To scale faster and build more resilient businesses, business owners need to reconsider how they grow their teams.
Having the right talent is vital for business growth. Talent is more important than having the right operating model or having stakeholders aligned. It even outranks having the right technology or having the right data.
Here are 5 reasons why looking at offshore locations to grow your team will help scale your business.
1. Global talent pool is 100x your local market
If you are not already offshoring, you will be amazed at the sheer availability of top quality talent and expertise that exists in pockets in certain offshore locations. I have personally been dumbfounded by the availability of specialist and technical skills that meet our clients’ exact needs.
This shouldn’t be surprising. Large international businesses have been investing in offshore talent for over three decades. The offshore talent market has matured, and highly skilled staff are readily available.
Thanks to the rise of remote work, companies can tap into a much larger global talent pool. This makes it easier to find the skilled candidates you are looking for that you cannot find locally.
2. Your managers will love you – give them the capacity they need to grow your business
Managers frequently struggle with getting the budget to hire key staff that will allow them to unlock their valuable strategic capacity. One client said, "If only I could unlock 40% of my managers' capacity performing more transactional activities, this would be transformational to my business."
Ideally, you would want to find the right talent at the right cost, and then build teams strategically. Our clients have noticed that by building offshore teams strategically, and providing more capable resources earlier, they unlock senior managers' capacity. We also found that talent in our offshore locations have exemplary work ethics and are of a higher calibre than we expected. The offshore talent is hardworking, further improving productivity.
3. Increase productivity by 30% by specialising resources
If you can grow your teams faster, you get the benefit of efficiency through specialisation. Big companies find it easier to be efficient due to specialisation. Small companies have staff performing more generalist activities which is highly inefficient. The danger is that they are a jack of all trades and a master of none. What’s more, they are often working over capacity, weighed down with administrative tasks that suck their time and hamper their ability to do what they do best: lead their departments.
4. It is easier to pivot into new services or product lines
Our clients build teams faster by taking advantage of offshoring. As a result, they can pivot into new business areas faster and with less risk. They can develop new products or service lines as scaling faster minimises the risk.
5. Support your global expansion
Businesses with successful global operations, also tend to have more commercial successful globally. Adapting your culture and values and business model to many different countries is the key to growing successfully globally, and having back office staff in a location gives you in roads into that location’s markets.
Being able to grow your teams quickly with offshoring gives you the scale of a big company on a small company budget. Scaling faster and being able to pivot into new markets has the potential to deliver transformational growth for your business. This works even better when you adopt a strategic approach to building you offshore teams. Keep the long term in mind, and don't just hire resources sporadically to meet an immediate need.
Taking a strategic approach to growing your team can make all the difference. To streamline the process of setting up operations globally, it is helpful to circumvent the expense and risk by partnering with offshore specialists like Potentiam. Tapping into a global talent pool can be beneficial but need to be done the right way.
Potentiam can help you build an organisational design that scales.