Cost-cutting refers to measures done to reduce costs while increasing profit. Businesses look at their expenses and seek ways on how they can improve their spending. This may come in the form of downsizing to a smaller office, closing down branches, or laying off excess employees.
Cost-cutting does not always mean that a business is failing. These measures apply to any stage, whether they are starting, expanding, or already maintaining their size. Usually, entrepreneurs who cut their expenses aim to increase their savings and profit since they have limited cash flow.
There are different ways to cut costs, such as bartering and finding alternatives to availed services, finding a lower office space with better amenities, and going digital. Business process outsourcing is also a good way to save costs without sacrificing service quality. India and the Philippines, the most popular countries to outsource services, offer a wide range of services at a fraction of the cost versus hiring in-house employees and renting out space for them.
What is cost-cutting
What is Business Process Outsourcing (BPO)?
What is business process outsourcing?
Business Process Outsourcing (BPO) is the engagement of services from a third-party provider. BPO uses various technology-enabled services to hasten the delivery of services. The business activities could be back-office such as, but not limited to, payroll, accounting, human resources, or front office jobs like customer service, sales, and marketing, etc.. In the case of content providers, these business activities could mean hiring writers, remote editors, or virtual assistants.
BPO speeds up processes and enhances efficiency. Companies that outsource some of their business activities use their time on core services and competencies. With this shift on focus, companies improve their current processes that may result in improved customer satisfaction. BPO helps companies divert their resources to more critical business strategies. Often, companies find it impractical to hire a full-time position inhouse because of the cost associated with doing so.
Business process outsourcing services
Outsource Accelerator is the most trusted source for independent information & advisory for Business Process Outsourcing (BPO). We have over 3,000 articles, 200+ podcast episodes, and a comprehensive directory with 700+ BPOs… all designed to make it easier for clients to learn about, and engage with, business process outsourcing.
What is an Outsourcing Company?
What is an outsourcing company?
An outsourcing company handles various supporting processes of contracting companies. These supporting processes are activities that are not central to the company's business but cannot be done away with. Examples include payroll, customer service, accounting, IT, etc.
A great outsourcing company is someone that has proven expertise in the process to be outsourced, that has access to resources and technology not otherwise available to the contracting company. For a contracting company to fully leverage the advantage of outsourcing, it is preferable that the outsourcing company will have it's own key performance indicators to help drive innovation and growth for the contracting company.
Outsourcing companies in the Philippines
Outsourcing evolved a lot during the past decade, it is no longer all about customer service outsourcing. Nowadays, it is very common to outsource other functions such as finance & accounting, lead generation, software development or digital marketing. Outsourcing is also applicable to any industry and any business size, as long as the job can be done in front of a computer, then it can be outsourced.
Outsource Accelerator's directory lists over 700+ outsourcing companies in the Philippines. All of these are carefully selected for innovation, expertise, and technology that will benefit our clients. We also provide you with guidance on how to maximize the potential that such expertise gives you in growing your business.
What is a Startup?
What is a startup?
Startups are companies that are founded by entrepreneurs with the goal of growing into a large-scale business. A startup must not only offer a product that has wide market demand but will also be expected to develop a scalable business model. As opposed to other entrepreneurship which may or may not grow larger than a sole proprietorship, startups from the get-go are expected to have accelerated growth, sometimes prioritizing growth over the revenue stream.
Because of the pressure to grow, most startups adopt an experimental methodology, often creating small projects to test assumptions and predictions to better understand who their market is and what is the demand for their product. As such, startups require excellent customer support skills, and technical development skills to both gather and interpret information and iterate on the product to better match the customer need. Ultimately, a startup relies on confidence borne from experience and data. Decisions must be made with confidence such that even bad decisions are processed and learned from.
Decisions made in confidence are not based on gut-feel or available resources but are made knowing the capabilities of your teams and with an understanding of the market-dynamics. If the teams are unable to deliver, or the investment made is large with little to no understanding of the risks involved, startups risk damaging their credibility and their ability to attract funding. Having experienced and capable teams with managers able to interpret trends and discern risks are major confidence builders that can help startups navigate the path to growth.
Outsource Accelerator specializes in helping small & medium sized enterprizes (SMEs), with 2-500 employees, typically based in the high-cost English-speaking world. We are the experts in transforming these businesses with startup outsourcing.
What is Staff Leasing?
What is staff leasing?
Staff leasing is where companies partner with a 3rd-party that will handle the administrative aspects of employment, such that the 3rd-party is the legal entity that employs the staff. This is similar to seat leasing where a company that already has the infrastructure in place, will lease the use of that infrastructure to other companies. In the case of staff leasing, that infrastructure is the HR, payroll, and other employment-related processes; in the case of seat leasing, the infrastructure is the IT and telecommunications equipment only.
Depending on the need of the client, staff leasing companies can either provide the employees using their pre-existing pool of candidates, or the client company can handle the recruitment efforts while the staff leasing company handles the compensation and other sundries. Thanks to the scale of staff leasing outsourcing companies, they are in a position to offer more competitive benefits, such as lower-cost healthcare plans, to which smaller companies would not have access to. In turn, clients not only save on administrative costs, but the cost of an employee turns into a single line-item for easier accounting.
Staff leasing in the Philippines
Staff leasing is arguably the most popular type of business process outsourcing, where both employee and infrastructure is provided by the outsourcing company. Lessening the financial risk to the client should they decide to scale their outsourced team in the Philippines.
Outsource Accelerator's directory lists over 700+ outsourcing companies in the Philippines. All of these are carefully selected for innovation, expertise, and technology that will benefit our clients. We also provide you with guidance on the best staff leasing options you can get in the Philippines for your business.
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