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Managing overhead is one of the most difficult aspects of owning and running a business. With competition from fully remote jobs and other sources, many businesses are forced to increase employee salaries, which in turn increases the amount of overhead expenses.
According to The Bureau of Labor Statistics, private sector employee compensation has risen by roughly 4% from the beginning from Q3 2023 to the end of Q2 2024.
However, by outsourcing certain aspects of the business to external companies, these companies can offset rising employee compensation and keep their overhead within a sustainable range. Since we’ve already covered outsourcing