Blog Description

How European Companies Can Increase Efficiency & Stay Profitable

Businesses that work efficiently are more likely to grow, maximize their profits or enter new markets. Often, simple changes can enable you to expand your ability and achieve your business output.

Introduction:

The European Union is the world’s largest trading bloc, with a combined estimated value of £3.17 trillion a year (or €4 trillion). This value includes imports and exports, services and foreign investments. Keeping the whole world aside for one moment, the EU alone have huge potential for UK businesses, not only with its buying power, but also access to a wealth of international expertise and investments.

Small and medium-sized enterprises (SMEs) are the backbone of European Union’s economy. They provide two-thirds of the total private sector employment in the EU. SMEs and entrepreneurship are key to ensuring economic growth, innovation and social integration in the EU.

It is surprising to know how many entrepreneurs don't have the foggiest idea between profit and revenue. They trust that since cash is coming into their business, they are really making it.

You need to understand that the money coming into your business is not yours until expenses have been paid. Once these costs are paid, the remaining is the benefit. Many businesses break even or are in debt after their expenses are accounted for. There are entrepreneurs who don't know this is happening, they simply pay out cash and continue ahead. 

Well, if you do not want to be one of those organizations that cannot earn a profit due to poor planning, the best solution is to learn the tactics that can be used to develop a business that is very profitable and more efficient.

 

Strategies that can lead to a profitable & efficient business:

  • Prepare a strategic plan- Businesses takes time to grow, therefore, you must make a procedure that has a five-year standpoint at the base. Every year needs to characterize how your business will develop throughout the years. As your business becomes throughout the years, it will turn out to be more mind boggling, which implies your budgetary arrangement needs to develop with your business. This implies your technique needs to characterize how you will profit as well as how you benefit most of the cash you create. Constantly review your strategic plan so that you are aware if the results you produce match your set goals.
  • Redesign workflows and systems for greater efficiency. -Cut steps, reorder processes, reengineering physical workspaces, etc.
  • Look for ways to bundle products and or services so that you increase the average ticket price of every sale.
  • Seek input from outside your organization- Consultants are professionals who can help you see things in your business. When you are inside your business, it is difficult to isolate your vision for your business from its real reality. In this way, outside advice can enable you to find your business' shortcomings, and how to enhance these weaknesses. Do background research before hiring a consultant. You want to be sure you hire someone who can deliver on their guarantees and for their high fees.
  • Conduct a customer satisfaction survey every year- Get honest feedback from your customers. Ask them few questions like what they liked about your business/product and what changes they are looking for. This will help you improve your business each year so that you can keep long-term clients, instead of having to constantly find new clients every year.
  • Enter into strategic alliances with your suppliers to market each other’s products- Strategic alliances are the perfect opportunities to expose your business to new markets. It makes sense to partner with those whose businesses complement your own business. Cross promotion will work very well in such cases because the products and services match up so well.


But why is strategy important? 

                                                                   

How Outsourcing your business can impact your business efficiency?

Outsourcing is the latest buzzword these days, since more cost and quality conscious businesses all over the world are turning to destinations like India for outsourcing their non-core business processes. So, what are the benefits of outsourcing your business processes? 

  • Saves on Business Costs
  • Outsourcing to countries such as India can give one access to cost effective services. Cutting down on costs is the reason most businesses choose to outsource their operations, working with an offshoring business can save up to 70-80% in costs, without compromising the excellence of operations.
  • The same services with the same level of quality are offered at India for a much lower cost. This cost-advantage has increased the number of services that are being offered to India. When outsourcing is done well, it allows entrepreneurs to flourish in modest industries due to reduced overhead costs. It is a real model for businesses that want to save on the recruitment, infrastructural expenditures and other office expenses.
  • Outsourcing expands your knowledge base
  • Outsourcing gives you entree to experts in fields related to your business. Outsourcing puts you in a sole position to stay knowledgeable as well as learn and gather information from industry experts.
  • Marketing experts, research industries/consultancies, certified public accountants, certified human resource professionals, and customer service coordinators are ready and waiting to help you grow your business.
  • Works Around the Clock
  • By taking advantage of time differences between the onshore and offshore teams to improve overall productivity, the outsourcing signifies an excellent opportunity to convert your business into a firm that works around the clock. Offshore teams can work on a different time zone. Businesses can take advantage of the time differences by assigning certain tasks to an offshore team, to be worked on while the onshore team is off duty.
  • Business Growth
  • Another benefit of outsourcing is seeing a big increase in your profits, level of quality, business value, business performance, productivity, etc. Outsourcing can help you see an increase in nearly every aspect of your business.
  • Flexibility in Work and Services
  • A mixture of increased cash overflow, and lower overhead costs gives businesses the unique chance to be flexible in scale of operations. Flexibility gives businesses several unparalleled benefits, for example, skilled professionals can be hired for temporary assignments within a short period of time, services can be offered to customers at competitive prices.


