Roslyn Newbound, the founder and chief executive of Accuratus Business Advisors and Consultants, encourages businesses to consider on demand services to cut costs and drive growth during the pandemic.
Despite borders opening and restrictions easing, Newbound believes the only way many businesses will survive into 2022 will be to drastically cut costs. “Unless business owners act fast, they won’t survive the pandemic,” said Newbound, the founder of Accuratus – a business dedicated to helping small to medium size businesses with strategic advice and business support services.
“The cost of skilled labour is going through the roof because there is a shortage of workers due to border closures. Many businesses can not afford to compete, let alone meet the ongoing costs of doing business in a pandemic economy.”
“An increasing number of businesses are already turning to ‘on demand’ services to re-engineer how they operate and provide services in this challenging environment. Unless many other businesses adopt this approach they are going to go under.”
Newbound is witnessing a surge in the number of businesses cutting internal costs by outsourcing work. “The reality is that it just is not financially viable for many businesses to undertake work inhouse any more. A labour shortage and supply chain issues are placing enormous financial stress on businesses,” Newbound explained.
“With the yo-yo effect that lockdowns, inflation and the increasing costs of operations are having on businesses, it is simply easier for businesses to undertake a lot of their administrative, customer service, sales and marketing activities on demand. Why have three staff on the payroll doing work when you can outsource the work on demand for a fraction of the cost.”
Accuratus has nearly doubled its client based since the beginning of the pandemic as small to medium size businesses shed staff and opt to have work undertaken on demand. “Work handovers are very easy to do and ready-to-go systems are activated to enable work to be undertaken seamlessly. Importantly this also ensures the business owner maintains control and full visibility over what work is being done and the results associated,” Newbound said.
Use cases for cutting costs
Newbound outlines the key areas where businesses are able to cut costs quickly by having work undertaken on an on demand outsourced basis.
“Any type of customer service whether it be provided via phone, email or through chat platforms on websites or social media can be uberised,” Newbound said. “Accuratus undertakes this work for many businesses and it cuts their costs by over 50 percent and actually lifts the sales performance and customer happiness levels.”
“For many businesses this is a key area where costs can be cut while business owners focus on growth, sales, delivery and management.”
Social media and website management
“Managing a business’ presence online can not only be time consuming, it can be stressful. If not done well, or only intermittently, it can be brand damaging. This is an area that is easily undertaken on demand,” Newbound added.
Sales and business development
“Also business development and sales activities can easily be undertaken on demand. In fact, with good processes in place, these activities often yield better results when done on an outsourced basis,” Newbound explained.
“Metrics and systems for accountability ensure activities are undertaken in a systematic way delivering minimum levels of return for the business.”
Accounts and bookkeeping
“With the increasing popularity of cloud based systems such as Xero and compatible apps such as Hubdoc and others, it is now easier than ever to manage accounts and bookkeeping remotely,” Newbound emphasised. “Cloud based systems enable collaboration and access from multiple points. Information can easily be integrated, added and managed across a number of different platforms.”
Newbound states that Covid-19 is not going anywhere for a few years and it is important that businesses urgently identify ways they can cut costs in order to survive and reimagine how they operate moving forward. “My advice to all businesses is to look at uberising your work activities where you can. Strategically it is an approach that may not only save your business but will help to grow it,” Newbound said.