Why Your Startup Should Hire Overseas Talent
The internet has completely changed the landscape of business. CNBC performed a study that revealed 70% of all entrepreneurs work remotely at least one day every week. That fact proves that delegating work remotely is an alternative that businesses should pursue. However, the problem is that outsourcing to foreign markets has a somewhat bad reputation. Horror stories are scattered all over the internet about mismanaged websites and low-value content being created by foreign outsourcing providers. It’s no wonder that startup businesses are hesitant to delegate to foreign markets.
However, it’s important to note that those horror stories are not the common result of delegating work overseas. Startups can find some creative ways to use overseas virtual assistants. But some barriers must be considered. So startups should focus on delegating tasks that don’t require fluent English until they get a handle on outsourcing. This puts them at a much lower risk.
According to statistics, 3.2% of the U.S. workforce works from home for half of the week. That reveals one important fact. If these tasks can be done remotely in the house, then they can be delegated overseas for a much lower cost. For startups, lowering costs is one of the most important factors to consider, as long as the quality of the work is not compromised. Again, this is why virtual assistants are such a great place for startups to focus.
Search for Talent Overseas to Achieve Higher ROI
The United States has one of the most productive workforces in the world, but they are not at the top of the list. They are 5th behind Norway, Ireland, Luxembourg, and Belgium. But outsourcing is not always about replacing productive employees. It should be designed in a way that allows those productive employees to shift their focus to more important tasks. So the rule of thumb is to delegate non-essential “busy” tasks so that in-house teams can focus on tasks that are directly related to growth. It’s about being more efficient.
With that said, startups can find creative ways to use overseas virtual assistants that will provide a much higher ROI than if they were to perform those same tasks in-house. Growth should be the number one focus for a new business. They should not be wasting their talent on tasks that are not contributing to growth. It will only hamper their efforts moving forward.
Be Prepared to Enter Foreign Markets
In today’s business world, startups should always keep their eyes on opportunities to enter foreign markets. Businesses that do this are shown to experience up to a 100% increase in their average revenue per employee. So using outsourcing as a gateway into foreign markets is another of the creative ways to use overseas virtual assistants. Several barriers challenge businesses looking to expand into a foreign market – mostly related to language and culture.
When looking at how your startup should hire foreign developers, always remember that a bonus is going to be getting a foot into that specific market. You will learn how to communicate and work in the market so that when you decide to operate in it, you will be at a significant advantage over other businesses that go in blind.
Wage Expectations are Much More Friendly
The cost of living varies all around the world, so the chances are that you’ll find a market where skilled professionals are willing to take on that “busy work” for a fraction of what it would cost you to have it done in house. So your teams can focus on growth-related tasks while those lesser jobs are delegated. You can also create loyal outsourcing partners by paying above their average rate since that will still be lower than your in-house costs would be.
See Things from a New Perspective
Cultural diversity is one of the key components to creating a more efficient work environment. This is another of the creative ways to use overseas virtual assistants. They will give you a unique insight into different types of adversity that people are facing based on culture, race, and gender. It’s valuable knowledge for startup business owners because this will provide an inside look into specific markets. The result is that you have a better grasp of what makes your target market tick and what drives them.
Gain Access to Talent from Around the World
Diverse teams are 90% more likely to be innovative. This type of innovation is what allows small businesses to break through the glass ceiling and grow beyond its confines. Pulling in talent from different areas around the world broadens a company’s perspective. The reason is that you are building a team of professionals who are not going to think exactly as you do, so it helps your business enhance its perspective. One of the best ways to introduce this sort of diversity into your team is to hire outsource providers from around the world.
Startups Must Stay Within Budget
When dealing with return on investment calculations, two specific types of values must be considered – reduced hard costs and reduced soft costs.
- Hard Costs: Financial figures that are directly reduced from business expenses by using different marketing strategies and incorporating new technologies.
- Soft Costs: These are expenses that are more intangible and are not given as much weight as hard costs. Insurance premiums are an example of a soft cost.
In short, hard costs are given much more weight when dealing with ROI projections. Startup hiring should include finding a few overseas outsourcing providers to lower overall costs. These providers will be delegated work that is not directly related to growth.
Planning is an essential part of creating a business from the ground up. But it’s even more important that a startup stays within budget since they will be under a microscope early on. Investment opportunities will vanish and suppliers might be hesitant to make long-term commitments with businesses that are not able to plan effectively.
Build a Business that Makes a Meaningful Impact
By finding creative ways to use overseas virtual assistants, you will be setting your business so that it makes a meaningful impact on the market. The internet has made it much easier to assemble teams from all around the globe so you can set your business up in a way that makes a huge impact on a specific market.
While creating a business plan does not guarantee success, not having one will guarantee failure. Creativity is important, but it shouldn’t be done on the fly. Many of the most creative ways to use overseas virtual assistants have been planned well in advance by entrepreneurs. Building an impactful business requires strict budgeting and creative team building.
The reason for starting a business is roughly the same for everyone, no matter what their ultimate goal might be. They have an idea that they feel can make an impact on the world. The key is to transform that idea into a sustainable business. Today’s business world dictates that we learn the art of delegating tasks. Whether that means hiring outsourced developers or finding creative ways to use overseas virtual assistants, it’s essential that “busy work” not be allowed to clutter up the internal processes that shape your business moving forward.
Unfortunately, delegation is an often overlooked tool that most new entrepreneurs fail to master. If you want to become part of the 10% who succeed in business, then you will need to learn this important skill. The initial step is to learn how your startup should hire foreign developers.
Contact BOP today to know more about hiring virtual assistants and our outsourcing benefits.
– Back Office Pro