Outsourcing has become a buzzword in the business world in the past two decades. And aside from having call centers in various international locations, it can be hard to know what kinds of work to outsource when you’re a CEO. You certainly can’t give up your role, but as a CEO, it’s critical to know when it’s appropriate to outsource and when you should use your internal teams. Here are some clues to help you know when to outsource work as a CEO.
Marketing is a big task and one that shouldn’t be taken lightly. You know that the rise and fall of a business can rest on the effectiveness of a marketing campaign and long-term campaigns. Internal teams typically do a great job on the normal day-to-day marketing needs. But when a new need comes along, it can be difficult to get those people on board. In those cases, it becomes necessary to outsource to another marketing agency. Finding an agency with the expertise you need can help your company enter a new market, launch new products, and connect to the right clients.
When you’re leading a company, it’s easy to get stuck in a rut. Your business numbers remain stagnant, or they drop and you’re wondering what to do. It’s okay if as the CEO you don’t have all the answers. The best leaders know how to reach out to get an outside perspective when things aren’t going as intended. While you can’t give up your role as CEO, you can hire outside consulting services to help you discover your blind spots. They offer a unique perspective that can be enough to help you and your company move forward in bigger and better ways.
Change is hard. Change is especially hard if you’re transforming the way that you do business. It takes a huge team to not only manage your critical day-to-day functions but to also help create the necessary changes. Outsourcing work when you’re in the midst of a big transformational project is important. You can use outsourced teams to do basic tasks or use them to do the change work.
Moving to new technology from older systems is an important task. But being able to transition smoothly can lead to challenges. While your business still needs to function, you also need to be able to set up the new systems so they can operate effectively. Add to the mix training on the new systems, and any adjustments to the processes, and it becomes evident that your IT team might need to be outsourced so you can handle all the new things coming. As a CEO, it’s okay to use outsourced teams to work on your technology and make those systems run smoother.
Some CEOs do it all. And that’s okay until it isn’t. When you’re drowning in fiscal responsibilities and it’s clear that you aren’t managing it well, it makes sense to outsource work to a CFO. Using a CFO can provide you with many benefits including adding someone to manage contract negotiations, providing another perspective in strategic planning, and helping you prepare and analyze company financial documents.
This becomes increasingly important if you’re preparing to sell or merge your company and need assistance preparing all the official documents. Smaller companies can also benefit from outsourced CFO services when they don’t have enough budget for someone full-time. This gives you all the benefits of having a great financial leader without the entanglements of a long-term hire.
Finding the right people for your team can feel like it’s more hassle than it’s worth. But the benefits of outsourcing to the right companies cannot be understated. Take your time to find the right help for your business. You need someone with the right expertise to offer to consult, handle finances, take care of your technology needs, or create a winning marketing campaign. Ask around your CEO circles to find people and companies who are great to work with. If you don’t rush into it, you can have success.