Small Business Statistics Reveals How Offshoring Reduces Costs and Helps Sustain Businesses
PUNE, INDIA - 2023 statistics on small businesses shed light on significant cost-savings as well as long-term benefits offered by offshore outsourcing service providers like IBN Technologies to help these businesses scale up their operations, profitably.
The year 2023 Small business statistics witnessed a momentous transformation in the business realm, which surprised numerous companies and resulted in noteworthy revelations. Reducing costs is a top priority for small business owners. Research indicates that labor costs often constitute a massive portion of a company's expenses, placing considerable strain on financial resources. However, by embracing offshoring, businesses can tap into wage disparities between countries, resulting in substantial savings. A comprehensive analysis reveals that small businesses implementing offshoring strategies can reduce operational costs by an impressive average of 30% to 50%.
IBN Tech, a leading Outsource service Provider, connects small businesses from around the US with skilled offshore professionals, enabling companies to access specialized expertise that may not be readily available locally in the US. By harnessing this global talent market, businesses gain a competitive advantage, enhance productivity, and foster innovation, contributing to sustained growth. They enable businesses to expand operations by assisting at a strategic level.
Ajay Mehta, CEO of IBN Tech says “We believe that offshoring not only reduces costs but also provides small businesses with the flexibility and scalability they need to adapt to market changes and seize new opportunities.
Small businesses are the backbone of the economy and often face unique challenges including finances and accounting services, bookkeeping and CFO services, data entry, mining and back-office processes with time-consuming traditional approaches, limited manpower, and restricted budgets. IBN Tech is at the forefront of providing tailored, offshore outsourced strategic solutions to small businesses worldwide. They help their clients focus on core competencies and offer end-to-end back-office support solutions with significant expertise; also, technology-driven solutions, where required, provided by third-party services. Small businesses can effectively delegate these critical tasks offshore, freeing up valuable time and resources to focus on strategic initiatives and core business functions, while saving nearly 40% to 50% on their overhead costs in the US.
Ajay Mehta points out “Small business statistics vary greatly from business to business, offering unique advantages to those who understand them. It is clear that, businesses can adapt to ever-changing markets by adopting offshoring initiatives, which demonstrate their sustainability.”
IBN Technologies LLC is an outsourcing specialist company with clients in the United States, the United Kingdom, the Middle East, and India. The quality of IBN Tech procedures is guaranteed by ISO 9001:2015, 27001:2013 as well as a CMMI-5 certification. In its more than 24 years of existence, IBN has become a leading IT, KPO, and BPO outsourcing specialized company in the Finance & Accounting, CPAs, Hedge Fund & Other Alternative Investment business, Banking, Travel, Human Resource & Retail Industry sectors.
