PowerSourcing

What is PowerSourcing? It’s a term (and a strategy) developed and copyrighted by Wharton Business Foundation that’s a contraction of 2 words: Power-leveraging + Outsourcing. One of the most common outsourcing mistakes (You're Probably Making It Now) is to think of outsourcing as merely a cost saving strategy. Something you probably didn’t know about outsourcing is that it is a POWERFUL revenue improvement tool as well!

PowerSourcing

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Here’s how the PowerSourcing Strategy works. Instead of merely hiring an outsourced employee to perform back office functions (administrative), you hire them to perform both business development (marketing and sales functions) AND back office functions (administrative)! Revenue Improvement PLUS Cost Savings! This way more profits fall to your bottom line!

For example: Let’s say that you hire a full time in-house employee to perform both business development (marketing, sales, customer service, etc.) as well as some back office functions (administration, answering phones, typing, data entry, filing, organizing, etc.). To get someone decent, you’re going to have to pay them at least $20 per hour. When you add on another 15- 20% in payroll taxes, unemployment, workman’s comp, etc., your final cost is $24 per hour (this is excluding any additional employee incentives such as health insurance, 401K, office space, phone systems, business cards, computers, internet, IT support, etc).

Now $24 (per hour) X 40 hours per week = $960 per week. $960 per week X 52 weeks per year = $49,920 per year is your final cost for their salary. Bear in mind that your employee is actually only getting paid $41,600 per year (the difference goes for payroll taxes, unemployment compensation, etc.).

So let’s say as a result of their efforts, they bring in $120,000 in new business over the course of a year. Not bad. Let’s do the math. $120,000 (in new business) - $49,920 (your cost per year for an in-house employee) = $70,080 per year. Your company enjoys a profit of $70,080 per year for this employee.

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Now let’s find out what happens with a Wharton Business Foundation PowerSourced Virtual Employee. Let’s say that you hire one of our full time Virtual Employees to perform both business development (marketing, sales, customer service, etc.) as well as some back office functions (administration, answering phones, typing, data entry, filing, organizing, etc.). Your only investment is just $250 per week! That’s a total of only $13,000 per year. Since we bill you as a company, you don’t pay payroll tax, unemployment compensation, workman’s comp, 401K, health insurance, or anything else for that matter. No risk of lawsuits (sexual harassment, wrongful termination or otherwise) or anything.

So let’s say as a result of their efforts (just as before), they bring in the same $120,000 in new business over the course of a year. Not bad. Let’s do the math. $120,000 (in new business) - $13,000 (your investment per year for a Wharton Business Foundation Virtual Employee) = $107,000 per year. Your company enjoys a profit of $107,000 per year from the Virtual Employee. Plus add in the additional cost savings of not having to pay for any of their office supplies and expenses, telephone service and maintenance, internet, etc. and you can add more to your total profits. That’s not just outsourcing…that’s PowerSourcing! (Power-Leveraging + Outsourcing)

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