With today’s workforce continuing to evolve, outsourcing has entrenched itself as an integral component of the average business model. Perhaps even more importantly, the outdated stereotype of the typical nine-to-five worker is just that: outdated. What we once considered to be a stable work schedule is now in the process of being disrupted by several subsets of outsourcing. It has become increasingly more valuable to today’s busiest entrepreneurs to enlist the services of others so that they may concentrate their efforts on the most important tasks at hand. To that end, business outsourcing has awarded today’s most efficient real estate investors the ability to spend their time where it matters most: tasks that either directly or indirectly result in more capital.
Business process outsourcing (BPO), as you may have already guessed, is the act of delegating existing tasks to others that have already demonstrated an inherent level of competency in the respective task. Not to be confused with ordinary outsourcing, however, business process outsourcing is essentially a branch of outsourcing distinguished by the hiring of a third-party service provider in order to fulfill the operations and responsibilities of a specific business process. Whereas outsourcing, by itself, will simply ask another party to complete a task, business process outsourcing will witness entrepreneurs hire a third-party service in order to oversee a specific process.
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One thing is certain: business outsourcing is a reflection of how you value your own time. To truly understand whether or not business process outsourcing is right for you, it’s a good idea to place an objective value on the time you have at the moment. Those confident their time is inherently valuable will find business outsourcing both efficient and worthwhile. However, those that neglect to appreciate the value of their own time may neglect to see the benefits associated with the concept. After all, why would you hire someone to do something you are more than capable of accomplishing yourself? Fortunately, for all our sakes, the answer is rather simple: time. How much do you value your time?
In its simplest form, business outsourcing allows entrepreneurs to free themselves from the burden of menial tasks, or at least those tasks that can easily be completed by others, and concentrate on the things that matter the most. Consequently, those who value their time are convinced their hours are better spent bringing in more money than, say, ordering office supplies. Those that neglect to see the importance of outsourcing may be perfectly fine spending an hour a week ordering office supplies, but the time they exhaust doing so can never be returned. In the same time they spent ordering more paper for the printer, they could have found a new deal, or at least established a valuable relationship––two things I shouldn’t have to argue are more valuable than office supplies.
The idea behind business process outsourcing will witness entrepreneurs trade a small fee (to pay the third-party service) for more time. Therein lies the true benefit of outsourcing: buying time. Productive entrepreneurs will most likely find better, more valuable ways to spend their new found time.
As a byproduct of proper business outsourcing, savvy investors will benefit from an inherent degree of automation. That said, here are a few of the benefits one can expect in the event outsourcing truly leads to even a slight degree of automation:
More Income: While the idea of paying a third-party service provider to complete tasks you are more than capable of doing yourself may sound like a waste of money, I can assure you it’s not; if anything, it’s an investment in your future. While enlisting the help of someone else will undoubtedly come at an expense, it’s well worth it. For a small fee, there’s no reason investors can’t free themselves from the menial tasks that weigh down their daily operations and focus their attention on more valuable activities. What’s more, it’s entirely possible for investors to offset the initial outsourcing expense (and then some) with the time they recovered. Perhaps even more importantly, the benefits are compounding; they can easily be replicated to increase efficiency and income.
Increased Opportunity: What is opportunity, if not the result of having more time on your hands? To that end, business process automation is entirely capable of awarding savvy investors with more time, which––in turn––gives them a greater opportunity to realize success. The time an investor has, provided they spend it wisely, should serve as an opportunity to capitalize on their most valuable ideas.
Freedom: Last, but certainly not least, business automation should give investors the freedom to exercise their own agenda. Whether that means investors will spend their time growing and scaling their business or with friends and family, the extra time they find themselves with can be spent any way they deem fit; some could argue that’s invaluable.
As it turns out, just about every task can be outsourced if the price is right. It is worth noting, however, that the idea isn’t necessarily to outsource your entire business, but rather the menial tasks that take you away from the things that are most important. There are several jobs entrepreneurs can outsource, for a good return on their investment, nonetheless:
Lead Generation Management: Investors intent on marketing themselves should, at the very least, hire a third-party service to manage the leads they eventually bring in. If for nothing else, it’s not enough to simply collect leads; you need to nurture them, and to do so you need to manage them––the perfect job for an outsourcer. In hiring someone to manage and organize the leads you bring in, you’ll have more time to foster relationships and build on your initial conversations.
Cold Calling: While necessary, cold calling doesn’t have to be carried out by a real estate professional. Additionally, cold calling is time intensive, and could take up the better part of a day if done correctly. Therefore, it only makes sense for today’s busiest entrepreneurs to hire someone else to do their cold calling for them. It is important to note, however, that cold calling typically represents the initial point of content; it’s not meant to be an in-depth conversation. It is perfectly acceptable to let someone with less experience than you do the cold calling. I do not, however, recommend outsourcing your follow-ups. These conversations are more detailed, and require the touch of a professional.
Social Media Marketing: Social media has evolved beyond a social construct; it’s an integral component of today’s greatest businesses, and yours should be no different. However, there’s no need for you to spend the hours required to run a social media account when you could just as easily hire an outsourcer. In fact, small business outsourcing was practically founded with social media in mind. There’s no reason an investor couldn’t hire a business outsourcing company and expect to make more on the marketing than the amount it costs to hire them––think of it as an investment.
Miscellaneous Tasks: There are too many tasks tailor-made for business process outsourcing companies, so it’s best to include a miscellaneous section. Outsourcers can easily handle everything from ordering office supplies and managing contacts to mailing letters and even distributing bandit signs throughout neighborhoods. There is really no limit to what small business outsourcing may do for your company. You just need to ask yourself what you are comfortable letting others do for you.
Business outsourcing has quickly become an integral component to the business models of today’s most successful investors. If for nothing else, specialized outsourcing is one of the easiest ways to automate your business. Therefore, if you are interested in taking your business to the next level, you may not need look any further than hiring a competent outsourcer. When all is said and done, however, it’s not the act of business outsourcing that’ll elevate your business to a higher level, but rather how you spend the time it frees up. If you do, in fact, hire an outsourcer, you had better have an idea of what you are going to do with the time you are given.