General Business Files

One of the hot political topics facing the United States political establishment today is the tendency of businesses to practice the philosophy of outsourcing projects. Many people have an opinion that nothing should be outsourced, but the ability that companies have to outsource projects keeps domestic costs down.

Skilled labor in the United States is expensive. In addition to health insurance, employers need to set up office space and pay into retirement plans. Outsourcing projects and creating a network of freelancers is a great way to reduce the overhead costs of running a business.

The Internet has become the most powerful marketing tool on the planet. Take a step back and put it into perspective. At any given moment, hundreds of millions of people are linked to the Internet. The possibilities for reaching large groups of people are greater now than at any other time in history. Plus, Internet connection speeds are so rapid now that the flow of information is nearly instantaneous. When the term ‘Information Super-Highway’ was coined – broadband was in its infancy. Today it seems like the world is connected and this reinforces the need for virtual marketplaces.

If you conduct some research on the web, you can find that there are a variety of websites dedicated to outsourcing projects. One such website is guru.com. This well-designed website is a virtual marketplace accessible from anywhere in the world. In addition to the snappy design, guru.com has over a dozen categories of freelance projects for freelancers and employers to find and post projects in respectively.

If you log onto elance.com, you can also find a virtual market where outsourcing projects has become en vogue. The professionals on elance are top-notch and cover many different areas: writing, logo and graphic design, software, and website design, to name a few.

Another entry into the growing coliseum of virtual employment is rentacoder.com. This website specializes in software and computer professionals. Not only are there a great deal of competent computer professionals in the United States – they are all over the world. India, for instance has been receiving jobs that companies in the U.S. have been outsourcing.

There is no way to stop outsourcing projects. It is just the way business is headed. If you found one store with an item at a great discount, wouldn’t you go check it out?

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A few small steps can mean big business when it comes to growing your company.

To create a solid framework for growth, you must research target markets, establish a budget, implement a strong business plan and build a client base.

Small- to medium-sized businesses represent 97 percent of all U.S. employers and generally employ less than 1,000 people.

Here are four ways to help your business grow from “Open for Business: One Woman’s Story of Successfully Building a Company,” from the Women in Business Teleclass Series produced by the Principal Financial Group®:

1. Use employee benefits to attract and retain employees.

- To succeed against big business, owners of growing companies can compete by using employee benefits to their advantage. In recruiting and retaining employees, business owners should know how their benefits package (health, dental, disability, retirement) stacks up against others in their area and their industry.

- Provide a comfortable and flexible work atmosphere. For example, offer flex days instead of sick days.

2. Hire the best.

- Admit that one person cannot do it all.

- Hire self-motivated employees versus individuals who require lessons in motivation.

- Assemble a pool of talent by raising your company’s exposure at local universities by offering internships. Interview regularly.

- Hire slowly, fire quickly. Learn to say “no” to employees. In a growing company, one employee not pulling his or her weight can have a domino effect and negatively impact productivity and employee morale.

- Identify employee strengths and put them in positions where they will naturally excel.

3. Listen to employees.

- Listen to all your employees, because you never know where the next big idea will come from.

- To stimulate honest and innovative feedback from employees, create a comfortable work environment by encouraging employee feedback and contributions through company brainstorming and by rewarding winning ideas.

4. Create multiple avenues of support.

- Cultivate relationships with clients and mentors during periods of growth to help your company flourish.

- In order to expand your company’s expertise and services, bring on talent that excels in the areas where you are weak.

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