Do you ever feel like your business has lost its focus? Remember when you first started out and you thought as long as you took care of what was at the heart of your organization everything would turnout okay? That was kind of naïve thinking wasn’t it, or was it?
The truth is, businesses are complex and there are quite a few moving parts that need attention in order to keep them running smoothly. And a good way to keep your business humming along is to outsource functions that are not central to your core service. This will allow you to focus on what you do best.
So what is outsourcing? It is a task, job, operation, or process that could be done by someone within your company, but is contracted out to a third-party for an extended period of time.
I know outsourcing has gotten a lot of media attention lately—and it’s not all good. But the kind of outsourcing that’s been getting the negative press refers to jobs that are being sent oversees to countries like Mexico, India or China. This type of outsourcing is often called offshoring. I’m not talking about sending work overseas; I’m thinking more like…down the road.
There are many reasons why a company may choose to outsource one or more of their business functions, but saving either time or money usually heads the list. Another big reason why managers get motivated to outsource involves a lack of resources. This could be in the form of materials or employees. It can sometimes be difficult to find the right people—with the right knowledge—to perform certain tasks within your operation.
To be a successful manager you don’t have to know all the answers, but you do need to be smart enough to surround yourself (and your business) with those who do. Outsourcing can sometimes be the best way to provide expertise to a very necessary but peripheral business function. Let’s take accounts receivable management and debt collection as a couple of examples. Getting paid the money owed to your organization may not be the heart of your business, but it sure is going to be a vital contributing factor to its success.
I guess you could make the argument that you really don’t need to outsource these services as long as you can hire “the experts” yourself. And you would be correct, if you don’t mind dealing with the added cost and time associated with salaries, ongoing training, benefits, employment taxes, additional work space, office supplies, computers, and advanced telephone systems—all things a third-party vendor already has in place—that and more.
Imagine if there was an organization that was created for no other reason than to improve your bottom-line. That’s right; an entire company that spends all of their time, money and energy collecting money owed to you. Wouldn’t that be great? We’re talking about amassing knowledge; through extensive and ongoing training to ensure compliance and great customer service for consumers and clients, and the technological infrastructure; complete with unrivaled data security, industry-tested Customer Relationship Management systems, skiptracing software, and advance telephone systems with predictive dialers and recording capabilities for operating efficiency and quality control—all working cohesively to improve your bottom-line.
That’s what you could get if you outsourced your accounts receivables to a reputable third-party accounts receivable management, collection agency. If you are concerned you don’t have money in your budget to outsource your accounts receivable, don’t worry, many third-party collection agencies get paid strictly on a contingency basis, which means they get paid on a percentage of what they collect. Get your focus back on what you do best and let a third-party collection agency focus on what they do best, collecting money for you.
Founded in 1950, United Credit Service, Inc. is a full service revenue cycle management and debt collection agency in Wisconsin providing highly effective, customized one on one management and recovery solutions for our business partners. We offer pre-service collection solutions as well as traditional back-end collections. Visit our website at http://www.unitedcreditservice.com or call 877-723-2902.