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Outsourcing Business Processes for Innovation

03/15/2019  |  By: Tammy Wolcott, Chief Executive Officer

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Growing your business goes beyond investing in staff or systems. We are constantly looking for ways we can transform businesses strategically, help them to operate more efficiently, and make their processes more effective. The good news is in today’s business world, help is in plentiful supply. In every industry there 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 focus on building a better business fulfilling your company’s mission and growing its bottom line.

Here are four business processes every scaling business should outsource today.

  1. Information technology

This is the most obvious and time-tested choice. Bringing in an outside firm or consultant to handle your IT systems will enable you to stay on task and not get diverted by technology’s constant changes. Whether your computer networks are at your office or in the cloud, setting them up and keeping them healthy is a lot of work. 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. Learn more about managed IT services.

  1. Payroll and other HR functions

Human resources are subject to many complex regulations and laws that change frequently, as does the software needed to track and respond to the revisions. An outside firm 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. Learn more about human resource services.

  1. Procurement

Strategic procurement is one of the most effective ways to positively impact a company’s bottom line, but many businesses lack the resources and expertise to optimize their procurement capabilities. New procurement solutions models offer options ranging from fractional resources that are applied based on an organization’s budget and resources, to serving as an organization’s long-term procurement partner by helping with sourcing, request-for-proposal documents, contract management, auditing services, negotiating with suppliers and more. These services pay for themselves and provide quick, measurable wins. Learn more about procurement services.

  1. Finance and Accounting

You could bring in an outside expert to handle your financial and accounting 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. Learn more about finance and accounting services.

The first step for any organization seeking to optimize efficiencies and better manage their business is to have a conversation with a provider. This starts the discovery process of where your business may have pain points regarding lack of data, misinformation and unnecessary costs. Improvements to the bottom line can come in hard savings based on a cost-to-cost comparison or soft savings in efficiencies, technology and reporting. Being strategic with your business processes goes beyond just saving money, it creates innovation that improves your operations and efficiencies and positions you for long-term success.

Is this the year your business entertains the idea of outsourced services? LBMC is a full-service firm that can help you answer this question, we can help you choose the right function to outsource and identify ways you can get the best value. Contact us today!