What is co-sourcing and why should your startup be considering it?
A question every responsible yet highly ambitious startup owner has had to ask themselves is “how can I quickly grow my business but in a way that does not put it all at risk?”
We believe the answer is co-sourcing.
Co-sourcing is an outsourcing model that adds capacity and skills (people) to your team whilst at the same time recognising the significance of the culture and values of your company and keeping control of who you hire.
Talkr, a co-sourcing partner, helps founders accelerate growth and scale their business without the ongoing headache of recruiting, payroll and other costly overheads. All this whilst maintaining an excellent customer experience and staying in control of their team.
Understanding co-sourcing in 2024
Unlike conventional outsourcing, which entails transferring entire processes to an external entity, co-sourcing emphasises an approach where teams are fully integrated into your company day to day. The collaboration is in place so that the right team members, those that are a cultural match, are onboarded seamlessly.
This strategy empowers your company to retain control over vital aspects of it’s operations while tapping into external expertise and resources.
This is particularly important for Startups and scale ups as a key part of their unique selling proposition (USP) is the culture and personality of their company and product. To lose sight of this, through hiring and onboarding people who do not quite fit the same culture and values, can then negatively impact a customer’s overall experience.
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How can your company benefit from co-sourcing?
Cost efficiency: access specialised skills and resources without the overhead costs associated with hiring and training in-house teams. According to a survey by Deloitte, companies that embrace co-sourcing report an average cost reduction of 15-30%.
Focus on core competencies: by outsourcing non-core functions, your company can redirect the internal resources and expertise towards activities that directly contribute to your competitive advantage.
Flexibility and scalability: scale operations up or down based on business needs. This agility is crucial in today's dynamic business environment.
Access to global talent pool: tap into a global talent pool, full of experienced professionals from across the World.
Risk mitigation: shared responsibility means shared risks. Co-sourcing partners have industry expertise, helping companies navigate challenges and mitigate risks effectively.
Why should you consider co-sourcing?
In a survey conducted by Accenture, 94% of business leaders stated that co-sourcing was essential for their companies' success. Here are key reasons for this:
Strategic focus: enables your company to concentrate on strategic initiatives and core competencies, fostering innovation and growth.
Enhanced agility: the ability to adapt quickly is paramount. You can scale operations up or down swiftly in response to market dynamics.
Access to specialised skills: access to a diverse talent pool with specialised skills, fostering innovation and efficiency.
Cost savings: cost-effectiveness is a compelling factor. By outsourcing non-core functions, your company can reduce operational costs and reinvest in strategic areas.