When setting up your own business here in Singapore, you may be very tempted to try to do everything by yourself in a futile attempt to save yourself money. This will probably be your first big mistake because as any business person will experience will tell you, you should always reach out for assistance when you need it the most. The hope is that your business will be profitable which will allow it to expand and with expansion comes the need to hire more employees.
Having to hire people full-time is an expensive proposition and so this is why it makes a lot more sense to take advantage of accounting and outsourcing services. This is not only a very cost-effective way of getting the people that you need but will also help to push your business in the right direction. If you do it properly, outsourcing your needs will actually save you an incredible amount of money. If you have never considered such a thing before then the following are some of the advantages of doing so.
- You reduce your labour costs – This is the largest outgoing expense for most businesses and anything that you can do to reduce this cost should be embraced. The price of living goes up year-on-year and so salaries are rising as a direct consequence. When you hire someone as a full-time employee, you have to pay certain government contributions and that amounts to a significant amount of money over a year. It makes a lot more sense to outsource your needs from a third-party provider and leave the additional expenses to them.
- It cuts out the need for training – The hiring process is frustrating enough and even when you whittle the numbers down to the last two, you are still not even sure if you’re going to get the right person. When you do hire someone, you then have to train them up and hope that they will stay with the company for the long term. It makes a lot more sense to contract out your needs and then you know you’re getting an individual who knows exactly what they’re doing from the get-go.
- It allows you to budget better – If you are using a service provider for your needs then you know exactly how much money you’re going to be paying out each month. If you are a smaller enterprise just beginning then the most difficult time is the first two years of trading. This is when you need to be saving yourself money and so the most cost-effective way to get people working for you is to hire them through a third-party provider. This allows you to stick to your budget better and allow you to focus on the core of your business.
Depending on the job position, you can even hire people from all across the globe to work for you remotely and this allows you to reach out to a huge pool of qualified and experienced people.
