When the economy slumps, businesses often find themselves quickly switching from standard operation to survival mode. Business stagnation during an economic downturn can last from a few days to a few years. However, while it may seem prudent to batten down the hatches and try to weather the storm, too much hesitancy can lead to a decreased return on investment (ROI) and diminished market competitiveness.
So, what do you do when you need to cut costs without sacrificing your efficiency, quality, or long-term business goals? You outsource.