Is a double dip recession around the corner?
The looming possibility of a double dip recession is likely to see more UK businesses striving to cut costs in 2012...
The looming possibility of a double dip recession is likely to see more UK businesses striving to cut costs in 2012, with figures recently released by the Office for National Statistics suggesting the UK could be heading for its first double dip recession since 1975.
The British economy shrank by 0.2% during the three months to December and the Bank of England has warned that the private sector is planning job cuts. The accountancy firm Deloitte claimed that half of all chief financial officers in the UK see cutting costs as a priority over the next 12 months. The growing prospect of a double dip recession is set to cement this view, with more businesses taking a proactive approach by turning to freelancers and switching to outsourcing in an attempt to reduce overheads.
Chairman of the National Outsourcing Association, Martyn Hart, said recently that as well as the upfront cost savings, outsourcing jobs such as copywriting and web design to specialists allows firms to concentrate on their core business. “It is better to focus on things like customer satisfaction, outmaneuvering the competition and securing new business. Outsourcing frees up resources to be the best you can be, in the business you are truly in,” he said.
Shadow Chancellor of the Exchequer Ed Balls insisted Osborne should be blamed for putting the economy into reverse, saying: “Far from the eurozone crisis being to blame, it is only rising exports that kept us out of recession last year. By clobbering the economy with spending cuts and tax rises that go too far and too fast, the government has left us badly exposed if the eurozone crisis deepens this year.”
These poor economic growth figures have resulted in many businesses gearing up for a likely double dip recession, keen to cut unnecessary head count and overheads. Many companies are achieving this through outsourcing particular business functions to freelancers, who charge a far lower price when compared with what can be found on the high street or through employing an internal resource.
There are several online outsourcing marketplaces that offer a hassle free outsourcing service, where freelancers can sign up and offer their services to companies who post details of the work they need completing.
Helping businesses to be more robust against the looming recession, OutsourceMyProject is an example of an outsourcing website that is reaping the benefits of the outsourcing boom, with over £1 million worth of projects posted in the past twelve months.
Loren Holland, Managing Director of OutsourceMyProject said: “We have seen a significant increase in the number of companies taking proactive measures in preparation for another recession.”
He went on to say: “The service Outsource My Project provides is hassle-free and the ideal way for businesses to find the perfect freelance worker to outsource their business functions too.”
Established in January 2011, Outsource My Project aims to bring together organisations looking to outsource business functions or projects with freelance providers of professional services. Following the website launch, more than 10,000 providers, including freelance web designers, legal specialists, freelance content writer and programmers have registered with OutsourceMyProject.com to bid on over £1 million worth of freelance work.
OutsourceMyProject.com is a member of the National Outsourcing Association (NOA), which is the UK’s outsourcing centre of excellence.
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