Business

Why Your Startup Should Be Outsourcing Critical Processes?

Outsourcing has been around for quite some time, and business enterprises have been implementing outsourcing to make their operatio…

Published

3 years ago

August 26, 2021

Manvendra Chaudhary

Why Your Startup Should Be Outsourcing Critical Processes?

Starting a business is no piece of cake, especially for innovators in the industry like startups. With increasingly more tech-driven businesses, it’s hard to stand out from the crowd when you’re just starting out in the field. Struggling is no stranger to these entrepreneurs. One of the most critical errors they make under pressure is sticking to patterns that aren’t working and avoiding critical thinking about alternative quick fixes.

One such solution might be outsourcing, which some early-arrived CEOs hesitate to engage in. The thing is, a more proactive evaluation of a business could show a need to cut costs, increase human resources or support certain organization processes that have a missing infrastructure.

More often than not, startups strive for a leaner work model and hire a small number of critical employees who usually end up tackling several things simultaneously. With financial means usually being pretty tight in startups, some team members tend to work too much in order to reduce expenses, which often leads to inevitability, unmanageable workloads and, inescapably, mistakes. However, when you reach a point where processes in your organization become too much to bear, and the work quality starts tapering off because employees are wearing several hats at the same time, then you know it’s the right time to consider outsourcing.

What is Outsourcing?

Outsourcing has been around for quite some time, and business enterprises have been implementing outsourcing to make their operation more effective. It refers to a contract agreed by two parties, the outsourcing provider and you (the business owner), where you give specific tasks to the outsourcing provider for a particular time period.

To take full advantage of outsourcing, most businesses outsource in places they are weak. For instance, you may outsource a virtual pa for content marketing, bookkeeping, administrative tasks, web development, and more. There are many business areas, and often startups find it challenging to master all areas in a short amount of time. Outsourcing allows your company to operate efficiently without compromising critical areas of the business. Moreover, you can also hire a small business accounting firm to handle your financial processes, ensuring accurate bookkeeping, tax compliance, and financial analysis. Outsourcing accounting tasks can provide expert assistance and help you focus on your core business activities, fostering growth and success for your startup.

Also Read: Building a Winning Strategy for Business Startups in 5 Steps

Outsourcing Allows You to Stick to Smaller Budgets

Reducing costs is one of the reasons why startups outsource. Actually, 56 per cent of companies surveyed stated cost reduction as their motivation for implementing outsourcing. Why? Because outsourcing tasks to qualified professionals allows businesses to stick to a smaller budget and only pay for what they need. More often, that’s far more cost-effective than employing full-time workers – which can be a pricey business.

For example, when you hire someone new, these new hires will take some time to get used to your business’ culture. That means you’re going to miss out on their productivity in their early days.

Similarly, training new hires will also hang heavily on your monthly budgets. However, you can only save on these expenses when you outsource but gain more income through increased productivity.

Another financial benefit that comes from outsourcing is that you will never have to worry about cutting down on technologies and types of equipment you’ve invested in. Thus, you can opt for these services and get the latest technology for your business’s needs without burning a hole in your own pocket.

Outsource to Benefit from Top Talent

Today’s largest companies can offer pay and benefits far beyond what you can possibly offer, so the best talent goes to these companies. It comes as no surprise that this can reduce your business’s ability to reach the best results. It can even be risky as these companies can easily poach on your stuff by offering better incentives. Outsourcing services are capable of attracting talented people to ensure customer experience and competitive results.

Another problem for small startups is knowing when to scale up. The scaling can be more intimidating if you’re planning for new hires or heavily investing in critical operating costs.

However, outsourcing for more productivity, increasing your orders with an agency, or stepping up to extend your cloud-based software are all easier to manage than hiring new hires to whom you will be obligated if things don’t work as planned.

Scaling through outsourcing allows you to explore your options without committing to long term investments that might ultimately be detrimental to your newly arrived business. It allows for better responsiveness, letting you start right away rather than spend time training new people on your startup mission and methods.

