy on creating both internal and external customer`s value. That is an open reason why every company must have its own approach to business model development. There exist key elements of the business model that must be considered in the development process, here are some of the insights;

  • The problem to be solved; market gap, customer`s unsatisfied needs, and pains
  • Solution to the problem; the framework for achieving and exceeding the identified customer’s needs.
  • Fundamental Resources; human resources, financial, tangible and intangible (intellectual &physical) resources
  • Customer segmentation; identifying, knowing and understanding the target customers.
  • Unique value proposition; why will the customer be willing to buy from your business?
  • Competition environment; direct and indirect competition to your product/service.
  • Competitive advantage; the unique product/service features that edge other competitors.
  • Sales channels; viable mediums of reaching the customers.
  • Revenue streams; channels of generating revenues.
  • Revenue model; Framework of achieving business profitability.
  • Essential partners; parties key to business undertakings and success.
  • Cost structure; company`s costing and pricing for business value.
  • Metrics of measuring the venture`s success.

Common business models used today;

  • Freemium model; this is based on a free model and used by companies such as LinkedIn among other online and app software providers. The strategy here is providing basic functions for free but the premium services are accessible at an additional fee. It`s also an effective model for startups as it attracts a considerable number of the customer without much hassle and costs related to advertisements and promotions. Customers will be more ready to join on the free platform to access services offered before making informed decisions on purchases.
  • Subscription model; Subscription based services provide the customers to get regular updates, information, product/services as per the terms of subscription with little worry. Mobile transactions and internet revolutions have made this model even more popular businesses. Through the recurring sales, it boosts business in predicting sales, valuations and improving business attractiveness to financiers. Netflix is a company that has done the massive transformation in the TV/movies consumption through the convenient monthly subscriptions and quality services.
  • Modernized direct sales model; Social media platforms have helped bridge the gap between business and customers, customers can make orders and delivery made with much ease. It helps in improving the customer loyalty.
  • Reverse auction; It is a platform that allows buyers and sellers to switch roles. Buyers that are price sensitive offer bids for a product to a seller, upon the seller agreement, the buyer have to meet exclusive terms and conditions of the seller. To the seller, it is an opportunity for market while the buyer benefits from enjoying better bargains.
  • On-Demand model; Today`s customers are in demand for convenience, simplicity, and speed. Through smartphones, customers can make transactions just from a tap on the phone. Businesses are bringing up technological inventions, services around this concept to satisfy and solve customer’s needs. Uber is a company that has used this model to transform the transport industry.

How to achieve productivity in Online entrepreneurship (Freelancing)

Remote working is a desire for many people thanks to the many positive stories allover on online entrepreneurship. As usual, many individuals tend to get carried away with the fact of making cash without necessarily leaving their residences. It is also increasingly evident most employees are embracing jobs that offer room for telecommuting to avoid challenges of traveling, having more time with family, reducing office distractions and many unnecessary meetings among many other reasons. Entrepreneurs and employers have also been under pressure to follow the current trends of remote working. It comes with advantages and disadvantages to both parties ranging from various factors such as productivity, operational costs, work environment, security, human resource management, technology, etc.

Online entrepreneurship is continuing to grow and remains dynamic over time. It demands everyone in the sector to be on the watch out of the changes and effectively position themselves to their advantage. In this article, my primary focus will be on freelancing and productivity. It is an exciting area that has employed many people and continue to attract new entrants who are very enthusiastic live up to the lucrative stories of online entrepreneurship. On the other side, this is a sector that many has viewed as frustrating, scamming, unrealistic having failed to get a break-through as suggested by lots of enticing success stories. Among the group, many people have little idea, knowledge, and experience to maneuver the challenges and develop a workable strategy through the assistance of mentors and veterans in the sector.

Achieving productivity is very paramount in freelancing and it tends to be challenging to many entrepreneurs or employees working remotely, I don’t consider myself a veteran to give epic insights into sure means of achieving productivity in this sector but I will highlight several highlights that have worked for me and backed by others for keen observation by freelancers.

