Summary of the video:
Tell us about your business
iCapital Business Finance, as the name implies, we’re a digital marketing company but slightly different in the way that we offer digital marketing solutions to small to medium sized companies, but we also offer strategies where they can essentially create some marketing systems for them to get clients into their business.
How long have you been running the business?
This business have been going about a year now, but we’ve been in the business longer than that.
Why did you decide to outsource?
I think it was the realisation that we won’t be able to achieve the growth that we want doing it in the traditional way. I’ve experienced outsourcing in some ways in the products that I’ve used before, and I had a sense of what it could achieve. Ultimately, it was a no-brainer for us in the end. We weighed up the advantages and disadvantages of going down that track.
Do you think it’s important to trust the people you are working with?
Absolutely! We looked into that, and you guys probably would remember, we asked a lot of questions and we really wanted to see how the data and the information and also how the employees over there are handled. The security point of view is something that’s very important to us and something we take very seriously. We came up with an answer and we were actually positioned well to go with you guys and the trust is different there.
Why did you choose us?
That’s interesting, because the way we met was at a function, I think. I met Nadine and I got a very good sense that your business is suited to what we’re doing and we’re going on the same lines and it was just an automatic trust, I guess, straight away. A very good report as well. I just felt very comfortable with you guys, so really it wasn’t much of a difficult decision.
What limitations have you found with outsourcing?
The fact that it’s there (Philippines) and you’re overseas, but I guess it’s no different than a multinational company which has their head office in New York or London or somewhere else. With the technology today, that’s really not an issue. In terms of limitations, I don’t think that’s a major issue for us.
We have a fairly big growth plan that we’ve got in place and a fairly big vision, so know we are going to need more team members both here in Australia and also over in the Philippines as our VA team. So right from the outset the individual that we’ve got is showing signs of being a great leader, so we’re trying to instill in him the culture that we want to create, so we engage him with what’s happening, and keep him up to speed with where the company is at, and include him in that vision so that when we start to bring more people on, he could do the group huddles.
How do you think your industry perceives outsourcing?
If you’ve asked that same question 4 or 5 years ago, it could’ve had some negative responses then, but I think a lot of businesses now are using outsourcing in one form or another in their business, so it’s becoming more and more an essential part in most businesses. So I think it’s part of the norm now as opposed to being an exception.
I think outsourcing has come a long way. In the past you might have jumped on a website and get somebody you’ve never really met or knew much about and sort of roll the dice. As to now, which is a highly managed environment, so what we are getting, just as I mentioned before, virtually you go to an overseas office which is managed very well.
How do you see the future of outsourcing?
I think it’s only going to grow further. Businesses are finding cost as a huge issue and profits being squeezed. It’s a great way to grow your business both here and overseas because unless you’re able to improve it here, your business is going backwards. So I think the future of it is very broad.
What would you say to a person who would ask you about outsourcing?
I’d certainly ask them what they’re hoping to achieve by having outsourcing option there, but I think at the end of the day most of the businesses could do with it. I think you mentioned before freeing up your time wherein the key member or the owner engaged in tasks that could be handled by somebody else, which enables you to go out and do what it is firstly, that you love doing, which is what you want to be doing when you are in business for yourself and also doing what pays the most. So anyone who’d come to me and ask me that question, I’d say give it a go, dive in.