Some Critical Considerations Before Choosing Offshoring Partners

Offshoring is an effective way for companies in Singapore to get more affordable yet quality work outside the country. Historically, most businesses simply look for the cheapest possible solution to run a company. Now, as they see the good in offshoring services and the availability of business loans Singapore offers, businesses can look for outstanding offshoring partners to outsource more work.

The key to achieving success in offshoring has a service provider that can offer the best value and quality.

So, will offshoring be good for your company?

In a nutshell, offshoring simply refers to the delegation of business functions to a country outside of your home country. Companies typically contract destinations like the Philippines and India for low cost and quality performance. Offshoring has historically provided practical solutions for business continuity amid the restrictions. 

Offshoring is great for businesses when done right and provides the following benefits:

  • Work with a team with executive-level expertise at a fraction of a local employee’s salary.
  • Offer 24-7 services to customers for added convenience.
  • Help continue operations in the middle of a calamity, crisis, or even a pandemic.
  • Diverse knowledge that contributes to improved processes and products.

What are the ways to choose the right offshoring partner?

The easy part is deciding to outsource your services, and the difficult phase is finding the right offshoring partner. Over-reliance on the outsourcing success stories won’t be enough to dive into the industry right away.

Here are a couple of tips for choosing the right offshore supplier for your business.

Search for your preferred destination

Begin by searching for your preferred offshoring destination.

Aside from the Philippines and India, several other destinations like Vietnam and Malaysia have built their popularity and credibility in outsourced services.

Select at least three business process outsourcing (BPO) companies as options, and don’t settle with the first couple of ones within your reach. Doing this can cause you to miss out on getting the best out of your outsourced services.

Evaluate price and quality

Cheaper doesn’t mean an instant best service. Find testimonies from previous clients with a focus on pricing and service. See if their prices are proportionate with the work quality. If possible, request a trial run of their services to see if they can meet your expectations.

Establish communication with your offshoring partner

Learn to establish good communication with your chosen offshoring partner, especially when you begin to delegate your functions.  Discuss with your service provider the purpose and objectives in the offshoring deal, your preferred outcome, metrics, and KPIs to measure the team’s performance. 

Outsourcing is a hot consideration for Singapore businesses looking for an affordable yet quality solution to hiring staff locally or easing business processes temporarily. For small and medium enterprise companies (SMEs), business loan Singapore lenders offer is necessary to fund this task. If this is your situation, start by visiting the lender’s site and finding out if the features, cost, and track record align with what you look for in a lending partner.

Rylie Holt