You must never stop learning; online entrepreneurship is dynamic due to the technological advancements, you can’t just afford to have a fixed mind all the time. You must be out and ready to learn new concepts every time, It`s about trying and learning from mistakes and learning how not to do things and focusing on getting better on every single opportunity.

Distractions are disastrous; Working from home can be genuinely tempting, imagine working from your living room while television, phone, kids are just around. You can easily slide away from the work you were doing attend some of these distractions thus dangerously affecting your work productivity. It`s essential to minimize distractions by switching off phones, being in in a peaceful room away from any distractions to ensure quality job time. It`s prudent to set up quality working hours and to remain disciplined to the schedule/deadlines. Taking breaks in between the work helps in boosting the concentration levels over time.

Focus on exceeding client`s expectations; Meeting and exceeding your client`s expectations is very paramount in the freelancing sector. You must always focus on a clear and precise communication to adequately understand the needs of the client and deliver quality work to earn long-term partnership over time. With this, the client considers you as a valuable asset to their business success all the time. Working hard and staying focused will always help achieve these expectations.

Always believe you can; Freelancing can sometimes be intimidating testing your gut and believe in what you are doing. From irregular workflow to technical challenges you can be easily tempted to look a different direction. It`s vital to maintain the focus, press the forward button and always ready to learn new things and styles of working. Believing in yourself that you can achieve every greatness and client`s needs is a sure way of moving mountains in this sector.

Why Social Entrepreneurship is bound to thrive in 2018 and beyond

The current entrepreneurial space is dynamic. Businesses have to consistently and creatively review their business strategies for growth and survival. Traditionally, most entrepreneurs were primarily concerned with making a profit and their business well being without serious scrutiny of the business idea. Currently, companies have to stretch its mandate to determine its impact on the general welfare of the society. Besides being attracted to lucrative return on investment, what is the societal problem that the business seeks to solve? Exclusive profitability or social impact is one of the significant questions that current crop of entrepreneurs has to answer going forward.

Social enterprises principally operate with the agenda of value creation for the society besides generating income. The solutions they present should always be in line with creativity/innovation, people-centered and environmental friendliness, cultural consciousness. It forms the basis for understanding the concept of social entrepreneurship. It`s passionate risk-taking that involves innovative plus practical answers towards benefiting the society through the business operations.

Globally, social entrepreneurship is gradually getting embraced by both start-up entrepreneurs and existing entrepreneurs. Firms are as well responding to corporate social responsibilities, finding a way of creating a real network, communication, and support to the people and society. Many ventures going the social direction continues to thrive in the current entrepreneurship space truly. There exist insightful reasons for the current change of events that every entrepreneur needs to understand.

Ease of raising capital; one the biggest nightmare for many entrepreneurs is raising money. Currently, social business ideas with a stronger considerable solution to societal problems find it easier to attract financing. There are government schemes and incentive programs to support such ventures. The ethical factor in this investment industry plays a role in easing capital acquisition at favorable and lower market rates.

Attractive to support from like-minded; the social aspect of the business makes easier to attract many people onboard from experts to employees at more lower costs compared to other sectors.

Marketing and promotion made slightly easy; bringing out the social problem and outlining a proper plan for the solution goes well in attracting the attention of media platforms and people in general. Such positive initiatives sell well in the society. The higher the uniqueness of the solution the enterprise brings, the higher the amount of publicity.

Cost-effectiveness is a significant consideration; many consumers take into account the element of cost in every decision towards a product/service. The solutions provided by social enterprises are always in the form of product or service offered at a reasonable price compared to the profit-minded ventures. It`s a fact that many essential amenities such as schools, hospitals managed by social enterprises are more affordable to the people all over the world.

The wave of Millennials; currently, the Millennials has a massive influence in the entrepreneurship space. They are doing things differently and have a different mindset compared to the previous generation. They are not carried away with the corporate careers as previously evident. Being the future business leaders to transform the world, it shows an exciting business direction in store. The youthful business leaders are taking front seats with startups, inventing more social ventures and are positioning themselves as the change agents to the world. To them creating remarkable positive social impact is beyond choice but a necessity.

