Australia is currently enjoying a booming economy, with a recently tallied a 2.4% increase in economic growth. Australians also enjoyed a record low 1.5% inflation rate, providing a healthy economy has an incredibly positive impact for businesses. In a study by Australian Bureau of Statistics, the number of actively trading businesses in the market as of June 2016 is more than 2 million. A huge chunk of that number is small businesses; with only 0.2% being corporations with more than 200 employees.
These small to medium businesses, caught up in an extremely crowded and competitive market, are limited in both resources and time. These Australian businesses experience a dire need of quality services and are constantly looking for ways to gain advantages, whether it’s to save costs or buy more time. This very need created the spark that ignited the blazing growth of the BPO industry in the land down under.
Here are top reasons why business process outsourcing is becoming an attractive investment for Australian business owners:
Success is always an inspiration and affirmation
In a not so distant past, outsourcing business processes was a new challenge for any business. The notion of giving a third party company the core processes of your business was an unknown venture. However, several startup success stories emerged from the outsourcing industry. One of the most popular outsourcing enthusiasts is an Aussie, Mark McRae of Sunshine Coast, with over 30 businesses that are all successful. According to McRae, his secret is none other than outsourcing.
Owners realize they should work on their business, not in it
More and more Australians are finding out that the key to business growth is focusing on your craft and not on every single business task. Often times, owners are caught up in running a business that they forget to focus on improving what they are good at, or worse they forget why they created their businesses in the first place. Spending too much time doing all the tasks for your business can hurt its chances of reaching full potential.
Not a lot of things can buy time
Running a business takes a lot of personal time, oftentimes affecting even the personal relationships of the owner. Being able to operate certain areas of the business without too much supervision is invaluable to an entrepreneur. Aside from having more personal time, owners also get to enjoy having the peace of mind knowing that things are going well even without them micromanaging.
Confidence and trust with third party service providers regardless of the task
Outsourcing has become an integral part of the success formula for businesses of all sizes globally and all the credit goes to BPO providers who worked hard to pay back the trust business owners has given them. There is no task that is too big or too small, BPO providers make sure that it’s done with their very best.
Not an option exclusive to corporations anymore
Before, huge corporations make up the majority of the BPO industry’s client base. Giants like P&G, Apple, and Microsoft all have taken part in the outsourcing movement and added a lot to their already stellar success. Today, quality providers have emerged all around the globe and because of the technological advances it’s so easy to get hold of their services regardless of the size of a business.
If you are thinking of starting your business or you are currently feeling overwhelmed with the heaps of tasks and responsibilities that it’s taking a toll on you, then you might want to consider outsourcing non core business activities. Business process outsourcing will surely open up new wonders and possibilities for you and your business.