For companies that need a source of cash but aren’t interested in a traditional loan, a business cash advance could be a viable alternative. Watch the video to learn more about this fast and easy way to get needed funding.
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How to Shop for Cash Advance Service Providers
Friday, February 11th, 2011Five Key Ways Offshoring Can Benefit Your Business
Thursday, January 13th, 2011
A major benefit that has come out of the new global economy is the increased availability of high quality, low cost resources through offshore outsourcing.
In fact, most Fortune 500 companies are now leveraging offshore resources, and a large percentage of small to medium businesses are following suit, as revealed in a study by Duke University’s Center for International Business Education and Research.
Of the companies surveyed, 73 percent said they turned to offshoring not only as a means to save costs, but also as a key component of their overall growth strategy. These companies value offshoring for the access it provides to highly skilled personnel and industry specific expertise.
Offshoring centers in countries such as India, China, Vietnam and the Philippines offer expertise in a diverse array of B2B services, including software development, call center services, human resources, and product research and development. The benefits of offshoring, in addition to saving your company 30 to 50 percent on labor costs, include:
- Flexibility – Placing certain business operations in the skilled hands of offshore workers allows you to utilize your in-house resources where they are most suited, ensuring optimum productivity.
- Focus – Time is one of your company’s most precious resources, especially when it comes to management. One study found that most executives spend 80 percent of their time attending to details, and a mere 20 percent on the more vital aspects of business planning and customer relations. Offshoring can free up more of your time and allow you to place your focus where it needs to be.
- New Technologies – Your company can benefit from the latest technology that many offshore companies use, which might not have been within your budget otherwise.
- Reduced Risk – Offshore companies use development and training centers to make continual improvements in terms of quality, efficiency and reliability. This greater level of expertise translates to high process maturity and reduced risk of project failure for your company.
- Time Zone Advantages – While sometimes listed among drawbacks of offshore outsourcing, the time zone difference has actually turned into a benefit as many offshore companies have begun to compensate by employing workers around the clock, giving you and your customers access to 24/7 service.
56% of Businesses Plan to Boost Growth through Outsourcing
Friday, May 7th, 2010
Companies are outsourcing more, not only because of economic factors, but also to utilize the talents of skilled specialists.
In a January 2010 poll conducted by Accenture, in collaboration with the International Association of Outsourcing Professionals, 56 percent of respondents indicated that they intended to outsource more of their business activities in the coming months.
This reflects an increase of 9 percent over the responses to a similar poll in September, 2009. As IAOP Chairman Michael Corbett observed, “Increasingly, companies are outsourcing to do more than cut costs but to add value, increase business flexibility and prepare for future growth. Companies that are using outsourcing are poised to emerge from the current economic crisis stronger.”
Businesses cited strategic considerations as a further reason for the increased use of outsourced talent. Outsourcing allows for a higher level of flexibility and scalability, making it easier to plan for future expansion, according to 50 percent of those surveyed.
Kevin Campbell, group chief executive, technology, at Accenture, expounded on this point, stating, “Outsourcing remains a strong option for businesses facing unprecedented market conditions and the imperative to change both quickly and dramatically. Most companies pursue outsourcing to not only realize immediate and sustained cost savings but to implement solutions to improve cash flow, achieve real business outcomes and to drive topline growth.”
Also a notable trend in outsourcing is the use of multi-sourcing, or bundled services. Knowledge-based outsourcing is also becoming a priority for many companies, with over 40 percent of survey respondents citing their increased use of highly skilled professionals. The use of lower skilled services is also increasing, however, as indicated by 30 percent of businesses surveyed, who plan to outsource more of these activities as well.
This increased use of outsourcing by both large and small businesses is reflected in the tremendous growth in the six trillion dollar global outsourcing industry. Many providers of outsourced services are responding to this demand by raising their standards of quality service through improved monitoring and training methods, and the companies who use them are reaping the benefits.
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Four strategies for surviving the recession
Thursday, October 30th, 2008There’s little doubt now that we’re in a recession, and many experts say it will likely last through 2009.
What does this mean for you and your business?
While nearly everyone is looking to curtail their spending, and credit figures to be much harder to obtain than it has been, there’s no need to panic. In fact, an economic slowdown can be a great time to pick up market share from your competitors, as they shrink their budgets, and thus their marketing.
Keep in mind too that when things pick up again, as they always do, you want to be well-positioned to accelerate your business along with the larger economy. That may mean down-shifting now so that you’re ready to up-shift in the future.
So here’s what you can do now to help maintain the health of your business, regardless of economic conditions:
- Cut unnecessary expenses. Where can you tighten your budgets? Whether you do it across the board, or surgically, trimming 10 to 20 percent can have a dramatic effect on your bottom line, while you preserve your core competencies and continue to service your existing clients.
- Focus on your ideal client. Rededicate yourself to finding clients who pay promptly, come back again and again, and refer others like themselves. This means examining your current marketing efforts to make sure you’re looking for the right people, in the right places. Ask yourself: How do I define my perfect customer? Where do I find them? Once I have a prospect, how do I qualify them?Once I’ve qualified them, how do I convert prospects to customers?
- Get out and make new contacts. LinkedIn, Facebook and other online networking sites are great, but there’s nothing like face-to-to-face conversations to build your network. You local Chamber of Commerce and groups like BNI are a great place to start.
- Package your products and services in a new way. Sometimes it helps to refresh how you present yourself to the market. Can you create an attractive offer aimed at new clients? Now’s the time to roll it out.
