7 Ways A Freelancer Can Increase Your Business Profitability

7 ways a freelancer can increase your business profitability

What is outsourcing
out·sourc·ing (out sôr s ng, -s r -) is subcontracting a service to a third-party company.
The decision whether to outsource or to do in house is often based upon achieving a lower production cost, making better use of available resources, focusing energy on the core competencies of a particular business, or just making more efficient use of labor, capital, information technology or land resources

1. Focus on your core business
Every business has limited resources, and every manager has limited time and attention.
Benefit:
Don’t spend time doing projects which take you away from growing your business, jobs that you dislike or perhaps aren’t even that good at. By outsourcing to a freelance consultant you get to focus on your core business while they complete the project that you have been dreading for months. Time is money!

2. Reduce staff costs
Hiring and training staff for short-term or peripheral projects can be very expensive, and temporary employees don't always live up to your expectations.
Benefit
Your outsourced employees work as freelancers. There are no large agency fees when you engage directly with the consultant and you manage your staff head count by retaining people when you need them and reducing staff costs in quieter times. You also have the benefit of hiring someone for a short term project that otherwise might be too expensive on a full time basis.

3. Increase flexibility
Customer, supplier, employee and business need’s change regularly, being able to adapt quickly to these changes and scale as required is critical to your business success.
Benefit
Have the flexibility to decide how long you need a freelance consultant for, what hours they work, even whether they are working in the office or from home. Larger businesses can attract whole teams for specialist projects by employing freelance consultants for the duration of the exercise, simply by posting an appropriate job.

4. Control capital costs
Cost-cutting may not be the only reason to outsource, but it's certainly a major factor.
Benefit
Outsourcing converts fixed costs into variable costs, releases capital for investment elsewhere in your business, and allows you to avoid large expenditures in the early stages of your business. Outsourcing projects within your business can also make your firm more attractive to investors, since you're able to pump more capital directly into revenue-producing activities.

5. Start new projects quickly
Handling the same project in-house might involve taking weeks or months to hire the right people, train them, and provide the support they need.
Benefit
By reducing the time it takes to employ a new staff member, or even going through a recruitment agency for a temp, outsourcing to a freelance consultant could be making a positive contribution to your business within days while also utilising their assets and resources to get the project done.

6. Level the playing field
Most small firms simply can't afford to match the in-house support services that larger companies maintain.
Benefit
Outsourcing can help small firms act "big" by giving them access to the same economies of scale, efficiency, and expertise that large companies enjoy on an as needed basis.

7. Increase efficiency
Businesses that do everything themselves have much higher research, development, marketing, and distribution expenses, all of which must be passed on to customers.
Benefit
By utilising the existing infrastructure and structure of an external provider you gain the economies of scale which can increase your efficiencies and give your business an important competitive advantage. You also gain the knowledge and skill set of a professional with a fresh perspective on the project at hand..

About Consulting WorX
Consulting WorX is a privately owned Australian company focused on creating and delivering a premier online services marketplace.
Consulting WorX Pty Ltd (ACN 131-332-682) is located in Sydney, NSW providing services nationwide.

Next steps
Register online at www.consultingworx.com.au and join our growing number of business clients and freelance consultants
For more information contact Patrina Kerr or Michelle Casey at [email_address] or visit www.consultingworx.com.au to read more on how it works

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7 Ways A Freelancer Can Increase Your Business Profitability

by Consulting WorX Pty Ltd on Oct 21, 2009

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7 Ways A Freelancer Can Increase Your Business Profitability — Presentation Transcript