Considerable focus aiming at better business practices and values; presently, consumers expects more from companies, it`s never enough to focus entirely on corporation`s financial soundness, it must now take more effort towards creating a mission for social impact to thrive. The traditional businesses are increasingly reviewing their business models to support corporate social responsibility to achieve the social effect. The people find it easier to do business with firms that value and support their needs by coming up with unique and timely solutions.

Social enterprises continue to transform lives; Social entrepreneurship has a measurable impact on lives of many people all over the world. The solutions they provide through product/services and opportunities to locals have gone down in saving and positively impacting many lives. Many studies have demonstrated measurable economic impact in the society and state through social ventures. Employment opportunities are in upscale with thousands of jobs created accommodating every group in the community especially the disadvantaged people who have undermined. The social programs and programs continue many gaps in the society and are driving many people to their support, and the community believes that this is the perfect way to go.

Why the youths currently needs surety of prosperous future in Agribusiness

Youths have been targeted and identified as a critical player towards agricultural transformation. Significant efforts are bending towards attracting this section of the population due to their potentials and abilities. In many regions, the campaign has been dubbed Agribusiness, making agriculture `cool` among many other lucrative languages to change the general attitude of the youths towards agripreneurship. In developing economies, the population is rapidly growing translating to the need to live up to the demands of the many mouths to feed. Food security, proper nutrition, economic empowerment, job creation are some of the top agendas that are driven by various governments to be spearheaded by the youths.

From various research, the average age of farmers is dominated mainly by aging population who are becoming unproductive every day and lack the necessary skills and abilities to cope with the agricultural advancements. The youths, therefore, have been under significant pressure from all quarters to replace the aging generation and feed the nation and having a better way of dealing with the massive unemployment rate. Many will agree that it is a noble course but the young generation aren’t going to blindly replace their aging parents without surety of prosperous future and proper structures/ policies that to empower them with knowledge/tools in agribusiness to realize their dreams. From this angle, it becomes more evident on the direction to take to drive more youths to farm and need to address the very many bottlenecks that have continuously frustrated and thrown out many young people from farming.

In many cases, efforts are shifting towards challenging the youths to embrace agriculture, but little concern has been deployed to listen to the frustrations many young farmers have encountered in their agribusiness careers plus the challenges that keep scaring away many young and hopeful farmers from embracing agribusiness. In many interactions, there are several thought-provoking insights must not be overlooked:

  • Youths avoid farming because it`s mostly a gamble and punishes any losses heavily, it`s too expensive
  • Does agriculture indeed obey the principle of risks which states higher risks translates to higher returns?
  • How does one master the art of survival even after series of failure but still stabilize and remain in the game? Can the youths cope and sustain the bills of the many inevitable failures?
  • Farming is predominantly marketing as a passion just because of the `craziness` it demands to survive.
  • In the absence of technology, it can be frustrating to realize good returns from farming to live up to the desired dreams.
  • Farming is never fun like any other fun run, and there is no fun about it.
  • Farming is mostly an on-job learning exercise; the learning process is costly. Where are the youths getting money to manage this?

Despite the remarkable milestone made towards transformational agriculture especially with technological advancement, not many youths have embraced the agricultural value chains to the desired expectations. Through my individual experience, interactions and research on this particular topic, some areas must be strengthened to lure more youths into agribusiness.

Youths not adequately involved in agriculture policies; Transformational agriculture largely depends on innovative strategies developed as the driving force. Focusing and implementing strategic youth policies are significant towards involving and providing youths needed platform and structure for engaging in agriculture as another sustainable livelihood to create viable agribusiness ventures crossing the agricultural value chain. In Africa, most governments haven`t fully initiated policies ensuring vibrant, youthful participation in the farming sector. There are fewer channels to allow youths share their opinion and frustrations that can help develop workable systems to respond to the challenges faced by the young generation. The public-private partnership is an avenue that hasn’t involve and brought all farmers into the standard table, and this has left some youths entirely depending on government handouts and aids which is never sustainable to engage in agriculture.

