Twentieth century small American businesses didn’t have as many options to look for competitive market resources. As a result, they relied on relatively cheap labor.
However in the 21st century, “virtual teams” have made it possible for entrepreneurs to take full advantage of labor resources around the globe.
To take it a step further, the quest of cheap labor is mandatory for a successful business whether it is located in emerging markets or first-world countries.
Here is the underlying truth for all businesses: paying the lowest cost for labor will boost the overall top-line and bottom line growth. In our contemporary era, this is called outsourcing, or creating virtual teams.
There is nothing futuristic today about what is now a basic commodity — the Internet. It is a gateway that has fully opened up the world in the last 20 years more than Christopher Columbus could have ever imagined when he discovered a new realm.
Business is no longer limited to the free trade concept. It is now a labor trade concept. Everyone who engages in and interacts with the outsourcing market gives themselves originality and the ability to compete for jobs, money and security on a level that was not even dreamed of 20 or 30 years ago.
Because of the Internet, companies around the world can grow rapidly. CEOs and managers will pay less for labor without the worry of over-hiring or over-paying someone to sit in their office for a simple job that someone on the other side of the world can do just as well for half or less of the paycheck.
Outsourcing gives companies financial freedom and reduces the cost of hiring a permanent employee. It gives employers freedom to peruse and browse a broader pool of qualified workers who will do the same task for less money — especially quarterly or annually. It allows for a greater top and bottom line number.
In this contemporary, networkable, computer-age working environment, people are no longer restricted by geographic location. Businesses are located anywhere. Entrepreneurs can simply search for and find staff anywhere via outsourcing. Necessary tasks can be given to anyone, anywhere who has a computer or tablet and access to an Internet connection.
If you’re not taking advantage of this new way of doing business by hiring outsourced work, why? Do you consider yourself ahead of the curve or behind it?
In my opinion, the clear answer is that you are behind the curve.