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You’ll hear it again and again: “Focus on your core business” is one of the best pieces of advice you’ll ever hear. Check out what it means and why it’s a great way to fast-track your journey to success.
1. Save Money
What a lot of business owners don’t realize is that focusing on their core can actually save them money. Let’s suppose you manufacture and sell products. You can either invest in a fleet to get deliveries done, or you can get someone else to do it for you. Need an example? Shipcarte’s Freight and Fulfillment service provides it.
You make stuff. Let them handle the logistics. Now, you don’t have to invest in a fleet, a bunch of extra staff, and all the tech that goes with shipping and fulfillment. Sure, there’s a cost, but you might find that running your own shipping department is way more expensive.
2. Make Money Doing What You Do Best
If you’re running a small or medium business, it’s probably because you have a unique set of skills that suits that specific business. But in order to run your business, you need to get a lot of things done. Not all of them fall within your skillset. So, you either have to spend time learning those skills or outsource and get someone else to do the job for you.
If you decide to learn a new skill, it’s going to take the time you could have spent making money and your learning curve might prove costly. It’s also going to take up time you could have spent doing something you’re really good at – in fact, the very thing that makes you money!
3. Outsource for Expertise
This point is linked to our first two, but it’s worth considering on its own. Outsourcing to specialists means they can perform a task you’d otherwise have to do much better than you are able to. That also means cost reductions because they’re fully geared for their task and have economies of scale that you don’t have.
They also have better bargaining power in cost-related areas and can offer you more for less. Think of PEOs (professional employer organizations) who can offer your employees better benefits simply because they handle such large numbers of staff and can negotiate better deals from insurers and pension plans.
4. Easier Legislative Compliance
No matter what type of business you do, there’s a plethora of laws to govern almost every aspect of it. It makes sense to deal with people who will help you with legislative compliance in areas outside the core, “what you do best,” part of your business. As a simple example, accountants ensure that your financial records are properly kept and that you’re compliant with tax obligations.
5. Fewer and More Productive Employees
If you’re running a small or medium-sized enterprise, there’s no way you can afford to have an HR department, a finance department, and so on. Each area requires qualified employees who won’t come cheap, and chances are, you won’t have enough work to keep them busy.
When you’re focusing on your core, you don’t have to have employees whose work you may not understand well enough to supervise, you can get help from real high-flyers you probably couldn’t afford to employ, and you can concentrate on doing the work you already know and understand.
Outsource, Save, and Focus
You love what you do, and that’s why you’re so great at doing it. Don’t let a bunch of peripheral tasks get in your way of performing at your best. Focusing on your core business is a sensible thing to do and the potential benefits to you and your business are worth every cent you’ll pay.