One thing in plentiful supply in today’s business world is help.
Orbiting every industry are providers, consultancies and independent
contractors offering a wide array of support services. Simply put, it’s never
been easier to outsource certain business functions so you can better focus on
fulfilling your company’s mission and growing its bottom line. Here are four
such functions to consider:
1. Information technology. This is
the most obvious and time-tested choice. Bringing in an outside firm or
consultant to handle your IT systems can provide the benefits we’ve mentioned —
particularly in the sense of enabling you to stay on task and not get diverted
by technology’s constant changes. A competent provider will stay on top of the
latest, optimal hardware and software for your business, as well as help you
better access, store and protect your data.
2. Payroll and other HR functions. These
areas are subject to many complex regulations and laws that change frequently —
as does the software needed to track and respond to the revisions. A worthy
vendor will be able to not only adjust to these changes, but also give you and
your staff online access to payroll and HR data that allows employees to get
immediate answers to their questions.
3. Customer service. This may
seem an unlikely candidate because you might believe that, for someone to
represent your company, he or she must work for it. But this isn’t necessarily
so — internal customer service departments often have a high turnover rate,
which drives up the costs of maintaining them and drives down customer
satisfaction. Outsourcing to a provider with a more stable, loyal staff can
make everyone happier.
4. Accounting. You
could bring in an outside expert to handle your accounting and financial
reporting. A reputable provider can manage your books, collect payments, pay
invoices and keep your accounting technology up to date. The right provider can
also help generate financial statements that will meet the desired standards of
management, investors and lenders.
Naturally, there are potential downsides to outsourcing these or
other functions. You’ll incur a substantial and regular cost in engaging a
provider. It will be critical to get an acceptable return on that investment.
You’ll also have to place considerable trust in any vendor — there’s always a
chance that trust could be misplaced. Last, even a good outsourcing arrangement
will entail some time and energy on your part to maintain the relationship.
Is this the year your business dips its toe in the vast waters
of outsourced services? Maybe. Our firm can help you answer this question,
choose the right function to outsource (if the answer is yes) and identify a
provider likely to offer the best value.
© 2019
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