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.