Now I like to take things into perspective before making an absolute decision, and today is one of such times. We are now living in a time-intensive world that determines how far and strong business can grow based on how time and resources are scheduled. But, there is also an important factor to consider, and that is the matter of cost.
Every business owner’s dream is to drive the profit margin through the sky and as the famous saying goes “It takes money to make money”. However, others might not share this view and may believe that the Do It Yourself (DIY) concept can lead to a successful business just as well in the present fast-paced competitive marketplace that presently exists. Let’s put the matter into perspective and see which one promotes a more opulent business capacity.
Firstly, let’s look at outsourcing. Outsourcing is the act of contracting the expertise of a professional for specialized tasks. At a glance, this would seem like a very costly method of operation. But that’s not exactly true. Outsourcing has its benefits; it allows the business owner to focus on core business, improve quality, foster innovation, and reduce cost. This is because time is put to optimum use to focus on driving the business while paying for specialized services only when required. Consider the alternative; hiring a full-time employee for specialized tasks… this will incur a greater recurring cost and as a small business owner time can be better spent driving the business than doing repetitive routine tasks yourself.
Secondly, we can examine the DIY concept. Do It Yourself is just as the term says “Do it yourself”. This concept might be good if your business is very small and young. The benefits that may be derived may result from the ability to have hands-on experience. Other than that, in today’s business environment there is virtually hardly any other benefit that can be derived from this method of operation. Even more so if your business requires a varied range of expertise. Moreover, the cost of equipment and tools would be too overwhelming for a small business.
So what say you? What is the better way to business success? Outsourcing or DIY? Don’t be penny wise and pound foolish but really put things into perspective first. Depending on the nature of your business the DIY concept might just be the option in your reach. However, outsourcing is proven to be a competitive way to do business today. It’s all about developing relationships with other businesses that provide the product and services your business requires at a competitive cost. As a business owner, your primary goal is to expand your business and outsourcing is just that bridge that will assure you that milestone whilst saving you time to make strategic plans and money and it also affords you the ability to focus on your SWOT – Strengths, Weaknesses, Opportunities, and Threats.