The bleak economic forecasts have everyone in America a little nervous about the health of their business. A much anticipated, triple-digit, multi-billion dollar decision to rescue the markets has small business owners and entrepreneurs, the business owners most easily hit by economic uncertainty, wondering what will happen next. How do SMBs cut costs yet remain current and competitive in this turbulent market?
Economists, business leaders, and political leaders agree that innovation and creative solutions are the only way to pull out of the current economic crisis. Outsourcing has long been used to stabilize output costs for big business. Historically, large businesses have dealt with economic hardships by outsourcing their work as a method of reducing their overall operation costs. But what about the little guys?
By outsourcing back-end projects, global businesses have been able to control costs by using quality service providers from around the world. This macroeconomic approach works equally well for SMBs on a micro level, especially in this time of economic market strain. By participating in global outsourcing, SMBs and entrepreneurs in America maintain their competitive edge.
Why outsource? The trend for outsourcing is steadily increasing; analysts like Alok Aggarwal anticipate a 26 percent increase in outsourcing by the year 2015. Outsourcing has benefits for both buyers and service providers in America. For buyers, SMBs and entrepreneurs, outsourcing provides a creative way to cut the back-end costs while maintaining a high level of quality service to their customers. For service providers looking to become competitive with the global workforce by freelancing their talent and skills, outsourcing provides an avenue to generate income and reach a world-wide audience.
Cost-effective services and operational efficiency has been cited to be the main reason for increasing outsourcing of non-core business functions across the globe. This works as a boon for small and medium-sized businesses (SMBs). These organizations typically did not have the expertise, cash flow or budgets to move crucial IT systems and services to an outsourcing partner. But now, with the emergence of online services marketplace small organizations are also reaping out the maximum benefit of globalization and the outsourcing revolution. By using this online marketplace they can easily invite bids, award projects, and build trusted relationships with service providers around the world, with just a few clicks of their mouse.
The economy is demanding creative solutions to assuage the fears of business owners dealing with the unsteady bottom line. Outsourcing in global geographies is increasingly easier, made attainable through next-generation outsourcing platforms. With socially networked, outsourcing Web platforms like LimeExchange, elance, Guru, rentacoder and more connecting Americans to the rest of the world around them, the opportunity to capitalize on the growing trend is enormous. SMBs and entrepreneurs enter into a realm of cost effectiveness and quality previously inaccessible to them.
Drive business worldwide. Outsourcing has emerged as a driving force to the future of business. Now small and medium businesses and entrepreneurs can benefit from the economic rewards that outsourcing offers and maintain a competitive streak in the global business arena. Outsourcing is fast becoming a viable option for entrepreneurs and small businesses around the world. It is also emerging as an innovative tactic to keep America competitive in the global workforce. Independent service providers can shop their talent to buyers looking to have small projects completed. Buyers can choose from an array of qualified providers globally.
Outsourcing one-off projects or small projects can mean a significant difference to the bottom line of a smaller company. On the one side, cutting costs while maintaining quality of workmanship is a prime concern among SMB's and entrepreneurs. On the other, independent providers have a difficult time culling small project interest from large corporations. By outsourcing, both scenarios are ameliorated and each side's needs are met.
Overall competitive benefits for outsourcing. Outsourcing is a simple solution that benefits both buyers and sellers and helps them maintain a competitive lead in the global business world. With technology blending the barriers between borders, a new generation of online outsourcing is making it much easier to participate in the outsourcing revolution. SMBs and entrepreneurs can finally leverage the social networking capacity of the internet to outsource projects at home and abroad and service providers can tap into the relationships socially-networked outsourcing platforms offer and develop a steady stream of opportunities.
Sorabh Jerath, Associate Vice President, Sales and Marketing of Lime Labs LLC, has over 11 years of experience in the technology industry, with an expertise in business development and management.
Jerath is responsible for monitoring the global market, identifying critical target segments, competitively positioning LimeLab's products and services as relevant to market needs, and driving sales. Jerath also directs global product marketing, defines the company's key messages, and drives online and offline marketing strategies.
