The 2020 COVID-19 pandemic has opened up businesses to several possibilities on how to conduct operations. Many businesses are now open to remote work, hiring staff located in other continents, outsourcing, agencies, etc. You now have various options for running your business operations.
So, how does a growing business proceed? How do you pick the best option for your business? This article will let you know how to do so. The choice you make might require more money than your business can fund conveniently at the moment. This is where business loans come in, and you will need to use a business loan calculator to get an estimate of the actual costs of a loan to make a wise choice.
Here is a guide to picking a viable business operation alternative for your business.
In-house is the most common strategy for businesses. It is when services are done or existing within an organization. A lot of businesses hire their staff in-house. They often resume physically to the office every workday, but many organizations now allow their staff to work remotely.
Outsourcing is the business practice of hiring people not in a company to perform functions that employees of the company typically carry out. Outsourcing is typically done to save costs. You can enjoy services without having people permanently on your payroll or having to cater for welfare benefits, 401k, health insurance, and more. Outsourcing saves you the time and money you would have spent hiring people, onboarding them, and creating office space for them.
Hiring an agency
If you need expert services that may you can’t easily hire staff for; an agency might be the best option for you. Agencies are often used for one-off services or technical services that need a lot of expertise and experience. You can use agencies for recruitments, tech support, customer support, advertising, government lobbying, and more. If you don’t have enough cash to hire an agency, a small business loan can help you out. You can use a small business loan calculator to work out the total amount that the loan will cost you.
Pick a different option for each business operation
A business has various options including, marketing, production, services, customer service, sales, front desk operations, janitorial, secretarial, accounting, finance, human resources, and management. You can choose to outsource some aspects or use an agency for them while you run the others yourself.
For example, you can use an advertising agency for your marketing operations or outsource it to digital marketers. You can also decide to hire dedicated marketing staff for your marketing operation. You can handle basic accounting operations in-house, while you outsource the more complicated tasks. You can also use an agency to manage your business accounting for you.
But some things can’t be outsourced or run by an agency. You can’t outsource the management of your business. If you are unavailable to do that yourself, the best you can do is hire a talented manager to manage the day-to-day running of the business.
Your business operations can be run anyhow you want it. You can switch things up and combine all three outsourcing, in-house operations, and agencies. There is nothing like a one-size-fits-all solution for a business. Do what works best for your business. Evaluate your options carefully for each department or operation in your business, then pick the best choice for each one. Weigh the risks and rewards of each option for every department before deciding.
If an option would be too costly for you but deem it necessary, you can get a business loan. Use a business loan calculator to calculate the monthly repayments, added costs, and the total cost of the business loan so you can make a more informed decision.