How to Focus on building your core business

So you have a well established business and earning a good profit on goods and services you sell to your customers? Now is the time to start focusing on growing your business. Many businesses define growth as increase in sales but the actual truth is focusing on core activities, a holistic approach in your business is required. Improving the profitability and sustenance of business is of utmost important.

Growing the business can be a challenging task. What worked previously may not work the next year. A sustainable growth is vital to survive in the market. Recognising and overcoming the common pitfalls associated with growth and sustenance of the business is essential if your goal is to continue to grow and sustain.

Outsourcing is a common practice of contracting out business core business activities to third-party providers. Businesses have started outsourcing their core activities which to our concern is extremely important decision. You can outsource services like accountancy, marketing which can save money for the business. But Outsourcing core activities is not suggested by us. You will find out why this is a dilemma. Nowadays most companies tend to let third party companies to handle the core activities of their business. But the question is- Is it necessary?

How to Focus on building your core business

Reasons why outsourcing core activities could be a failure for the business:

  1. You lose control of the business operations and it becomes difficult to monitor the performance and activities of the business.
  2. There could be hidden costs and legal problems may arise if the terms and conditions are not clearly defined.
  3. You are putting your company’s personal data security to risk. When an organization outsources HR, accountancy services and Recruitment services, it involves a risk of exposing confidential company information to a third-party.
  4. The standard and quality could be compromised when outsourcing core activities as the outsourcing firm might just be interested in profits rather than focusing on quality standards.
  5. You lose focus on the core work as the outsourcing firm has lot of other contracts and managing your work is not their only focus. This may result in delays and accuracy in the work output.

While all these factors may not be an issue to many others, a major disadvantage of outsourcing is that you may be denying your team or a talented local agency crucial work or development opportunities. But at times it is easier to regulate these factors inside an organization rather than with an outsourced partner. By outsourcing, you may not be focusing on growth of the business. And if core activities are outsourced an organization is mightily dependent on the outsourcing provider. Risks such as getting bankrupt and financial loss could become difficult to control.

Following things when put to use can help grow your business:

  1. Finding out different ways to increase sales to your existing and new customers.
  2. Improvement in your products and services by testing and researching the market needs of the customers.
  3. Developing your products and services and attracting new customers.
  4. Training the existing staff and making them proactive for every situation
  5. Bringing the new investors or looking for new sources of funding
  6. Thinking of selling your products and services online and other modes.
  7. Working with the business advisor who can help in achieving the above goals.

Everyone at Gluu is passionate about providing a quality, value for money service, one that supports businesses with activities that detract from focusing only on core business activities.

Learn more about our Business supplies services. For more information call us on 020 3500 2602