Businesses Outsourcing Niche Expertise

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    Fifty-two per cent of Canadian business executives say it’s not worth it to pay for in-house expertise in niche areas of business anymore and think outsourcing for specialized expertise will be a growing trend this year, says ‘The Canadian BizHealth Report,’ by Richter, an accounting and business advisory firm. “We’re seeing some important shifting tides that are building a new booming ‘borrowed expertise’ market in Canada,” says Mitch Silverstein, a partner at Richter in Toronto, ON. “This specialized knowledge outsourcing will be a key strategy to drive business growth in the foreseeable future.” Nearly six in 10 respondents (58 per cent) say that for company growth, they follow their gut instinct to identify where the business should go and then they get the experts on their team to chart that path. The challenge for a full 71 per cent of the survey respondents however, is recruiting top talent. They say this task is becoming increasingly difficult and that they’ve had to increase salary ranges in order to attract and retain quality employees. Seventy-seven per cent of respondents said one of their biggest competitive challenges was finding a support team that could keep up with them on an entrepreneurial path. This may be an indicator as to why Canadian businesses are equally divided on where they’d allocate resources for internal investments. Thirty-nine per cent would invest in their employees, while another 39 per cent would focus on product and technology development.