How Making Wise Outsourcing Choices Drives Business Success

Thursday, November 12, 2020
/ 05:30 PM / TERAWORK / Header
Image Credit: TERAWORK

Running a business is an unending marathon. It
often requires adopting tested, adaptable strategies to survive the strange
spells that kill 65 per cent of all businesses which fail in the first 10
years, going by data provided by the United States Bureau of Labour Statistics.

It is every entrepreneur’s dream to succeed
against all odds, right? Alright, since running a successful venture is the
ultimate goal of every entrepreneur, it is time to track and toll the path to
the much-coveted business success.

Success always leaves cues behind for the
curious to adopt and adapt to, while taking advantage of well-worn, tried and
tested strategic paths to building a business enterprise. Anyone who has ever
taken a shot at surviving in business understood that being able to access the
right talent to deliver quality services and products is key to running a successful
business. Although an enviable pool of talent can be had on-demand on
outsourcing portals such as TERAWORK, many
entrepreneurs are still painfully oblivious of the all-important resource
network and fall into the trap of businesses that fold up in their first 3
years of existence.

According to Jonathan Long, founder of the
United States’ Uber Brands, there are 5 indicators of an enterprise future
success. These success resource indicators comprise an innovative business
idea, followed by access to the right talent, a strong personal network, hard
work, and a superior sales strategy. But none of the factors is as crucial to
success as the second on the list, which is access to the right talent.

A business venture is as strong as its talent
base. This is how Jonathan Long put it, “The long-term success of your business
requires that you assemble the right talent to build your brand. Your team is
the company’s backbone, and one cancerous person can completely derail your
progress. Whether you are building an on-site team or a remote workforce, one
thing remains the same – the right talent matched with the same vision will
greatly improve the chances of success”.

Google Inc. extended its talent search to every
continent washed by the seven seas to build a formidable team of tech
professionals who immensely contributed to improving the speed and accuracy of
the algorithm at the core of the firm’s services. Whereas in 1998 Google only
offered organic search results of about 10 features on a page, fast forward to
2020, the look and layout of the search engine has changed significantly.

The Digital Guide provided by web specialist,
IONOS, put the evolution of Google succinctly, “This change is in part down to the numerous extra features and
additional information that Google has gradually integrated into its search
results pages. By doing this specific search for Google itself, you can see
that along with the organic search results, users also receive search results
from Google News as well as the so-called Google Knowledge Graph. Additionally,
the SERP display has been changed greatly by the introduction of Google
AdWords”.

It is nearly impossible to reach such milestone
without constant platform improvements and the deployment of the best tech
brains (developers) available in Silicon Valley, India, Australia, Africa and
Europe to optimize the business’ search algorithm.

The lesson is clear. Success begins where a
business can pull the right talent to deliver the most appealing product with a
rare competitive advantage. It happened at Apple Inc. while Steve Wozniak
turned Steve Jobs’ best thoughts into the best product templates for engineers
that would arrive at Cupertino later. It happened as well at PepsiCo when Indra
Nooyi proved her marketing ingenuity as the Chief Executive Officer and pushed
the business ways beyond its closest rival, Coca Cola Co. in terms of market
valuation. It wasn’t different at Zenith Bank when the financial institution
poached the best graduates coming out of Nigerian universities to extend its
footprint across Africa’s largest economy.

Attracting the right talent is costly. Not every
entrepreneur who ventures into a business at the startup stage can afford top
brains to accelerate the business at the space necessary for growth or long
term survival. One suspects that is why the 20 per cent of businesses fail in
the first 2 years of opening, 45 per cent collapse within the first 5 years;
and nearly 65 per cent close shop under the first 10 years. Although such
horrible statistics are frightening, there are solutions.

The solution is simply to quit falling into the
baits of wanting to fully employ the right talent. The best brains across all
specialist fields can be engaged on-demand, without the usual-attached costs
such as pension contributions, overheads, HR pay and utility bills that come
with housing full staff. In fact, this is smart business logic; and that is
where TERAWORK, as an enabler of
entrepreneurs’ success charge, comes in handy.

Proshare Nigeria Pvt. Ltd.