Weaker agricultural value chains; Success of modern farming depends on well-structured and coordinated value chains building relationships, structures and resources around agricultural development. Underdeveloped value chains in many developing economies deny many young agricultural entrepreneurs coordinate with other stakeholders and access the much-needed inputs, infrastructure, and services. Among many key areas that remain a challenge includes; agricultural mechanization services, extension services, agricultural financing, Sustainable agricultural market access, Storage/transport services, agro-inputs.

Limited practical training and development schemes for the young agripreneurs; with the ever-changing technology and challenges arising every day in agribusiness. The youths must always be trained and equipped with the knowledge and skills to match the current agricultural transformation. In many developing economies, young farmers are still not adequately empowered to approach the new advancements. Many youths have stayed away from due to their incapacitations and feel left out across the agricultural value chain.

Inability to access land for farming; many youths lack the land ownership rights and lack the financial abilities to acquire or lease lands for their agricultural ventures. It has stagnated and frustrated many youthful agribusiness dreams. Interventions and more pragmatic approach should be in place towards addressing the challenge to develop prudent land lease policies.

Inadequate agricultural financial funding; you can`t address all the challenges youths face towards modern farming without pointing out financial problems. Many potential transformative ideas remain unimplemented due to the financial constraints. The resources, infrastructures, and facilities required to embrace modern farming entirely revolves around finances which many young agricultural entrepreneurs lack. It has significantly hindered productivity and sustainability of many agribusiness ventures.

There also exist many other general challenges that farmers face across the globe that demand policymakers and agricultural stakeholders to take much keener interest into to make noticeable progress towards attracting and sustaining many youths into agricultural value-chains. There must be considerable investments towards infrastructural advancements, creating a productive link between research /development and creative, innovative technology addressing growing agribusiness challenges. Collaboration/synergy between various stakeholders should be emphasized to ensure acquisition of factual and firsthand information that can go a long way in agricultural transformation and informed policies.

What every entrepreneur must know towards successful business negotiation

Negotiating is inevitable in the daily life of an entrepreneur. Business has to make deals, decisions that play a significant role towards success or failure of the firm. The arrangements and the agreements revolve around negotiations. It portrays why it is an essential element of the business process that needs considerable attention. If you don’t master the art of negotiation, your entrepreneurial success will be under serious question. After all, entrepreneurship is about convincing others from investors, customers, employees, suppliers, potential business partners to policymakers to invest their resources, reputation, expertise, money to your outlined idea.

Negotiations are an essential but delicate element of business built around a balance of giving and take. It requires keen and detailed strategies to be a successful negotiator and get best deal possible under the prevailing circumstances. Every contract negotiation is unique in its way and requires a unique approach to optimise it.
In reality, negotiations can be more complicated and require consideration of many factors on behalf of everyone involved in maximum commitment. Relying much on self-centeredness, emotions and psyches can be a sure way to manipulation, compromised/ fearful submission and wavy territorial power plays. A successful negotiation process builds around meeting the needs of every party in the process. The point of convergence should be a common ground where it is a win-win situation for each participant.

It’s essential for every individual entrepreneur to make an effort to master the art of successful negotiations. Many have made severe business mistakes that have thrown them out of business arena, some are very green and have little experience on how to adequately tackle the concept. Interestingly, I have come across individuals that have made it in their mind that they are poor negotiators and can’t make any positive progress on the process, they end up hiring others to negotiate on their behalf. Every nature/ size of the business has its own set of needs and parameters of negotiations. For example, with the current technological advancement, a virtual/online store has its unique approach towards successful business negotiations compared to much physical business. But among all these, there are a standard set of considerations that every entrepreneur should master in the quest to fruitful talks;

Preparation is paramount; failing to prepare is a better route to preparing to fail. You must qualify before engaging in any negotiation conversation. You must develop and understand your intentions and what to get out of the process. It is a clear way to avoid emotional distractions that derail you from your plans. Additionally, there are key things to check here;

  • Do a thorough background check of other parties in the negotiation to understand their bio, history, profiles, and recommendations among much additional relevant information.
  • Review history of similar deals completed by other parties and the terms explored in the process.
  • Get to explore offerings and pricing of the direct competitors of the party you are engaging in negotiation.

