A large number of enterprises in the United States alone are small and medium businesses (SMBs). While entrepreneurs who’ve left offices to start and grow their own businesses feel success is underway, they do feel bogged down by problems they have a hard time solving by themselves. When they feel more pressured to spend more on all kinds of improvements, their expectations may lead them to overhaul their strategies or just close shop completely.
The first step is to identify your pain points and find a solution for all of these. Where do you start?
Here is a list of the most common pain points for small and medium businesses.
- Managing cash flow - According to a Guidant Financial report, 33% of business owners that they surveyed said that a lack of cash flow as their biggest challenge. From paying employees to business taxes, money comes in and flies out too fast.
- Hiring and retaining staff - It costs as much as $15,000, a Prosky article wrote, to recruit or replace an employee. Some individuals feel they’ve grown out of their current job and are looking for something more challenging or are burnt out due to too many tasks. This may lead to backlogs and holds on projects, especially if that employee is the only one who can do them.
- Lack of secure technology - From antiquated filing systems to lacking a strict security policy to go against malware and other viruses, small businesses may have financial or logistical problems in acquiring technology to protect themselves.
- Handling customer service - Irate customers may feel left out and will leave when their problems aren’t solved. If your business can’t handle customer service regularly, you could lose customers, trust, and revenue faster.
As of 2018, there are 30.2 million SMBs in the United States, taking up a large part of the economy and competing with other enterprises. Many of these are steadily growing but are already facing these challenges and more.
Luckily, they have found a solution to support them.
Outsourcing is one way to help SMBs tackle these pain points throughout their growth stage. A good example would be a startup company that has seen the benefits of outsourcing when they partnered with Infinit-O.
Growth in Practice: A Startup’s Success Story
A small private equity business is in the process of expanding its business and client database, and they’ve encountered challenges along the way, such as finding the right talent and reducing their overhead costs. It was then they considered outsourcing as a way for them to address their growth challenges.
They partnered with Infinit-O as they required a highly trained F&A pipeline management specialist to support and work on specific administrative, email and content resource management tasks such as reviewing incoming emails about businesses and companies for the client’s consideration and creating daily reports. Throughout the partnership, the specialist accurately tracks and updates new opportunities created and maintains an organized system of production throughout the day.
This leaves the startup to focus on their core competencies with a talented expert on their outsourced team.
The Capabilities of Outsourcing
The startup company continues to work with Infinit-O because of their ability to find the right specialists for the job and help them in maintaining growth at reduced costs. But what are the other capabilities of outsourcing that small and medium businesses can look for in a solutions partner to help them grow?
Here are 4 capabilities:
When you partner with a global solutions provider, they ensure that the tasks you outsource are done by a specialist. You work with a team of highly trained professionals with experience in healthcare, finance and accounting, research and data, and customer experience. Your solutions partner recruits only the best talent for whatever job you need to be done, and will work on continuous training and coaching them to give you better results. Save on recruitment and training expenses, while maintaining successful operations as your business grows.
Are you experiencing problems in streamlining your processes and spending too much of your resources trying to iron them out? Outsourcing saves you time with operational excellence by communicating collaborative service-level agreements (SLAs) and metrics-intensive performance. Trust a partner with ISO certifications: their management systems and documentation procedures meet global standards.
Specialists cannot do their work without the right tools. That’s why globally trusted outsourcing companies have updated software and hardware in each professional’s workstation to deliver value-based solutions. You need not worry about spending too much on tech upgrades when you outsource a team to cater to your unique needs.
SMBs may not have the time to work on regulations, and it could hamper their credibility in their respective industries. Count on outsourcing companies that use secure systems and comply with international regulations such as GDPR and Sarbanes-Oxley Compliance. They also employ secure networks so that precious client information will be safe from any data breaches.
Let your startup grow with the right solutions partner that has the right strengths and capabilities.
Infinit-O is a globally trusted solutions partner that can help you build and operate a dedicated team of research professionals of every level in healthcare, finance and accounting, data and research, and customer experience designed specifically for your unique needs, with cost savings of up to 70%. We can help you meet your goals, whether they be growth, better productivity or simply bottom-line cost savings. With access to excellent talent who uses cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified and GDPR-compliant, so your company and client data are safe with us.