Technology has allowed more businesses to farm out tasks to professionals anywhere in the world. When you add the global availability and accessibility of extremely talented individuals, it makes outsourcing a very real and viable option for nearly any organization. The questions most businesses grapple with is when to implement outsourcing into the organization, what tasks or roles to outsource, and where to outsource. Maybe we need to be asking a different set of questions to determine outsourcing needs.
When to outsource
This question will be different for every company because it is based on demand, cost, and long-term vision. For many companies, this is when your current workload surpasses the bandwidth of the current workforce. Larger companies will do a cost-benefit analysis to understand the feasibility of outsourced labor and its impacts both in the short-term and long-term. Small businesses that just need a little extra help to take make their workload more manageable my look at a staggered approach. Looking into outsourced tasks through Upwork or freelancer for one-off projects is a good way for small business owners to dip their toe into the large pool that is outsourcing.
What to Outsource
You may already be outsourcing some business tasks, such as data entry, inventory management, payroll administration or background checks. These are more in the realm of highly repetitive tasks. In our modern age, and with the rise in remote work during COVID-19, we’ve learned that almost any task can be outsourced. But as we learned from Jeff Goldblum’s character in Jurassic Park, just because you can do something, like outsourcing, doesn’t mean you should.
According to Gregg Landers, director of growth management at CBIZ MHM, the nation’s eighth-largest accounting and business services provider, outsourcing is categorized as follows The types of tasks that are best-outsourced fall into three general categories, they include:
Highly skilled, or executive, expertise
“You may not need to pay a CFO’s salary, but you could have a CFO-level person to come in a few times each month to provide financial analysis and ensure that the bookkeeper is handling the books well,” Landers says.
IT support for your network. “You may not be able to afford or need a full-time IT person, and it is easier to change to an outsourced provider with the right skill set as your IT needs change,” Landers says.
Highly repetitive tasks
Accounts payable, data entry, and shipping inventory could fall into this category.
In each of these areas, there may be room for outsourcing or freelance work based on tasks. But there may be something more to the idea that the thinking behind such tasks can have more impact on that decision-making.
Where to outsource
Now, this is a little different spin on the direction. When we talk about hemisphere’s in relation to outsourcing, we think globally, like where in terms of location. Where in the world will we send this job to be completed. What we should be asking is what section of the brain should we outsource? Which hemisphere of the brain is more advantageous to outsource? And which do we keep in-house?
Synthesis and analysis
Synthesis and analysis are the two fundamental ways of interpreting information.
With analysis, you break down the whole into parts or components, looking at the pieces individually. Synthesis is the exact opposite; you combine the separate elements to form a coherent whole to see an overall pattern of how things come together.
The human brain is made up of two distinct parts, the left brain, and the right brain. Each side has its functions and capabilities. Understanding the competencies and limitations of either side of the brain can help when making outsourcing decisions.
Left brain. The left handles sequence, literalness, logic, and analysis. The left brain can grasp details, but only the right hemisphere can see the “big picture.”
Right brain. The right hemisphere takes care of synthesis, emotional expression, context, and the big context thinking. The right brain is concentrated for synthesis. The right is also particularly good at putting isolated elements together to perceive things as a whole.
Left brain thinking is linear, quantifiable and thus more apt for outsourcing. The right brain thinking is non-linear, abstract and harder to quantify. It incorporates things like story, design, symphony, and meaning. Sometimes outsourcing creativity and design work to a marketing and design agency is beneficial given the strengths and weaknesses of an organization.
Symphony is the ability to put together pieces, to see relationships between seemingly unrelated fields, to detect broad patterns, and invent something new by combining things nobody else thought to pair. It is mostly about relationships and empathy.
Michael Gerber, an author of the E-Myth series of business skills training books, did a study of executives at fifteen large companies, and just one cognitive ability distinguished star performers from average: pattern recognition. The “big picture thinking” allows leaders to pick out the meaningful trends from a jumble of unrelated information around them and to think strategically far into the future.
These star performers relied less on deductive reasoning and more on the contextual, intuitive reasoning characteristic of the symphony.
Weighing left and right
Left brain thinking deals with data analysis. But just having data isn’t sufficient. It’s what the data tells us. The ability to communicate the story that the data tells into a compelling narrative. Right brain.
Left hemisphere deals in logic. But logic on its own is meaningless. Unless it’s used in the context of a relationship. Logic with empathy is the ability to understand others and make emotional connections and forge relationships.
Google has democratized information and facts. It has lowered the value of those facts. There is nothing you cannot find an answer to when you “google it.” However, there is value in the ability to place these facts into proper context and to deliver them with emotional impact. Facts, left. Context, right.
