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Personal Finance Round-Up: Leveraging Strategic Outsourcing

By Money Crashers

outsource keyboardOutsourcing is a known concept to many businesses. They rely on others to do their payroll, accounting, and other important tasks. Paying others to do this can cut costs, increase efficiency, and help start new projects quickly.

Though it benefits the company to save money, be competitive, or be more profitable, it strikes fear into the heart of those who think they may lose their jobs. While most people agonize about having their job outsourced, a recent article on the Verizon Business Security Blog explains how one man willingly gave his away and sent his work offshore to China. A software developer secretly paid someone to do his job for a fifth of his own salary while he played on the computer all day.  Network logs revealed open and active connections to the company’s computer network from China.

Outside of unlawfully handing over your job, outsourcing in general can have disadvantages. If an entire department has been outsourced, you can lose managerial control. You are also taking a risk by trusting others with confidential information or potentially not meeting your quality standards. Your company can also suffer the negative consequences if the other company’s financial well-being takes a turn for the worst. Although there’s a downside to shipping your work away, many people are better able to run their companies and lives by strategically giving duties to others.

Here are some articles about outsourcing tasks for work and life in general:

Build a Better Business by Outsourcing [Entrepreneur]
Are you holding back the growth of your business by taking on too much? It’s hard to be good at everything, and it also keeps you from doing the more vital parts of your job. Not to mention it often makes you less efficient. Nancy Mann Jackson discusses how to build a better business through outsourcing and explains how technology allows small businesses to delegate tasks to highly qualified people around the world.

Outsource Your Chores to the Internet [Lifehacker]
If you’re looking to ditch tedious tasks to free up time, consider handing over the work to someone else. Designate chores such as grocery shopping, cleaning, and more to others looking to make money.

How to Outsource Your Life [Credit Karma]
The time you spend doing menial chores is costing you precious time and money. If you are considering handing over some of these tasks to someone else, this infographic may help you decide what’s worth it for you. It shows the time spent on household activities and what it would cost you to have someone else do them.

Are you hoping to get a job outsourced to you? Maybe you want to be on the receiving end of getting the extra work. Here are some posts to consider, if you are looking for a side gig, side business, or just some extra cash.

30 Great Side Jobs [Wisebread]
Do you have the knack for teaching, bartending, catering, or party planning? There are tons of side jobs out there. While some offer more money than others, take a look at this article and see if any of the ideas are right for you. These are just some of the ideas featured in a post by Thursday Bram over at Wisebread.

Wrap It: Make Extra Money by Using Your Car as a Driving Billboard [The Krazy Coupon Lady]
I’ve heard of running errands for elderly people to make extra money, but I have never thought of earning money by putting ads on your car. The Krazy Coupon Lady explains how wrapping your vehicle in advertisements can earn you up to $500 a month. Now that’s a wrap.

Side Gig Thursdays: Aprille Cole Cups ‘N’ Cakes  [Bargaineering]
If you’re tired of waiting politely for a call back for extra work, think about starting a side business. Aprille Cole of Cups ‘N’ Cakes is cashing in on the cupcake phase by going into business for herself. Read how she set up her bakery business.

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