To grow your startup business, you need to provide more value for your customers. That added value will convince customers that your business is worth spending on. And outsourcing is an effective strategy for this goal. Let’s explore how you can tap into it with the help of Virtua Solutions and make your company grow faster.
Understanding Startup Business Value
Before we can determine how outsourcing can provide more value to your startup business, we need to understand what it looks like for your business. Simply put, business value refers to the total sum of all the elements that make up the business.
This value includes both tangible and intangible elements. The tangible ones are things like monetary assets, stockholder equity, and utility. These are the physical items that help your startup business make its products and generate revenues.
Image from Accounting Capital.
On the other hand, intangible value refers to the things that don’t physically exist. Yet, they represent the potential revenue that your company might have. Brand recognition, trademarks and patents, and public image are examples of this. Because they represent your company’s future growth, intangible assets are often more valuable than tangible ones.
Note that the exact definition of value can vary from company to company and even for each person involved in the business. For instance, investors are often more interested in financial gains. Meanwhile, entrepreneurs may look more towards the future development of the brand.
Because of this, you need to weigh on each value to determine which to prioritize. That helps you better allocate resources and maximize the gains. You also ensure that each stakeholder can get what they want from the business.
The Most Essential Values
As mentioned earlier, a company can consider many things to be of value. However, your startup business should pay attention to the most important ones. These determine a large part of the overall value of your company.
- Capital: These are the physical assets that help your business produce the goods or services it offers.
- Talent: The people working for you. Their skills are what move the production of your business forward.
- Know-how: Company knowledge also plays a significant role in continued business development.
- Intellectual property: These are the patents, procedures, and other information that serves as your business’ trade secrets.
- Brand value: The value of your business brand based on recognition and image.
- Social capital: The network of connections you create with customers and other businesses also helps your company expand its reach.
- Competitive advantage: The capabilities that help you outperform your competitors will also add significant value to your company.
By being strategic in using these different forms of value, you can see your startup business grow in the direction you want. However, being a small company, there can sometimes be limitations on how well you harness these.
How Outsourcing Can Help Boost Your Startup Business Value
With outsourcing, you can better utilize these different business values. It provides you with several ways of doing that. Consider how each of these ways would interplay in your outsourcing effort to develop a more effective strategy for it.
Better Productivity At Lower Costs
To expand your business, you need to increase productivity. But for a small business like yours, that might require spending more. With outsourcing, you can increase production at a lower cost.
Image from Anglian Communications.
To start, you won’t need as much overhead cost to meet increased production demands. Outsourcing firms have the tools for their work. What’s more, many of these companies now work remotely. That means you don’t have to spend on additional facilities to house the teams assigned to you. You can then use the savings that you get to increase productivity beyond what you originally wanted.
Access To Expert Talent For Your Startup Business
Another challenge for you when increasing business value is accessing the right talent. There is a high cost needed to hire these for your in-house team. But you will also find the market highly competitive, with other businesses trying to capture the best talents.
With outsourcing, you get another option for acquiring these talents. And don’t think that these are different from direct hires. Outsourcing companies themselves take time to find the best talent for their deployment pool.
And this isn’t just about the talents that you currently need. By forming a long-term partnership with an outsourcing firm, you can get new talent through them as you need in the future. This allows you to improve your business footing further.
Expansion To New Services
Increasing the business value of your startup company isn’t just about boosting your current capabilities. To grow, you want to explore new avenues for the business. Outsourcing helps you hear by making it easier to set up these ventures.
Image from Project Times.
This goes beyond providing you with access to talents and resources. An outsourcing firm like Virtua Solutions can even help you develop new processes for that venture. Using their experience from different clients, they can help you determine which approaches would work best for these services.
Gaining More Value For Your Startup Business
But to be more effective in these value-building efforts, they should not come as separate efforts. Instead, you need to bring them together into one comprehensive business development strategy. Virtua Solutions is ready to help you here.
When you sign up with us, we begin by charting the business development direction you want to follow. Our team has worked with various clients for years. And through that, we understood that each business requires a unique approach to increasing its value. With that in mind, we will help you develop a strategy that makes the most out of your strengths.
And we understand that increasing business value isn’t a one-off effort. Thus we are always ready to commit to providing you with a long-term solution. That includes helping you chart a new course for the business should it be needed.
With all of that, you can be sure your startup business is in the right hands. So, call us today for a consultation. We are ready to show more of what we can do for you.