As a business owner, you keep a careful eye on your expenditures. Overhead costs can make or break your company, which is why you try to keep costs as low as possible and reasonable. Additional costs can cut into your profits, which is another reason you want to avoid them.
It’s one of the reasons you’ve hesitated to outsource any of your business processes, including human resources functions like payroll, compliance, and other administrative tasks. You have a talented team of HR professionals working for you anyway, so you’re sure they can handle it.
Take a good look at your operations, however, and you’ll start to see numerous reasons engaging a back office services provider is more than worth the cost.
1. You Need Flexibility to Fuel Growth
The staffing industry in Canada is growing exponentially right now. Many firms have found it necessary to expand in order to accommodate the demand created by the gig economy.
In order to fuel this growth in your own staffing agency, you need flexibility in almost every aspect of your business. One of the most difficult to come by is cash flow flexibility.
You need cash flow flexibility in order to finance your growth. A back office services provider can help you achieve this by providing additional financing options.
2. You’re Having Trouble Keeping up with Compliance
Government relations is another area in which you could benefit from a back office services provider. You may not have the expertise on your own to deal with the various government agencies you’ll be required to interact with.
You also may find it difficult to keep up with changes in government legislation. A back office services provider can help you monitor compliance, advise you of changes, and even help you plan policy changes to ensure your business is compliant.
3. You Need Guidance as You Expand
Are you looking to expand your business into a new province or territory? It’s an exciting opportunity, but you may quickly find you’re a bit out of your depth.
There are many differences in provincial jurisdictions to be aware of, so you and your HR team may find yourselves learning and re-learning employment law each time you enter a new provincial market.
Let a back office services provider guide the way as you move into new territories and provinces. Their expertise can help you avoid costly mistakes.
4. You Want to Streamline Your Processes
Another reason back office services providers are more than worth the cost of services is that they can actually help your business become more efficient. They often provide technology designed to ease workflows, making time-intensive tasks simpler and easier to complete than ever before.
Since they also have experts on staff, they can help you avoid costly mistakes. Their knowledge will help you streamline and complete tasks more efficiently than ever before.
5. Your HR Team Might Be Costing You More Than You Think
Many business owners opt to keep their back office administrative tasks in-house because they believe it’s more cost efficient. If you sat down and crunched the numbers, would the reality line up with this expectation?
For many businesses, the answer is no. Inefficiencies in processes, software, and even staff can mean your HR team costs more than you think it does. At the end of the day, the more economical option might actually be partnering with a back office services provider.
Working with a back office services provider might seem like an unnecessary expense, but more often than not, it truly is the more economical option. You can actually increase your revenue as you turn your attention back to other tasks that will fuel growth.