As a business owner, you know you can’t go it alone. You need dedicated employees, good clients, bank loans and other assistance to get a business off the ground and turn it into a successful one. One thing many businesses also rely upon is outside vendors, or third-party-contractors, which can be extremely important or even vital to your business’s success. Here’s why you should be working with outside vendors to expand your business operations.
1. Outside Vendors Save You Time
Hiring a third-party contractor to do a task keeps one of your own employees from having to do it. This ultimately allows your own employees to focus more on their own work and increases your own business’s productivity. Working with a vendor is also a way for you to learn about a particular task without you having to waste time on becoming an expert on the subject. While it’s always important to try new things, there’s only so much you can do before you personally and your business get spread too thin. Focus on your business’s niche and reach out to qualified vendors to handle everything else. It will save you a mountain of time.
2.Outside Vendors Cover Your Weaknesses
Finding quality vendors to cover areas that aren’t your business’s strong points is incredibly helpful. For example, perhaps no one at your company is particularly good at marketing, but you can’t afford or don’t want to hire a full-time marketer. Hiring a marketing firm, then, might be the way to go. Hiring a professional vendor to do a task will also result in a better and more professional job done than if your company tried to do it yourselves. Perhaps what you need done isn’t even something your business is capable of doing: you or your client might need legal advice, or your business might not be properly certified to carry out a job.
3. Outside Vendors Reduce Costs
Outsourcing jobs or tasks is often a lot cheaper than having to hire one or more new employees. You also won’t take the financial hit the same way you would when losing an employee if, at some point, you can no longer work with that vendor for whatever reason. It’s important to not always look at the cheapest vendors available, however, because a poor job done by a contractor will reflect badly on your organization and could even result in drawn out damage control or hefty legal fees.
4. Outside Vendors Help You Expand Your Business’s Operations
By combining services or products your business already offers with those offered by a third-party, you can expand your business into different areas of operation, reach new customers and see substantial growth. If you’re worried whether or not a particular vendor provides good enough service for your business to start a longstanding relationship with, there are a number of quality vendor credentialing services you can use to essentially perform a background check on contractors. This is particularly important in regards to determining whether or not the vendor has suitable insurance coverage.
5. Outside Vendors Provide Networking Opportunities
Your business may specialize in a certain field, and you may know a lot of other people doing the same things your business does. But expanding your professional network gives you more people to call upon when your business or clients need assistance in other areas. This network you build can be utilized to find new clients for your own business or attract clients to your vendor, creating a mutually beneficial relationship. You never know who might provide crucial networking opportunities for you, and diversifying your network by having professional relationships with all kinds of different contractors is a good way to branch out.
Working with other vendors is a smart move that can be the key to business success, between helping your business save money, do better work and expand into other areas. Hopefully you can find quality vendors with which to establish mutually beneficial long-term relationships.