Going to negotiations, you must have your best foot forward. Preparation ensures clear-conscious, confidence, stamina and energy to get best on the deal.

Keep your ego and emotions on the check; allowing your emotions to control the show ruin the entire negotiations. It’s necessary to cap your ego and approach the conversation with a neutral mindset, and it ensures free and objective thinking under extraordinary circumstances in a positive spirit of finding common ground. Having fixed mindset can’t go well with the principle of negotiation on giving and take.

Do you know your strengths and weaknesses? You must do self-evaluation to understand your areas of potential and weakness. It is a better way to determine and strategies on how to play your cards while approaching the negotiation table. You must be completely honest here to save yourself from any possible exploitation. What is it that you bring to the table that the other party can’t? And vice versa. It provides a better and fair position in the negotiation chessboard.

Listen keenly and understand the offer tabled; Get to understand the critical element of the proposal tabled. Offer price, proposed work, goods/services involved, timeframe, warranties or terms and conditions. In case you are placed to push the initial offer, you have to be bold and raise the negotiation up and ride on the upper hand advantage to get best out of what you need. You need to listen keenly to the other party and understand the critical issues raised and respond appropriately. Trying to take exclusive control of the conversation dents the process.

Everything must be professional and courteous; A good conversation should be free of prejudice, abuses or any intimidating environment. A definite plus collaborative tone away from high unnecessary emotions will lead to a common ground and progress towards closing a deal. Developing a positive long-term relationship with the parties involved should be a priority for any negotiation. It’s all possible if the whole process is exclusively professional

What’s your exit strategy; Not all the talks will go through as planned. Having a plan to walk away when things don’t work out will leave from the point of strength. You must never place all your hopes on one deal, it’s disastrous and can be a trap to make a grave mistake that will have a long-term effect on your business. You have to believe and understand your intention towards the negotiation while remaining objective. Losing on a deal full of bullying and intimidations, leaves with nothing to lose but an opportunity position yourself for a better sale in the future.

Who is the ultimate decision maker? You must be able to determine and understand the authority of the party you involve in the negotiation. It’s very frustrating to go through a tedious conversation and end up with discontinuation due to lack of consent from person-in-charge. Such discussions are pointless and a waste of time, it’s wise to ensure you engage the real person with the approvals and decision-making authority.

Time, time, time; time is a big enemy to many deals. The longer you prolong the agreement, the more the chances of situations that may derail the whole process. It doesn’t necessarily mean rushing to concessions but being swift in every moves made. Have your team prepare a ready agreement document to keep the negotiation momentum at bay.

Why many Small business are currently embracing Outsourcing

The business ecosystem is rapidly changing. The need for a competitive edge, creativity/innovation plus highly talented and qualified personnel is an unavoidable part of business growth strategy. SMEs are also feeling the need to keep up with the dynamics of their survival. SMEs owners need to understand better why they must move away from the traditional way of running a business to professional way of doing things. We are past the time when the sole owner of the company would single-handedly undertake business duties regardless of his/her expertise. Currently, productivity must be a top priority of any business regardless of size, age or nature. Small business must be handled as a serious investment with the expectation of better returns based on the strategies put in place.

