But anybody who is new to the world of business will soon discover that, whilst their passion for their chosen field certainly helps, it is by no means the be all and end all of successful entrepreneurship. And given that premises need managed, employees need hiring and invoices need to be paid, that doesn't leave a whole lot of time to tend to the business? core revenue-generating activities.

Of course, it's near impossible for anyone to become an expert in every area of business management, which is why staff are paid to carry out dedicated roles. But it can be an extremely expensive and wasteful resource if it's only needed sporadically on an ad-hoc basis.

Many small to medium sized businesses, for example, will never need a dedicated Human Resources department or in-house IT specialist. But there will be times when they need to recruit new staff or perhaps have an internal IT system overhaul. And that's why many businesses choose to outsource certain aspects of their day to day operations.

Not only does outsourcing provide companies with access to services on a ?pay as you use? basis, but it also means they have on-tap access to dedicated professionals who are experts in their given fields. Ultimately, this frees up a lot more time for business owners to concentrate on other key income-generating areas.

But it's not just small to medium sized businesses that can reap the benefits of outsourcing - many of the world's biggest blue-chip companies have been outsourcing business processes for years.

Coca-Cola is a classic example of how businesses can grow by establishing links with external agencies. As part of its global expansion objectives in the late 19th century, Coca-Cola used independent bottlers which saved them a great deal of time and money in setting up their own bottling factories. And today it continues to outsource many areas of its global operations, whilst still maintaining its position as one of the world's leading brands.

can be a very effective means of streamlining operations for organisations of all sizes. From home-based e-businesses that simply need a little extra IT or Accounting support from time to time, to global enterprises seeking to consolidate their position as market leaders, outsourcing can help companies cut costs whilst excelling in every area of their day to day operations.