Also Read: 7 Reasons Why Drop Shipping Businesses Fail

Time: Your Biggest Asset

Maybe you’re not at the stage yet where a fully outsourced HR or IT department is necessary. Perhaps you’re at full capacity and need some time to focus on more critical business tasks. The good news? There are a few ways to do this.

Outsourcing non-vital tasks like content creation, social media management, email marketing, filling, admin, invoicing. Freeing up your schedule will only give you more time to focus on improving and growing your startup. What’s more, every outsourced task will now be in the hands of an expert, so you will also save time on project management.

Avoid Burnout

Regardless of how well prepared you are, startups always experience high uncertainties, which swell if without the right financial means. In a short-term mindset, tunnel-vision, teams end up doing too much, hoping to reach heaven-like results overnight. However, the truth is that senseless rushing at the expense of manageable workloads is not worth it. This will only lead to burnout of employees who could have done more for the business had some of their responsibilities outsourced.

It’s important to note that outsourcing tasks aren’t a viable solution for everyone. Newly-arrived entrepreneurs should be careful to evaluate cultural discrepancies with the outsourced professionals, avoid communication pitfalls due to frustration and misunderstandings or due to time zone differences.

When done right, and when we say right, we mean to benefit everyone involved, outsourcing sparks startups success and carves new paths towards business growth. If you’re looking to increase capacity, improve your know-how and expand your offering, there’s no easier or more affordable way than through outsourcing.

World

Prime Hydration Faces Lawsuits Claiming Its Sports Drink, Prime Energy, Contains PFAS and Excessive Caffeine

Published

16 hours ago

April 24, 2024

Manoj Nair

Prime Energy, the sports drink from Prime Hydration, has been hit by a number of lawsuits for containing excessive amounts of caffeine and PFAS. Another lawsuit was filed on April 8 in the Southern District of New York, accusing Prime Hydration, the parent company which manufactures the sports drink, of engaging in misleading and deceptive practices.

Prime Hydration was founded by two Logan Paul and KSI in 2022, and the products became very popular thanks to the huge followings of the YouTubers. However, the company is now facing a slew of lawsuits over the ingredients in their energy and sports drinks.

New Lawsuit Against Prime Hydration

The latest lawsuit, filed on April 8, accuses the company’s 12-ounce energy drinks of containing 215-225 milligrams of caffeine, exceeding the permissible limit of 200 milligrams. The lawsuit was filed by Lara Vera, a resident of Poughkeepsie, New York.

The lawsuit details that the plaintiff had purchased Prime’s Blue Raspberry products on numerous occasions in August 2022 for about $3 to $4 each, unaware that the products contained caffeine beyond the permissible limits. The plaintiff is seeking damages of $5 million from the company. Lara Vera’s lawsuit alleges that Prime advertised 200 milligrams of caffeine, which is equal to six Coke cans or two 12-ounce Red Bulls. One Red Bull can could contain 114 milligrams of caffeine.

Also Read: Johnson Controls subsidiary Tyco Fire Products to pay $750 mn to settle ‘forever chemicals’ lawsuit

The suit also alleges that there are no safe limits of caffeine for children and that caffeine has been indicted for causing tachycardia, headaches, convulsions, tremors, upset digestion, and adversely affecting mental health.

Earlier, Senator Charles Schumer, D-N.Y., had asked the Food and Drug Administration (FDA) to investigate Prime energy drinks in 2023 after reports that the products contained high levels of caffeine. The Senator also accused the company of using vague marketing tactics focused on young people, influencing parents to buy the caffeine-laced drinks for their kids. The lawsuit by Vera also quotes the Senator’s call to the FDA.

Prime is also facing another lawsuit filed on Aug. 2, 2023, in the Northern District of California by the Milberg law firm on behalf of Elizabeth Castillo and others. The lawsuit charges Prime’s products with using flavors containing PFAS, or “forever chemicals.” Forever chemicals are a class of chemicals that are not degraded in the human body or nature and have been indicted as a carcinogenic substance. Independent third-party testing has confirmed that Prime Hydration grape flavor contained PFAS.

Also Read: California mother files lawsuit against Tesla after her 2-year-old child starts Model X and runs over her

Net Worth

George T. Conway Net Worth 2024: How Much is the American Lawyer Worth?

