Outsourcing is the process of contracting with a third-party provider to perform tasks or services that are typically performed by in-house staff. Outsourcing can be used to save on labor costs. It can also be used to tap into specialized expertise, or free up internal resources to focus on other priorities.
There are a variety of reasons why companies would go to another source. Cost savings is often the primary motivator. When done correctly, outsourcing can be a win-win for both the company and the service provider.
The company gains access to high-quality services at a lower cost. The service provider receives a steady stream of work.
However, there are also potential risks associated with outsourcing. These include loss of control and reduced flexibility. As a result, companies must carefully consider their needs and objectives before entering into an agreement.
In online marketing outsourcing is great for seniors who do not have time or know how to do things when running their business. Fiverr was started for this very reason.