12/30/2014

Outsourcing Administrative TasksHow Oklahoma businesses can leverage for growth

“Outsourcing?

I’ve heard of it.”

Maybe you have heard the term "outsourcing" but do you know it's history in the U.S.? The press and media have used outsourcing to describe "off-shoring" activities big business use to drive local work to foreign labor markets. However, outsourcing is not as scary as it's been made to sound. In fact, it has a very historical trend in the U.S. Some of these outsourcing facts may surprise you.

Historical perspective of outsourcing

in the U.S.

✤ According to Robert Handfield, Ph.D. and Executive

Director of SCRC, Bank of America University

Distinguished Professor of Supply Chain Management,

he has this to say about the subject:

✤ "Since the Industrial Revolution, companies have

grappled with how they can exploit their competitive

advantage to increase their markets and their profits.

The model for most of the 20th century was a large

integrated company that can “own, manage, and

directly control” its assets.

✤ In the 1950s and 1960s, the rallying cry was

diversification to broaden corporate bases and take

advantage of economies of scale. By diversifying,

companies expected to protect profits, even though

expansion required multiple layers of management.

✤ Subsequently, organizations attempting to compete

globally in the 1970s and 1980s were handicapped by

a lack of agility that resulted from bloated management

structures.

✤ To increase their flexibility and creativity, many large

companies developed a new strategy of focusing on

their core business, which required identifying critical

processes and deciding which could be outsourced."

(article link)

✤ Furthermore, Loral Narayanan with CREDIT TODAY

noted in another article:

"It wasn't until the early 1990s, however, that

outsourcing really caught on. Companies, now focusing

on cost-saving measures to increase revenues, realized

the value of handing-off functions necessary, but not

directly related, to their core businesses. The trend

toward using outsourcing as part of an effective business

strategy continues to the present." (article link)

Outsourcing services for small to

mid-size business owners

✤ It is possible that businesses go through growth or

complexities in their operations and find they need

experienced help. Those leaders have the task of

going through the hiring process or looking for outside

help. If you are considering outsourcing as an option,

implementing such a plan will include the following

types of activities:

Accounting

✤ Balancing your accounts payables and receivables

✤ Managing your payroll accounting

✤ Reconciling your bank account

✤ Generating your income statement and balance sheet

✤ Monthly/Quarterly/Annual business reviews based on

your needs and growth

✤ Tax Preparer ready reports to provide your Tax Partner

✤ Assist with cash flow analysis and financial forecasting

✤ Generate reports you may need for audits, banks or

other regulatory needs

✤ Payroll accounting and reconciliation

Human

Resources

✤ Recruitment

✤ Retention

✤ Separation

✤ Employee coaching

✤ Employee relations

✤ Supervisory training

✤ Health benefits administration

✤ HR compliance duties

✤ HR Training

Payroll

✤ Complete payroll administration

✤ Custom payroll integrations

✤ Time & attendance

✤ Wage garnishment administration

✤ Federal and State filings

✤ Employee record management

✤ Offsite record keeping

✤ Direct payroll deposit

Marketing

services

✤ Website development

✤ Online content strategies

✤ Social Media

✤ Email Campaigns

✤ Lead generation

✤ Analytics

✤ PPC Campaigns

✤ Sales CRM Integrations

What kinds of things could you do with that extra time?

Consider how you would feel knowing you have a local

partner that brings to the table years of experience and is

working under direct terms you set to be met? It's a different

relationship than an employee relationship - the value

potential increases exponentially. Think of the possibilities.