by: Sarah Joson
Monday, November 5, 2012 | Outsourcing News |
One of the main challenges encountered by start-up businesses is the lack of skilled employees for specific processes during the initial phase.
For instance, a business owner who is an expert on web-related processes may not have the time and skill to manage the financial aspect of the operation. Cases like this delay the progression of projects and the growth of the business. This is where outsourcing can be helpful.
According to Forbes.com, proprietors today typically outsource these types of processes to service providers:
1. Talent Acquisition and Employee Management
HR processes are time-consuming. Often times, HR employees handle tasks that need to be resolved immediately such as background checks of candidates, interviews, management of employees’ benefits, etc. The outsourcing services provider can handle all of these at a lower cost while completing the manpower requirements of the client.
2. Financial Executives
Businesses which are racking up revenues of $250K and above need a chief financial officer (CFO) to oversee financial plans and the bookkeeping team. The ones that are not in this range may still need to outsource finance and accounting to take advantage of the labor arbitrage.
If a business doesn’t have enough resources to hire a CFO, bookkeepers or accountants will do, as all the sourcing, wages, taxes, among others, need skilled personnel to comply with industry standards. With outsourcing, start-ups can get significant cost savings while utilizing the skills of certified accountants and/or bookkeepers in an offshore destination.
The outsourcing delivery model to use depends on what the business urgently needs to be resolved. This enables start-ups to focus on their core business functions while other processes are being handled by service providers.
We can help you understand the possibilities. Reach out to us today.