Growth Hack: Outsource to Your Coworking Community

Is your startup currently experiencing accelerated growth for which you're not prepared?

Obviously, expanding amid a pandemic is a commendable and positive milestone, but with it comes extra responsibilities that befall your already overworked staff.

Why not outsource these additional duties to an external agency to prevent mental fatigue, workplace dissatisfaction, assigning projects to ill-equipped workers or relocating to larger headquarters?

Outsource freelancers for piecemeal work, accountants for bookkeeping or virtual administrative assistance perform those mundane tasks you don't have time for so that you can focus on your businesses' core tasks.

Outsourcing in coworking spaces is widespread. It makes allocating tasks to outsiders straightforward and reliable with freelancers and small businesses armed with an arsenal of skills steps from your desk.

This article will look at the benefits and pitfalls of outsourcing in a coworking space and outline the main services provided by third parties.

What is Outsourcing?

When you outsource work, you're contracting external forces to perform specific tasks instead of hiring new talent or allocating more work to existing staff.

The amount you outsource depends on your business; you could occasionally utilise contractors' services, or it might be a more regular part of your business operations.

When you outsource work, you're contracting external forces to perform specific tasks instead of hiring new talent or allocating more work to existing staff.

What are the Benefits of Outsourcing?

Coworking has increased in popularity in recent years for several reasons. It helps businesses thrive in tight-knit and supportive communities. Coworking environments are career-enhancing, with collaboration and networking efforts forming part of daily life.

However, for all its apparent perks, there's one glaring problem for growing companies, and that's limited space.

Having to relocate to another space can be hugely time-consuming and expensive, and recruiting new staff can be a headache in its own right. Therefore, outsourcing can be the most fitting solution for you, especially when you're surrounded by businesses with whom you affiliate daily.

These are the top reasons for looking into outsourcing:

Cost-efficient

Many expenses are tied to expanding your internal operations, ranging from hiring and onboarding to payroll taxes of new starters and more.

Additionally, there's the added risk of employing a professional who's unfit for the job, only to have that crucial role unfulfilled at the busiest times.

Outsourcing is a smart move as it saves you time and money on recruitments that aren't fail-proof and lowers your overheads.

Outsourcing is a smart move as it saves you time and money on recruitments that aren't fail-proof and lowers your overheads.

More Experts, Better Business

Your current staff members might be good at what they do, but they're not perfect or skilled at everything, which is why you should assign projects for which others aren't experienced or knowledgable to third parties that do.

Utilising niche professionals who possess the critical skills you need will drive your company forward.

Focus on Your Core Business Activities

When your company starts to perform well, you might find your attention split between back-office operations and support processes, with the core activities that helped you become successful in the first place.

Rather than splitting your focus and ultimately sacrificing the quality of your service, hand over specific tasks and dedicate time to the activities that make your business tick.

Delegating these tasks is hugely freeing and will ultimately help you navigate your business in the right, upward direction.

When your company starts to perform well, you might find your attention split between back-office operations and support processes, with the core activities that helped you become successful in the first place.

Lowers Risk and Ensures Continuity

High employee turnover periods are hugely concerning in that the lack of consistency could result in the sup-par operation of a business.

Having contractors fill the gaps during these times can be business saving if you're massively understaffed at the minute.

Moreover, having these types of temporary fill-ins, who are already immensely skilled and up for the task, gives you time to find someone suitable to fill the role permanently.

Sometimes measured risks need to be taken to ensure growth and stand out against the competition, which means executing campaigns or tasks you wouldn't take on because you don't have the time or know-how.

It Helps Develop a Current Skill Set

Outsourcing can be great for upskilling permanent staff.

Having contractors complete tasks adequately is an advantage in and of itself. Better yet, have your current staff learn new skills they don't yet possess by trained experts.

Bringing in a contractor to perform the job as a once-off, with staff watching how things are done, is advantageous for the company and promotes career development.

Working Around the Clock

Outsourcing a professional in a different city or country is a logistical hurdle that can be tricky, especially when different timezones make aligning schedules challenging.

That said, having people working on projects halfway across the world means your business runs full-time even when you're sleeping.

Conversely, even teaming up and relying on the professional services of your desk neighbour presents challenges. In the gig economy we live in, where freelancers may have multiple clients, finding time where you and your contractor are free is no mean feat.

However, rest assured that flexible working means your projects are being focused on at times when you're offline.

That said, having people working on projects halfway across the world means your business runs full-time even when you're sleeping.

What are the Disadvantages to Outsourcing?

One of the most significant issues affecting some leaders is not having complete control over the tasks outsourced to others. It might be challenging being unable to monitor contractors' progress if you struggle relinquishing control.

Consult with professionals and businesses you know and trust if you grapple with this. In the contest of a coworking space, this person or entity might be the team sitting next to you at the workspace every day for whose work you're familiar.

There are also other disadvantages to outsourcing, which may include the following.

Security Threats

In the digital world that we live in, data protection is an absolute must. Exercise the utmost caution if you outsource processes involving personal data, as breaches are a significant threat to a business's longevity and privacy.

Quality isn't Guaranteed

The point of outsourcing is to delegate tasks that you don't have time or the expertise for, or that is the assumption.

However, the standard or quality might not be up to par if the motivation behind the contractor taking on the work is solely money-driven. An alternative reason that deliverables rendered might not be up to the mark is because the industry expert has split focus between different projects and clients.

What Exactly are People Outsourcing?

Anything from administrative services, bookkeeping and research to HR, content creation and digital marketing can all be executed by external agencies.

Administrative Services

The role of an administrative assistant is exceptionally multifaceted that includes anything from arranging schedules, updating documents and inbox management to generally streamlining daily operations and keeping everything organised.

Since these assistants handle sensitive information, you must entrust the right person with the role.

Bookkeeping

Having an accountant to keep up with bookkeeping or providing vital services during tax season or auditing periods won’t leave you bogged down and highly stressed.

Depending on what you’re utilising their services for, whether for an extra pair of hands during specific periods or more frequently, it’s an excellent idea to find the same firm that provides consistently reliable work at a consistent price.

Research

Research, and quality research at that, is a time-intensive process and one that you might for which you don’t have time.

A research assistant will help you compile research as you like it.

Content Creation

Compelling content is a powerful thing, encouraging clients browsing on your website to make purchases.

From blogs to video and more, several types of content creation gives your business its voice.

Outsource a freelance writer if you don’t have the capacity or creativity to craft unique and engaging content that puts you ahead of competitors.

Digital Advertising

We read a great analogy describing social media platforms as city streets bombarded with digital billboards - effective digital marketing leads customers in your direction.

Anything from administrative services, bookkeeping and research to HR, content creation and digital marketing can all be executed by external agencies.

HR Services

Recruiting the right employees is challenging for any business. Outsourcing HR makes the task less daunting, offering services such as screening candidates, and running interviews and background checks.

Outsourcing: Yes or No?

Many consider outsourcing as a way to save money, preferring to spend money on ad hoc services. However, outsourcing does far more than reduce your operational costs.

Outsourcing done right is invaluable to any company, providing opportunities to expand, be more innovative and get ahead.

Let us guide you

We know the search process for a new workspace can be overwhelming, that’s why our team are here to help through every step of the way.