When looking into your organization, do you outsource the tasks that require big-picture, abstract thinking, or the tasks that analyze thousands of data sets? Each organization will be different, but in the modern workforce, high value is placed on context, big picture thinking because of the mental processes to get there. Either way, you won’t have to go any further than the human brain to come up with the answer.
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Is It Beneficial Leasing an Airplane?
If you planned on getting yourself a private jet or a fleet of airplanes, then you know your case the best. Better than anyone else can guide you or teach you about the pros and cons.
Buying a jet is not something that you do every day when you wake up; for some, it is once in a lifetime, and for some, it is just a daily business that generates revenue. Suppose you are starting to fulfill your dreams and aspirations by buying a luxurious plane or starting a small airline company. In that case, this article will briefly take you through the famous question of ‘is it beneficial leasing an airplane?’
If you can buy an airplane or put up a loan sanction against it, you must take that road because there is no better feeling than ‘ownership’. But if you do not want to invest a big chunk of money into buying an airplane, the best way to enjoy the experience would be to lease it for a couple of years.
Most airline companies nowadays lease at least some of the jets that they have. There are technical aspects intermingled with it as the lease price of 10 aircraft would certainly be almost ten times lesser than the actual price clubbed together. You can quickly get yourself to save a great deal of money while leasing a couple of airplanes, especially if you are in the airline business.
Often, the leasing companies offer you the crew, pilots, insurance, and other benefits covered in your leasing agreement. So, you can always take that trip around the globe whenever you want, as you will always have a cabin crew ready to fly. On the other hand, if the lease does not offer the benefits, you will need to look elsewhere.
Thankfully, recruiting a pilot and other crew members is not that difficult, especially if you are looking to get them for a private jet. What you can do is seek some professional assistance to find the right crew. Aerospace Union Limited can point you in the right direction.
But, on the other hand, if you choose to loan or buy a plane of your own, you will have to figure out everything starting from the operational costs to the training of crew and even pilots, which becomes an arduous process least. If your requirements are singular and not frequent enough, it is better to lease an aircraft rather than fully fund it. Because who wants to let go of all the additional benefits that really come in handy along with the lease agreement!
Freedom of Use
With business airplane renting or personal luxury plane renting, it’s yours to do as you will inside the rent term. Inside legitimate and protection limits and any rent conditions, it’s dependent upon you where the airplane flies, when it flies, and how frequently you take a trip. The only limitations are climate conditions, air traffic rules, booked upkeep, and the accessibility of your pilots and group.
Personal luxury plane renting gives you admittance to a more extensive scope of air terminals than business trips through carriers. This can permit you to land nearer to your final destination, decreasing the time spent and extra efforts brought about by booking and voyaging through road transport like cabs, buses, etc.
Renting an airplane liberates you from the endless formality and holding up occasions included when taking business flights. There are more and more additional benefits and a bubbling sense of luxury that you will experience if you go ahead with the plan of leasing an aircraft!
Most aircraft leasing options come to you with a choice- own or not to own after the period ends. Although you keep on paying a regular sum for years on end, you can decide if you want to complete the remaining payments and own the jet or try your luck with a new fleet.
On most occasions, after 10-15 years, airplanes with more recent technologies are launched, which makes the decision of keeping the aircraft previously on lease a decision that isn’t much feasible for people. But, the entire availability of having a choice is all you need when you are getting yourself in an agreement with a party. You never know if you can extract more benefits from the same flights.
As you can see, the benefits of leasing an aircraft are supreme as they come with a lot of additional growth points. You can always ride your plane with ease and comfort whenever you want without having the burden of financing a considerable amount of money for an aviation unit that will probably be replaced with new technology in the next couple of years.
So, if you are someone who’s just buying the jet for meetings around the globe or just because they want to feel the luxury, then the best thing to do is to lease the aircraft without thinking much about it. So, are you ready to fly and up to reach your world of dreams with zero hassles?
5 Things Every Entrepreneur Should Know
Your Product Should Fill a Need
Perhaps the number one rule of business is that your product or service should fill an existing need. And it should solve a problem in a better way than any existing product currently on the market. Do your research so you know what your competition is, and forge ahead.
42% of product launches don’t succeed because there is no need for the product or service. Can you think of examples of such failures?
- New Coke – Original Coke didn’t need to be improved so customers boycotted this new version.
- The Zune – Microsoft tried to compete with Apple iPod and failed to create a product better than what already existed.
- Google+ – Google attempted its own social media network, but became another example of a service that couldn’t outdo what was already available.
- Bic for Her – Women don’t need pens specifically designed for them, so this pen flopped.
- Hammacher Schlemmer’s Night Vision Camcorder – marketed toward children, this product doesn’t solve a practical problem; why do kids need to record things in the dark?
