Problem # 1 - Your clients make a mess of their bookkeeping!
Solution # 1
Yes, I understand, your clients have made a monster of their bookkeeping. Since bookkeeping doesn’t seem like your client’s competency, it may make sense, both operationally and economically, to get them to outsource the bookkeeping to you. And hopefully your staff won’t add arms and legs to the monster. If you are a CA firm and don’t want to be a bookkeeper - and you know keeping records wastes a lot of time - you can further outsource it to a company like QX which specializes in it. Either way, once in the hand of professionals the bookkeeping monster will certainly be put to rest!
Problem # 2 -You either have too many staff or too less!
Solution # 2
Without you saying a word, I perfectly understand the dilemma you are in. Got a lot of work and not enough fingers to execute it, or got very little work and a bunch of people sitting there twiddling their thumbs! And these economic times! That’s no way to spend my money, you must be thinking. Well, without trying to sound partial towards the offshoring industry, I think it’s the route to travel. Actually I can’t think of any other way out of this one.
Offshoring companies nowadays offer the option of scalability with an array of engagement models like shared, ad-hoc and dedicated (models). Depending on work volumes, you can choose the one that fits your needs. When you have too much work during peak seasons you can easily scale up your operations team in an offshore center, and when the river runs at a trickle you can scale it down.
Problem # 3 - The economy is out there to get me!
Solution # 3
Ever felt like that - as if the economy was carefully crafted to bring your downfall? Did you ever feel like firing yourself?
I know it has gotten WAY too hard to sustain yourself in these trying times? Especially, if you are not a big or medium-sized practice. Well the times are bad and, boy, do I have any euphemism to put this gently? No, I don’t. And I am sorry for that. However, without trying too much to sound like a naive pessimist, I must affirm that the roots of recession have dug in deep. It’s time to wear that shrewd businessman hat of yours and weigh your options. Reducing cost and increasing revenues is the only boat that’d stay afloat these days. It is the means to hold your own in this highly dynamic business environment.
Problem # 4 - Keeping up with regulatory changes
Solution # 4
Breaking your back is all you seem to be doing these days. With so many regulatory changes to keep track of, where is the time to foster client relationships? I know how you feel. Or at least I can sympathize with you. It’s a back breaker alright. I agree. After all, you did not get into business because of your love of administration.
Once again, and I still don’t know any other way to say it - you need to switch to an offshore service provider who will take care of staying head to head with ever-changing regulation. Let your offshore vendor take over cumbersome legislation, so you can focus on building and maintaining your business.
I hope you use these insights to move your practice forward today. The voice inside your head might say, “I’d get round to it later”. Well, the right time is now. Right now.
If you have any thoughts, comments or even arguments please don't hesitate to type them out in the comment section below. Thanks for reading.