Am I ready for Offshoring?

Written by Exel Solutions

For business owners, directors, and accountants of small or medium-sized enterprises, the prospect of offshoring services often raises a crucial question: "Am I ready for offshoring?"

Offshoring entails having a team or company handle your business tasks from a different geographical location. This strategic move is motivated by factors such as cost efficiency, as labour and operational costs are minimised significantly; wider access to diverse skill labour, thus reducing time spent on training improving flexibility; and other associated benefits allowing firms to retain focus on core competencies.

Setting up your own company in an offshore location may seem daunting, but fortunately, there are established firms that specialise in offshoring services to simplify your hustle. Partnering with the right company can minimise the risk of investing in and establishing your own presence in an unfamiliar location.

Now, to determine if you are ready for offshoring, consider these preliminary questions:

1. Do you have a sufficient number of clients?
2. Is your income adequate to cover overhead costs?
3. Are you or your team overwhelmed with workload?
4. Do you have an effective system in place to manage clients and work?

If your answer to all four questions is a resounding "YES," then you are on the right track, and the answer to "Am I ready for offshoring?" is likely to be affirmative.

Before diving into offshoring, it's advisable to conduct research on offshoring firms that align with your requirements and financial capacity. Schedule meetings or calls with at least three potential partners to discuss how they can assist your business. These discussions will play a pivotal role in making an informed decision.

For further information or assistance, feel free to reach out to us.

E: info@exelsolutions.com | P: 01923 628074

We are here to help you navigate the path to a successful offshoring experience.

Exel Solutions will be exhibiting at Accountex London on the 15-16 of May 2024 at stand 1372.