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Discover whether outsourcing could be your key to success in FY19

With the new financial year just around the corner, have you reflected on the current financial year and whether you’ll achieve your plan?  If you’re going to miss one or more of your major targets, then maybe this is the right time to figure out why – and whether you should start to consider outsourcing. Usually, business plans de-rail because an organisation lacks either capability (the right skillsets required), or capacity (the time and resource needed).  So, if you have a major once-off initiative planned for next year that’s going to stretch your business outside its normal operations, you’re already running at high risk.  But, if planned well, a decision to outsource functions that aren’t your core business can be the difference that means you hit your targets.

Now, maybe you’re a bit of a control-freak.  But before you dismiss the idea completely, here’s some simple steps for making an objective decision on whether to outsource:

Know your problem areas and your options.

There’s oodles of tasks and functions you can outsource; IT services, general administration, recruitment, labour, human resource management, payroll, legal, personal assistant duties, change management, facilities management, tender writing, business process automation, marketing strategy, copywriting, business proposal writing, grant writing – and the list goes on. In the banking world, even innovation is being outsourced according to this Australian Financial Review article.

Know what stops you from doing your problem-task successfully.

Be honest with yourself about this, and whether you’ll continue to face the same frustrations and challenges next year. Or, are there some simple things you can do to remove those barriers?

Know the real cost to your business if you keep insourcing.

Put a value on your time. Do a business-case to prove it.  Can you afford to be spending time on things that aren’t really in your wheelhouse?  You’re probably many times slower than an expert, you don’t enjoy it, possibly aren’t very good at it, and procrastinate terribly which means your deadlines are going to be under pressure.

Make a conscious decision and action-plan it.

If you decide to outsource – go the next step and write down exactly what you need done, and by when. Going through this exercise will help you test whether it’s something you could entrust to others. Plus, you’ll need this detail to give your future outsource partner a precise brief on what service (and result) you’re after. This Harvard Business Review article highlights the importance of evaluating whether an activity is suitable for outsourcing.

If done well and for the right reasons, outsourcing should mean taking back control – not giving it away.  The key is good planning and execution, so take the time to:

• Figure out whether you need it
• Choose the right partner and help them understand your business and exactly what you want from them
• Create a great supplier relationship by agreeing how you will both measure success, and then communicating openly and clearly

So why wait?  Make your outsourcing opportunity list now.  It’s entirely possible that your big hairy goals will suddenly seem much more achievable.

Does your networking phobia hold you back in business?

If you’re anything like me you’ve probably succumbed to the ever-increasing need to boost your visibility and authority in your chosen market or industry. And – like it or not –  one of the most powerful ways of doing just that, is by plonking yourself in the middle of a room full of strangers. But like most opportunities, it comes down to what you make of it. So, guzzling bubbles and checking your phone to avoid looking lost, isn’t going to help you. Whether it’s attending an industry event, a seminar, a local chamber of commerce meet-up, or even a book launch – they’re all amazing opportunities to learn from others, stay up to date with current trends, as well as market yourself and/or your business.

Now that’s all well and good. But I’m guessing some of you would rather poke yourself in the eye with a burning stick, right? Well, as somewhat of an introvert myself I can happily tell you you’re not alone. But actually – that’s no excuse! So, here’s a few tips on how to make your next event a more rewarding experience.

Keep your focus on being genuinely curious about others.

Not only does this divert attention away from yourself – it makes it far easier to initiate a natural, authentic conversation.  Most people are happy to talk about themselves and their passion – and you can get some real pearls of wisdom if you ask the right questions. Some trusty ice-breakers are; ‘What brings you to this event?’, ‘How have you found this type of event useful?’ , ‘What other events do you like to attend?’.  And for some deeper insights, try; ‘What has been your greatest learning in business?’, ‘How would you describe the profile of your typical client/customer?’ or, ‘What was your career journey before your current role or business venture?’. Plus, don’t forget to look for opportunities to introduce others to people you know. Apart from being a nice thing to do, it’ll help you to keep moving around the room and meeting new people.

Be selective and stick to events where the topic or type of attendee is of genuine interest to you.

Sounds obvious, right? Attending networking events shouldn’t just be a box-ticking exercise because you know you should ‘do’ them. The whole point is to get value out of them. So, make sure they’re going to attract the kind of attendees that might include members of your target market, or industry experts you can learn from. If the topic isn’t of interest, you simply won’t be engaged. As a litmus test, imagine your attendance was conditional on having to present a 5-10-minute session on how you could apply what you’ve learned. If you don’t think you can get enough insight to fill 5-10 minutes, then you probably shouldn’t bother going.

Practice and perfect your 10 second commercial.

That is, a response to the ‘tell me about yourself’ or ‘so, what do you do?’ question. Practice until it’s so habitual you don’t even have to think about it. Make sure it focuses on the value you add – not simply ‘what you do’. For example, ‘I help businesses get their customers to act or behave in the way they want, by writing persuasive copy for websites and brochures.’  A great tip is to record it into your phone and play it back out loud until you’re happy it sounds natural. You’ll be surprised how quickly this will help you build confidence.

So, plan ahead a little – and don’t let your inhibitions get the better of you. Simply consider each event as a carefully chosen opportunity to learn, and to have authentic and engaging conversations with others. That way, you can’t lose.