Published

19 hours ago

April 24, 2024

Vishnu Chaudhary

George T. Conway Net Worth 2024: How Much is the American Lawyer Worth?

Who is George T. Conway?

George T. Conway, also known as George Thomas Conway III, is a distinguished American lawyer and political activist. Born on September 2, 1963, in Boston, Massachusetts, Conway is renowned for his legal expertise and vocal opposition to former President Donald Trump’s administration.

View this post on Instagram
A post shared by POLITICO (@politico)

George T. Conway Career

Conway’s legal career is illustrious, marked by significant contributions to various fields such as securities, mergers and acquisitions, contracts, and antitrust issues. He began his career as a law clerk at the US Court of Appeals and later joined prestigious law firms, including Wachtell, Lipton, Rosen, and Katz. Notable cases include representing Paula Jones in a trial against President Bill Clinton and securing a victory against the National Australia Bank. Furthermore, Conway has been actively involved in political activism, co-founding groups like Checks and Balances and the Lincoln Project, which oppose Trumpism and advocate for democratic principles.

George T. Conway Net Worth

As of 2024, according to Celebrity Net Worth, George T. Conway’s net worth is estimated to be approximately $39 million. His wealth primarily stems from his successful legal career, where he has handled high-stakes cases and served as a partner in prestigious law firms. Additionally, Conway’s involvement in political activism, public speaking engagements, and media appearances contribute to his financial status.

George T. Conway Age

Born on September 2, 1963, George T. Conway is currently 60 years old as of 2024.

George T. Conway Family: Wife and Children

George T. Conway was previously married to Kellyanne Fitzpatrick Conway, a prominent political consultant and former White House counselor. The couple has four children: Claudia, Vanessa, Charlotte, and George Jr. Their marriage ended in separation in 2023.

George T. Conway Height and Weight

George T. Conway stands at 5 feet 7 inches tall and weighs around 84 kg. He possesses a charming personality with black hair and captivating black eyes.

Also Read: Robert Kraft Net Worth 2024: How Much is the CEO of the New England Patriots Worth?

World

Grindr, LGBTQ+ Dating App, Faces Lawsuit in UK Over Alleged Sharing of Users’ HIV Status

Published

19 hours ago

April 24, 2024

Manoj Nair

Gay dating app Grindr has been slapped with a lawsuit instituted by hundreds of its users. The lawsuit alleges that the app shared private information, including the HIV status of users, with third parties without consent. Filed in London’s High Court, the lawsuit, according to Austen Hays from the law firm representing the plaintiffs, suggests that thousands of Grindr users in the United Kingdom may have been affected.

The law firm claims that Grindr shared highly sensitive user information with third parties for commercial purposes, including HIV status. Grindr, the largest dating app catering specifically to the LGBT community, is accused of sharing data with data analytics companies Apptimize and Locally.

The lawsuit further alleges that the app used covert tracking technology to gather sensitive information, which was then unlawfully shared with advertisers. With over 13 million monthly users and more than 924,000 users reported in the UK as of May 2023, Grindr boasts the highest engagement among dating apps, with users spending an average of six hours and 49 minutes on the app per month.

A spokesman for the gay dating app stated that they would “respond vigorously to this claim, which appears to be based on a mischaracterization of practices from more than four years ago.”

The lawsuit, signed by more than 670 respondents, claims that the breach occurred between 2018 and 2020. It is anticipated that more people could join the case, potentially numbering in the thousands. If successful, plaintiffs could receive thousands of pounds in damages.

The managing director of the law firm representing the plaintiffs, Chaya Hanoomanjee, stated, “Grindr owes it to the LGBTQ+ community it serves to compensate those whose data has been compromised and have suffered distress as a result. The company must ensure all its users are safe while using the app, wherever they are, without fear that their data might be shared with third parties.”

Grindr’s spokesperson reiterated the company’s commitment to protecting user data, asserting that they have robust processes in place that fully comply with data privacy regulations in the UK and elsewhere.

Also Read: Johnson Controls subsidiary Tyco Fire Products to pay $750 mn to settle ‘forever chemicals’ lawsuit