Why Outsourcing is important?

                                                                      

Additional benefits of outsourcing enjoyed by small businesses:

  • Leaves time to focus on the most important parts of your business
  • When you will source the menial, office-based tasks, the tasks that you don’t relish, or the ones at which you or your employees are not skilled, it leaves you time to focus on aspects of the business that are more important.
  • Allows you to tap into a larger talent pool
  • When you use online platforms to outsource, you can tap into the global talent pool. Small or large businesses no longer must find knowledgeable workers or experts or companies in their local geographic area.
  • No need to train employees
  • Businesses that outsource will hire people who are already trained and have established themselves as experts in their field. They are hired to do a specific job and you are not required to provide or pay for specialized training. 
  • Increases scalability
  • By outsourcing it is easy to gage up or down depending on the needs of the company. If business picks up rapidly, it is easy to increase your workforce as you need it. If work is slow at certain times of the year, it is easy to cut back.
  • Increases innovation
  • Developing new products and services faster and coming up with new ways of doing things is easier to do when you have a diverse team of experienced and dedicated people working for you.
  • The greater and more varied talent you can attract to your team, the higher the chance of increasing innovation in your business
  • Increases efficiency
  • Outsourcing is a good option when the purposes of your back office are complicated in nature and the size of your company prevents you from achieving them at a reliable and reasonable cost. The overhead costs of performing a back office function can be extremely high.

The noncore business functions will be performed efficiently by the outsourcing partner. Thereby one can achieve overall efficiency and see an increase in your profits.


Why India is the favoured end for outsourcing market research?

The growth of the Indian outsourcing industry has been phenomenal.  As markets worldwide are becoming knowledge-intensive, India has evolved to become the most preferred destination for knowledge services. Although many nations offer services at lower costs, they do not exhibit the level of process maturity offered by India. The main factors that interest companies to outsource to India are:

  • By catering to almost 70% of the global intellectual outsourcing industry, India has made a strong position for itself on the global outsourcing map
  • Due to availability of brilliant, experienced and skilled professionals, who can handle any complex project makes India a favourite destination of Outsourcing market research.
  • The Time-zone Advantage - The difference between the time zones of the outsourcing nations and India has a positive impact on business. It allows tasks to be completed and delivered overnight, thereby offering a swift turnaround time.
  • Indian market research professionals are known to have technical, scientific and analytical expertise in their domains and have skill to carry on high end research.
  • Discount in costs and upsurge in savings as costs experienced in India are comparatively lower of what they could be in US or UK.
  • Confidentiality and Data Security - Though there are nations who offer services at much lower rates than India, uncompromised data security and confidentiality are the two major factors that attract global outsourcers to India
  • Majority of the Indian market research specialists working in market research companies have learnt degrees from established and premier institutes making them the most sought after researchers. 

Apart from the above factors, international market research along with cost affordability, exact and accurate research are the key factors why India is the final and favored destination when it comes to outsourcing market research.


Importance of market research

It's important to systematically research potential opportunities before you start. You may be able to adapt current products or services for new markets. This can provide new income with minimal costs and can easily boost profits. For example, if you produce tools for the garden market, are there any potential applications for the tools in the construction industry.

While researching your market, you need to evidently understand:

  • who your potential new customers are
  • why, when and how they will buy the product or service
  • how much they will pay for it 

TechSci Research offers a clear and complete understanding of market niches to companies helping them particularly while taking critical business decisions.

Some of the prime services offered by TechSci Research include: 

                                                                  


TechSci Research’s goal is to deliver consulting solutions at the point where strategy meets business. These strategies will enable clients to improve their efficiency and productivity by providing:

  • Consulting
  • Data Analysis
  • Competitors Positioning
  • Economic Assessment
  • Market Channel Options


TechSci Research’s Industry Focus:

  • Automotive
  • Power
  • Oil & Gas
  • Energy
  • ICT
  • Consumer Goods
  • Media

Conclusion: The above reasons are clear that why outsourcing reduces your burden of operational work and India stands out to be the major outsourcing provider in the world enabling the great diversity at a workplace.

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