Achieving success in outsourcing depends on carefully planning your outsourcing strategy before engaging in a relationship with your outsourcing partner. The strategy should be created based on long term goals of your business. In our experience, the top 4 goals that help to formulate outsourcing strategy are
- Streamlining process
- Increasing productivity
- Achieving efficiency
- Saving money
Streamlined business process is essential if a business wants to sustain its growth while maintaining or increasing the profitability. A streamlined process helps the business to provide its customers a stable and high quality service every single day.
A company such as McDonald's serves 1000's of customers every day, and is still able to serve the customers with consistent quality and on time. It continues to grow its business despite severe competition and market saturation. Their growth is attributable to consistent quality and service level. This growth is made possible because of its streamlined process. While planning your outsourcing strategy, make streamlined process as your number 1 priority and goal.
Higher productivity per hour means higher prices, quicker turnaround of each job and more project completion per staff. Increasing the productivity must be a continuous on-going goal for every company irrespective of whether they employ outsourcing or not.
However, when mulling the option of outsourcing, it is very important to work together with your outsourcing partner and find ways to increase your productivity. We have helped many accountancy practices and businesses increase their productivity (complete the jobs quicker and with same or better quality of output) when they outsource accounting jobs to us.
If productivity is one headache, needless to say efficiency is another major one. Achieving efficiency means working less and achieving more. Highly efficient companies tend to achieve higher profit margins. The ultimate goal of any company should be to increase their profit margins, and not just sales numbers.
Most accountancy practices that outsource to Integra achieve profit margins of 50% and in some cases even 60%. This is possible because of highly efficient operation. You must always have the goal of achieving better efficiency when you outsource.
Process, productivity and efficiency when coupled together at the right proportion, can result in cost savings. Not just some cost savings, but phenomenal cost savings. Even though outsourcing industry started off with the primary aim of cost savings, nowadays it is not the only goal. Now saving money is a by-product of better process, higher productivity and efficient operation.
When you base your outsourcing strategy based on the 4 most important goals of streamlined process, increased productivity, efficient operation and cost savings, you will achieve success with accounts outsourcing.
With our local team in the UK, we can work with you closely and help plan your outsourcing strategy right from the beginning. We will share our experience and case studies of similar successful outsourcing engagements with you. Integra's hourly and fixed rates are easily the best in the market for such a premier service. Contact us today for a no-obligation free consultation.