When done correctly, outsourcing tasks can be a great way to free up time and money for your business while still staying on top of projects that need to be completed. If you’re considering outsourcing, keep these tips in mind to get the most out of it.

Be Clear About the Project

To find success with outsourcing tasks, you should be as clear as possible about the expectations you have for the project. For instance, if you undersell how big a project actually is, a freelancer might sign up but then quickly fall behind. In that case, neither party benefits.

Be Clear About Payment

The service providers you will engage with when outsourcing tasks are largely motivated by money. By setting clear milestones for a project and tying payment to the meeting of those milestones, you will have a way to keep the project on track and the service provider engaged.

Don’t Cut Your Standards

When outsourcing tasks, it’s important to not relax your hiring standards. For example, you should thoroughly review the portfolio, resume, and available work samples of any service provider you are considering hiring. Additionally, take the time to check on their references and other background information.

Think Big

Contrary to popular belief, outsourcing isn’t just for grunt work or narrow, specialized tasks. As Amy Reinink points out on Entrepreneur.com, some companies go so far as to outsource high-level executive positions. For example, one expert cited by Reinink posited that outsourcing the position of CFO could reduce the cost by 20 to 30 percent (when compared to employing someone full-time as CFO).

Get Everything in Writing

Do not skimp on paperwork when outsourcing tasks. Track everything in writing. For example, is vital to keep records of the original agreement and any changes to that agreement that occur.

For more information on different business-related topics, take a look at Rotay Capital Finance’s other blog posts.