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Outsourcing

OUTSOURCING
A Family Business Strategy
With Many Benefits

outsourcing Outsourcing is smart strategy for growing a family business. It can be a critical step in professionalizing the management style of a family-owned business.

“Two secrets to successfully growing a family business is the professionalization of the management system and the formalization of the family’s communication system, according to leading family business expert Don Schwerzler

"Outsourcing enables a family business entrepreneur to "demand grow" the family's business. Outsourcing strategies avoid the "cash crunch" associated with internally staffing up to meet the sales, operations and administrative support required to grow a successful family business, quickly."

Schwerzler has been studying and advising family business entrepreneurs for more than 40 years and he is the founder of the Atlanta-based Family Business Institute

Professionalizing the management system of a family business means moving away from an “intuitive” or entrepreneurial management style – to a management style that depends more on information and planning to make decisions.

Investing and building the infrastructure of the business is also a critical requirement for successfully transitioning the family business from one generation to the next. In fact, we often find that managing the outsourcing strategies is an excellent responsibility to assign to the Nexters

One area where family business owners often consider using outsourcing is payroll processing. Administrative overhead is tough to control – and assigning the payroll processing function to a professional service provider offers immediate tangible benefits, including compliance with tax laws, confidentiality for the family’s payroll, cost reduction and convenience.

Compliance

The IRS, Social Security Administration and Department of Labor all have special regulations for family companies. An important component of any payroll processing service is that the tax payment service guarantees that all federal, state, local, and unemployment taxes are paid accurately and on time.

Confidentiality

The confidentiality feature of cutting-edge payroll processing systems like Family Pay allows the family business owner to delegate the payroll responsibilities to a non-family member without worrying, keeping the family’s personal information from becoming common knowledge amongst other managers and employees. Most family business owners know that the payroll cycle can control their schedule – the business owner has to be present when the payroll is being processed to ensure confidentiality of the family’s payroll information. One payroll processing company, a second generation family business, offers a unique service for family businesses called Family Pay.

Cost Reduction

By using outside resources, outsourcing, for payroll processing, the family business can enjoy the benefits of an entire payroll department for a fraction of the cost. The processing company gives the family business owner the financial reports and information /s/he needs to manage the business in an accurate and timely fashion.

Convenience

By using outside experts to do payroll processing, the family business owner the convenience and peace of mind that once the hours are reported, the payroll processing company takes care of everything else. All of the vital payroll information, reports, and checks are sent next day via UPS or email delivery. The top level payroll processing firms also provides the added convenience of integrating with other employee benefit service providers, including retirement providers, QuickBooks, POS systems, and time clock systems.

When a family business entrepreneur asks for help in how he/she can apply outsourcing to support the growth strategies of their family business, the first step we take is to conduct a Family Business Assessment

If you would like to discuss how an outsourcing strategy can help grow your family business, simply use the ASK THE EXPERT form - we can help!



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Chaos Busters - The Management Guide

Identifies 160 Key Business Questions

  • 160 Key Business Questions will stimulate creativity and innovation for your entire management team!


  • 160 Key Business Questions are the keys to unlock the hidden potential of your organization!


  • 160 Key Business Questions will save you time and make your work more effective!


  • 160 Key Business Questions is a Multi-purpose tool with unlimited applications!

http://www.family-business-experts.com/chaos-busters.html


How Well Organized is YOUR Organization?

Your Business Will Succeed...

If...

You have The Roadmap for Success

That's What

The Practitioner's Guide for Organizing an Organization
Is All About

  • PGOO shows how to identify the most pressing problems to solve
  • PGOO introduces the ODS-OL (Organizational Diagnostic Survey –Online) - an electronic assessment tool that is highly effective, easy to use, systematic and data-based
  • PGOO explains how to produce a better-organized organization
http://www.family-business-experts.com/PGOO.html


outsourcing Family Business Experts Understands
Family Values and Business Systems



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