Economic crisis, global recession, layoffs, corporate downsizing, bankruptcy! These are the words that rule the media in present times. Industry experts are busy assessing the damage and corporate businesses are finding it difficult to survive in the instable market scenario. Businesses across the globe are facing difficult times and it’s not unnatural for small businesses to feel vulnerable and assume that it is a dead time to make sales.
Dire financial situations do pose a difficult challenge. However that does not mean there are no opportunities to sell your products and services. In fact, the situation can be actually profitable for you if your market your services the right way. The trick is to make your offerings match the current requirements of the industry.
What Happens in Companies
Companies and government agencies across the world are laying off their employees cutting down costs. But that doesn’t mean they can stop their critical business functions performed by the lost staff. Company budgets become strained and they have less money to allot to business activities. However, that doesn’t mean they can do without the activities altogether. That would be the closure of the business altogether. Therefore, in times of financial crisis, companies undergo a rampant reorganization process and make use of external resources and services to make sure their business processes run smoothly without any hiccups.
What Can Small Businesses Do?
Small businesses need to make the best use of this situation in order to sustain themselves and make business. If the regular sales of their products and services decline, they need to market it thus that it becomes appealing to the current requirements of companies of the industry. Consider ‘repackaging’ them altogether so that outsourcing companies and government agencies find them as a cost effective replacement for all the cost cutting measures at their end.
Opportunities for Offshore Outsourcing
Because of the easy availability of cheap and efficient labor in offshore boundaries, western countries will increasingly indulge in offshore outsourcing activities to keep their businesses profitable. Foreign companies will use the products and services of small businesses in offshore countries to compensate for the lack of in-house employees. In fact, in the current financial distress its only outsourcing that can save both the Outsourcer and the Outsourced party.
Reasons for Outsourcing
Foreign companies have a number of advantages by outsourcing business activities to offshore boundaries. Here are some:
• Lower cost of business processing as compared to maintaining in-house staff
• Reduced overhead costs like employee benefits, office space, equipment costs etc.
• No costs regarding over-time
• No loss of revenue
• Availability of expert labor
• Enhanced quality of output results
Apart from these advantages, foreign companies would also be considering choosing a service provider that best suits the needs and requirements of the project. Here are some qualities they would be looking for:
• Flexibility to match the time constraints of the project
• Capability of matching the quality standards of the project
• Ability to coordinate between both the companies
Maneet Puri is the managing director of LeXolution IT Services, a top notch offshore outsourcing company in India that provides an extensive range of KPO services. Its services include internet market research, virtual personal assistant and various data processing and management services.