Sustaining workforce that is required to deliver on business ever-changing environment and capacity is a challenge for many SMEs. Most of the business are forced to force the few existing staffs to overstretch to other duties they are disabled. Business owners find themselves strained that they can’t channel enough efforts towards business growth. It’s true that most small businesses remain stagnant over time due to many manageable factors. It’s upon a small business to examine itself based on strengths, weaknesses, threats, opportunities to maximise to its advantage. From this position, the firm can face competition, creativity/innovation, technological advancements, and market dynamics among other business elements in a better way. All this brings about the concept of outsourcing for small business. It hasn’t been fully considered by lots of small companies, but it’s a better option to go considering the current technological age and challenging operating environment. For the chunk of SMEs that haven’t thought outsourcing, this is what you need to know:

A chance to access the experts; it’s a dream for every business to incorporate highly qualified and talented personnel to drive business activities and agendas. Looking outside far away from geographical limitations, an SME owner has the chance to contract the best expert from multiple talents at disposal to fit in the specific business niche, i.e. digital marketing.

Reduced cost of business operation; One of the surest means to maximise profitability is to slice down costs. Through outsourcing, SMEs can curb down expenditures on rent, office space, equipment, employee benefits, and transport costs etc. which are necessary for physical employees. The savings from these costs can be easily be channelled towards the revenue-generating capital.

More time for focus; delegating some business duties to experts saves SME owner from multitasking which in most cases has been draining business productivity. Outsourcing will give the owner perfect time work on business growth strategies for the benefits business long-term survival. The move goes well in establishing business priorities that is customer-centred.

Reduced risks; Business risks are inevitable in any business environment which is always changing, from competition, technological advancement, market to government regulations. Through outsourcing, SMEs tends to avoid any of such associated risks as the contracted service providers manage the risks on your behalf and are better placed to prevent risks in their niche of expertise.

Accelerated efficiency; As a small business, being exempted from doing costly business mandates such as market research, marketing burden of which trickles down to customers is a reprieve for your business. From the economies of scale point of view, this gives a firm that little competitive advantage.

Increasing demand for remote working; the current entrepreneurial space is giving attention to the remote operation. Most experts and businesses are going the same direction. Many employees are also more comfortable with jobs that are flexible enough to allow remote working. It’s also upon the SMEs to embrace these changes get in touch with freelancers who are affordable, experienced and readily available to perform business duties without extra business burden on training as well as other overheads.

Having gotten some insights on why SMEs should consider outsourcing, some essential business functions that may feel easier to be handled by experts regardless of the stage of your business. It’s proving to be cost-effective and productive in the long run for startups or existing SMEs.

Bookkeeping; Multitasking hurts business productivity. Many SMEs struggle with this vital business element and end up with non updated financial records, no clear financial instruments making it even difficult to evaluate, analyse and control business performance. You can’t allow your business to continue committing such financial mistakes. It’s best to contract experienced team with the right technology to professionally handle your business financials at an affordable cost.

Payroll; Any mistake from bringing about tax audits which may be at the end costly to SME. The numerous regulations and tax laws for salaries require merely an expert with in-depth experience to curb the risks of making the costly mistakes, omissions and improper filing that may occur when the owner single-handedly run the show.

Virtual assistant; SME owner running the business solo may find him/herself strained by series of many smaller tasks that keep accumulating a lot of time. As the CEO of your business, the focus should be towards strategising for venture growth. It’s timely to higher an expert to help in administrative tasks to save time. The advantage here is that it’s less costly as the business have to pay only for hours duties were handled rather than spending more on full-time assistant which must be paid regardless of the job performed.

Digital marketing; Digital marketing is unavoidable for any business. Small business should seek the assistance of the experts on how better to go about this whole concept to achieve business productivity. Hiring digital marketing professional helps leverage digital medium that best fits the business needs within the budget standards. Some of the critical areas to check includes; social media management, content marketing, Search Engine Optimization (SEO), Email marketing and web analytics. Each of these areas has a unique contribution towards business growth when timely and adequately used.

Areas of business to outsource isn’t restricted to the few highlighted in this article. It’s upon every single company to outsource based on its weakness and goals. Comparing the cost of hiring full-time employee and outsourcing should as well be used as a guiding element towards any decision making.