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What our members have to say...
"I can confirm that we managed to secure a private investment through the web site in conjunction with YFM VC investment. We will also be looking for further investments in 6 months time. "
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Philippe Brillant |
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7 Tips On Outsourcing for Early Stage Startups
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All of the capabilities that need reporting or making payments to the authorities are loaded with issues of accountability and possibilities for trouble. Outsourcing (not offshoring) those capabilities to local experts can save you time and money and reduce stress. Here are 7 things to consider when you’re outsourcing capabilities that can either increase or reduce your risk:
1. Before you outsource anything, clearly define your objectives for the service. Having that clear picture of what you want from the connection will avoid problems later on and help you to ask the right questions and make the right decision. Be ready before you talk to anyone.
2. Payroll and taxes have so many ever-changing laws and so much detail that they need experts. It’s a bad idea to have an employee without competence do your financial reporting. It’s also a bad idea to outsource it to somebody whose reputation isn’t known. Find an expert service that comes with suggestions from people you trust.
3. Contracts are definitely an area where a basic typo or a misplaced bit of punctuation can cost you money. When you enter into any kind of contract with another business, vendor, or client, you’ll save yourself and the business partner time and money with a well-selected and well-recommended attorney.
4. Take the time to go a step further to figure out if the reputation of the service provider you’re considering is true. Don’t just settle for an online search. Unethical people are expert at knowing how to force complaints well away from the top pages in an online search. Find some real clients and ask for their carry on the service.
5. Consider the amount of time it takes you or your current employees to do the tasks you’re thinking about freelancing. Consider what past errors have cost if there were any. With only a little effort, you can quickly see the financial benefit to outsourcing the difficult tasks to experts.
6. Pay attention to the required interaction in between your employees and the outsourced service provider. Does it need more time from your employees than you anticipated? Is the interaction secure or stressful? Is it helping as much as you wanted? Don’t be afraid to change vendors if it’s not working.
7. Measure the differences that freelancing makes to your production, your profitability, and your people. Before you start, have a base. As you grow, revisit the benefits of freelancing and work with your providers if you see problems. Don’t just hand off the capabilities and hope for the best.
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