With the global market being affected by the pandemic, entrepreneurs are now more hesitant to invest in scaling their businesses. In the latest survey by the Proceedings of the National Academy of Sciences of the United States of America (PNAS), 41.3% of businesses reported temporarily closing because of COVID-19. Business conditions continue to worsen, and survival is at risk. Here are reasons why outsourcing can be a survival plan in this pandemic.
- Affordability – Outsourcing decreases spending compared to hiring in-house. With increasing health benefits required to attract talent, hiring additional employees onshore can rack up the costs of running your business. Outsourcing reduces the cost of manpower with a considerably lower cost of labor in BPO destinations like the Philippines.
- Scalability – Outsourcing allows firms to grow operations to ease the burden of their workload. Almost any task can now be outsourced, and the latest software and technology are accessible online. Companies such as SOPHI, offer a wide range of services, from customer support to digital marketing.
- Flexibility – Outsourcing providers have the ability to increase the number of manpower according to your needs. Resources can be added during your business’ peak seasons to support the demands of your customers. After which, you can easily scale back to your core team onshore when you reach the lean months.
A recent study by McKinsey & Company claimed that 90 percent of executives said they expect COVID-19 to fundamentally change how they do business in the next five years. Smart strategies are needed to get through these challenging times. Outsourcing has become a viable solution to the growing pains of many businesses in this pandemic. Combining the right strategies with the help of a reputable service provider offers a long-term plan to help businesses outlive this crisis.