Sometimes a novelty product takes off because, although it’s impractical, it strikes a chord with customers. However, you may not want to take that risk! Your product or service should stand the test of time, and not just end up the gag gift at the next Holiday office party.
As soon as you have your idea, get started!
Research your brand or business name the right way to see if they’re already trademarked. Even if it will be a while before you launch, apply for the necessary permits and licenses now. Doing so will give you peace of mind while you secure funding or save your own money, develop a business plan, and work on your brand’s mission statement, slogan, and marketing strategy.
Keep it Simple
Your mission statement should be clear and concise. Everyone in your business should know what they’re working toward, and how to achieve it.
Examples of Mission Statements
A mission statement tells your employees and customers what your brand is all about. It should concisely share your brand values, your company’s actions, and your company’s objectives. It is not what you hope your company will become but, rather, what your company currently is. When drafting your mission statement, start by answering the following questions:
Mission statements are usually about three sentences long, and provide direction to your brand and its employees. Keep in mind that your mission statement should include attainable goals for your company, i.e. objectives you’re already working toward. Be sure to include inspirational messaging and personality without being cliche; avoid popular slang that may date your brand or phrases that don’t provide clear direction.
To get your creative juices flowing, here are some examples of mission statements that get the point across.
- To bring the best personal computing products and support to students, educators, designers, scientists, engineers, businesspersons, and consumers in over 140 countries around the world. – Apple
- Bring inspiration and innovation to every athlete in the world. – Nike
- Offering all women and men worldwide the best of cosmetics innovation in terms of quality, efficacy, and safety. – L’Oreal
- To strengthen our position in the marketplace by developing high-quality relationships with our supplies and customers and earning a reputation of dependability, innovations, and exceptional performance. – M&M’s
- Creating loving connections through our blankets. – Minky Mamas
- We deliver the promise of the digital world to our customers. We make their innovative lifestyles possible. – Verizon
Examples of Slogans
Can you name the brands responsible for these popular slogans (hint: some are listed above)? Chances are the simple phrases stand out in your mind and immediately make you think of the product or service they represent.
- Think Different
- Just Do It
- Because You’re Worth It
- Melts in Your Mouth, Not in Your Hands
- The Breakfast of Champions
- Can You Hear Me Now?
- What’s in Your Wallet?
- The Happiest Place on Earth
- They’re Grrrrrrreat!
- Nothing Runs Like a Deer
Slogans are catchy phrases, short and sweet, that are used in a brand’s advertising. We repeatedly see them on packaging and billboards and hear them on commercials. A lasting slogan can be used out of context and still conjure up thoughts of the brand it represents. You want your slogan to potentially offer a promise as well as make a lasting impression on potential customers.
Marketing your brand can seem overwhelming. Where do you start? How much do you spend? Customers may stumble upon your product or service with an Internet search, but how can they know your brand is reliable? This is where marketing comes in.
Once you know your mission statement, have a slogan, and a brand aesthetic, you have to get to work. Your message needs to not just reach people, but the right people. Social media makes it easier than ever to target your demographic with paid or sponsored content. It’s a less expensive way to analyze your customers’ behavior and engage with them. Your online presence establishes a connection with potential customers, building trust in your brand. Marketing is more than just selling your product or service; it’s telling your story to your customers. It’s an opportunity to further expand upon your mission statement and let your customers know why you started your business in the first place. Through this storytelling, you can share your passion for your product and build your reputation.
Also, it is important to speak the language of your target audience. Be buyer-centric, not seller-centric. If you are a company, for example, that offers power storage solutions for solar users, don’t drone one about your fancy stuff. Most buyers don’t care about the science behind the solution. Instead, talk about the importance of being prepared for natural disasters or illuminating your home renewably, etc.
Sometimes You’ll Fail
As an entrepreneur, sometimes you’re going to fail. There’s no such thing as an “overnight success” in business, so pull up your bootstraps and know that there’s a lot of work ahead.
Tips for Overcoming Failure
- Plan for failure – regularly analyze your business’s strengths, weaknesses, opportunities, and threats to stay one step ahead.
- Manage cash flow – get a good forecast of your income and expenses so you can plan for the future.
- Focus on your customers – keep your customers at the forefront of your business so you have support in leaner times.
- Reframe failure – sometimes you can take a step back and see failure as a setback rather than a stopping point.
- Invest in your team – don’t go into business alone if you don’t have to.
- Invest in your business – be sure your IT systems and software help you work smarter and not harder.
With a clear vision, mission statement, and business plan, you can find yourself on a bumpy, but manageable path to success. Remember that it won’t happen overnight, but even the best ideas take time to catch on.
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