Welcome to the September edition of Crab Insight
Our focus this month is on outsourcing. The business practice of engaging an external party to perform services or create goods that traditionally were done in-house by the company’s own employees.
For example, a business may take the decision to outsource bookkeeping duties or the functions of human resource departments, such as payroll or recruitment, or health and safety activities as doing so may be more cost-effective than retaining an in-house specialist for each area or for a business owner trying to become an expert in each.
When used properly, outsourcing is an effective strategy to reduce expenses, and can even provide a business with a competitive advantage over rivals.
Whatever your outsourcing strategy you need to make sure that the company carrying out the work you require will not present additional risks to your business.
Claudia Crab’s September Focus
“To make sure you do everything possible not to get let down by someone else, do your diligence before selecting an outsourcing partner.”Robert Briggs – Compliance Director Crimson Crab
Outsourcing can be used to reduce labour costs, together with the cost of overheads, equipment, and technology.
Skill and knowledge gaps can be filled using third party experts.
Outsourcing may also be used to focus on the core aspects of the business, trusting the less critical operations to outside organisations.
On the downside, communication with the outside provider can be hard, and security threats can escalate when multiple parties access sensitive and personal data.
Top tip – A great starting point to find out where you are, is our Business MOT
The next FREE
F2 Business Huddle online
Friday 9 October 2020
12 noon to 2 pm
It’s going to be the biggest ever
F2 Business Huddle
All the favourite features that you have come to know and love at the F2 Business Huddle – online
When you need a reliable and dependable expert click on the crab
We love to receive feedback and it really helps us to improve our services for everyone.
Until next month look after your reputation!!
Copyright (c) 2020 Crimson Crab Ltd, all rights reserved.