Most people respond to the question about their most limited resource with: “Money”. However, money is completely unlimited, while in fact the most limited non-renewable resource is: TIME. Leading an efficient life is not about cost cutting and saving money but about spending your time wisely.
Some things in business need your personal attention, like your personal expertise. It would be foolish to let somebody else do anything that you can do better or more efficiently. This is where you create value.
Other things are core processes of a business or particularly sensitive or confidential. None of these should be outsourced. Finally, some things should be done personally, like giving positive feedback to your employees, to have a positive impact and create an environment of trust and motivation.
Everything else, which in most cases is still a lot, can and should be outsourced. In other words, you shouldn’t be doing things where you:
· Can’t create value;
· Can’t build additional trust with your employees, clients and business partners.
What Do You Outsource
To mention some of the items that most business can get outsource:
- Travel management;
- IT services;
The internet has come up with a number of excellent service providers, of which many are based in India and other Asian countries. Some are specialized agencies, some are one man shows. Even a new profile has emerged in the last 10 years: the VPA (Virtual Personal Assistant).
VPAs have become more widely known in Western countries through Tim Ferriss’ bestselling book “The 4 hour workweek.” Tim Ferriss had outsourced most of the processes of his business until he only worked Monday mornings and spend the rest of his week travelling and doing more of what he loved instead of being caught in a 40 hour treadmill.
Personally, I’m working together with a number of outsourcing companies, like Tasksbay. They support me with research tasks and administration. In a typical project, I try to outsource 90 % of the task and refine the work to add real value. Naturally, my professional expertise is greater than of any external service center, but I can provide more value to my clients when I’m not caught up with daily routines.
Outsourcing has been a megatrend for many years now. From my point of view, it has certain limitations, while the key question remains the same: Where can I provide real value to my customers? Everything else can and should be outsourced.
About the Author
Dr. Conrad Pramböck is a global salary expert, consultant and speaker on HR and career topics. He is the Head of Compensation Consulting at the global executive search firm Pedersen & Partners and is responsible for consulting companies on all aspects of compensation.
Please contact Conrad directly at email@example.com