In the midst of crisis, your business faces a variety of unforeseen problems, and you might end up thinking that your business may not make it through. However, in-sourcing is one way that can help you minimize the effects of a crisis.
The biggest questions most business owners are asking themselves are:
- Will my business survive?
- Can I afford to keep my business open?
- How can I help my business during a crisis?
What is a crisis?
A crisis is an event, or a series of events, that causes major disturbance for a business. A crisis typically occurs suddenly and poses intense difficulty or danger for the business, usually in a situation where time is short and decisions have to be taken quickly.
Some disasters are inevitable and some are surely unavoidable, but there’s always a solution that can help your business get out if stronger and better than it was before.
What is in-sourcing?
In-sourcing is a business practice performed within the operational structure of the organization. This means that hired team members become part of your business even if they work remotely.
The greatest advantage of in-sourcing is that it gives you the chance to be on top of things.
How can in-sourcing help you in a crisis?
In-sourcing allows you to choose from a pool of highly qualified individuals that have a range of expertise. This not only elevates the personnel in your business but gives your business a competitive advantage as your rivals might not have the same expertise.
In-sourcing gives you the innovation card as you are able to find new processes that help you adapt to the globalizing world.
Why is in-sourcing the answer to my crisis?
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Low operating costs
According to Investopedia Operating costs are expenses associated with the maintenance and administration of a business on a day-to-day basis.
Lower operational and labor costs are one of the primary reasons why companies should choose to in-source. If properly executed it has a defining impact on a company’s revenue recognition and can deliver significant savings. In a crisis the last thing your business needs is to spend money it probably doesn’t even have.
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Focus on core competencies
Businesses also choose to in-source so that they continue focusing on their core business processes while delegating mundane time-consuming processes to remote team members.
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Global reach and expertise
In-sourcing enables businesses to tap in to and leverage a global knowledge base, having access to world-class capabilities
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Risk management
It helps businesses mitigate risk and is also among the primary reasons embarked upon. In-sourcing gives protection from natural calamities, accidents, market fluctuations, or technical crises. Disaster recovery mechanisms and detailed backup plans provided by the offshore partner will help you to respond rapidly and get operations back on track quickly.
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Newmarket expansion
It helps businesses expand and gain access to new market areas, by taking the point of production or service delivery closer to their end-users. Have processes delivered by dedicated teams that have operational and domain expertise.
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Accelerate migration to new technology
Migrate to new technologies with minimum downtime and increased productivity and quality by in-sourcing IT processes. Enjoy enhanced productivity and quality.
7. Curb talent shortages
Overcome talent shortages and increased demand for skills in countries like the U.S.A. In-source to offshore locations such as Zimbabwe which have a large pool of qualified, English-speaking professionals.
8. Run your business 24X7
In-sourcing to a country like Zimbabwe, which is in a different time zone, gives you the added advantage of making full use of your 24 hour day. Your in-sourced team can take over and continue work even after the business has closed. They can complete critical tasks and send it back for your review the next day.
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Improve customer
In-sourced expertise will produce quality deliverables faster, increasing your turn around time to the customer. With on-time deliveries and high-quality services your customers will be delighted! In-sourcing can help you benefit from increased customer satisfaction and thus creating a stream of loyal customers.
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Gain competitive edge
In-sourcing helps your business gain a competitive edge in the market. Through strategic in-sourcing, you are not only providing your customers with great services but increasing your productivity while managing your in-house resources intelligently.
In the midst of a crisis, the most important thing your business needs to do is to stand firm and show that as a brand it is able to carry on no matter the adversity.
Global BP Solutions is a leading Texas-based insourcing company that provides virtual assistants and administrative support for businesses. Moreover, we provide both short and long term virtual insourcing services customized to suit your business process needs.