Businesses can either tap the service of another existing institution, or they can create it. For instance, instead of availing the services of an insurance company, they’ll put the company into its single-parent captive. It means, businesses can insure themselves by creating and controlling their own insurance company.
The arrangement might sound like the starting point for monkey business, but there are laws and regulations to be followed. This is done with the help of a captive insurance attorney to advise them on the tax implications and regulatory compliance of forming a captive insurance company.
Still, there are services in which businesses prefer to outsource. However, this is truer for small businesses than large scale ones. For small businesses, outsourcing services could mean reduced expenses. Reduced expenses point towards the eliminated costs of employing, training, and maintaining workers.
If you’re planning to put up a small company, here is a list of services you can outsource:
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Payroll services
One of the things that can discourage an employee from staying and performing well is late payroll. According to the statistics given by the Internal Revenue Service, 40% of small businesses pay $845 per year in penalties for late payments and incorrect filings. Outsourcing payroll services will help encourage your human resource or accounting personnel to focus on strategic tasks.
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Freelance services
Some people prefer to work as freelancers instead of being tied to a single company. 1/3 of Americans are opting to be freelancers. Hiring freelancers can give your business the chance to adjust the manpower based on the scale of a project and the demand per season. Just be sure that your business follows the right protocol in hiring freelancers. Plus, it is important to treat them like regular employees by paying them well and making them feel like they belong in the company.
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Marketing and Public Relations services
Now that social media, web stores, and online marketing have become crucial in the overall success of a business, having in-house PR and marketing teams are a must. However, not all companies have the financial capability to acquire this. Furthermore, it takes time to build networks with publications, media channels, and influencers. This is why outsourcing an agency with existing connections is a smart move. Additionally, introducing your brand to the market will be easier with the sophisticated strategies from an experienced marketing agency. Find one which covers both PR and marketing services for seamless execution of projects.
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Customer Service
Customer service has always been important. Now, even more so. Consumers prefer businesses that are easy to reach via phone and social media platforms. Like any other field, customer service requires skill. For a small business, training an in-house customer service team may not be a viable option, considering the cost. However, an untrained team might result in PR disasters. Outsourcing a team will give you access to highly trained professionals.
Outsourcing can give your company access to a pool of skilled talents without the need to provide the benefits given to employees. More so, institutions tapped for their services tend to offer the latest technological advancements, trend-making creative solutions, and innovative approaches. At the same time, it gives regular employees the opportunity to focus on their real tasks at hand. However, if you are a large company, you might want to consider forming your own agencies.
