In Scotland, the Highlands & Islands council area is an extremely challenging place to operate a business -- especially for local SMEs and self-employed traders.
Although much of the country now has the infrastructure for high-speed internet, cloud-based computing, etc., it's still unreliable for many homes and businesses. Additionally, a large percentage do not have the skillset within their ranks to use the right new technology effectively, and to their advantage.
In fact, it can quickly become suffocating when a small-community business takes the plunge, but starts to face problems with adoption. Sometimes it can even harm their business more, than if they had never touched it to begin with.
This is why considering the sustainability of such a technology upgrade is so important.
Why do small-town, and rural businesses struggle to keep up with their big-city competitors?
Inferior broadband and internet infrastructure
Lack of / outdated website, and a weak brand-presence
Slow and intermittent administration of calls, orders and/or bookings
Ineffective financial monitoring, cash-flow management, and payment practices
Bland relationships with customers and clients
In light of the risks, it's understandable that businesses may be apprehensive about implementing new technology directly into their operations.
However, there is a solution that benefits everyone. Outsourcing non-core tasks such as Sales Ledger Management, administration and other back-office functions to specialized service providers can be an effective way to reduce costs and increase cash-flow.
'Isn't Outsourcing only for big companies?'
Take the example of a Freelance Gardening operation. Two experienced landscapers get together to start their own business. They rent a warehouse to store materials, with a few parking spaces out front for their vehicles.
Without the need (or the want) for an office, one of the two founders handles any administration and finance; calls and emails come straight into their mobile regardless of their nature, and they process invoices through a well-known, cloud-based accountancy platform.
You can see the picture we're painting, can't you?
As opposed to adding responsibility by opening a whole new division within a business (which for our example scenario is really a sledgehammer-walnut situation), outsourcing back-end tasks such as unpaid invoices and Sales Ledger Management can support growth, whilst simultaneously freeing up resources in the main operation of a business.
By partnering with experienced professionals, rural businesses are able to tap into the benefits of a full-fledged office division, without incurring the costs and risks associated with hiring and training new staff or implementing new systems themselves.
How does it all work?
Of course, we'd like to use ourselves as an example.
As an outsourcing partner, XFS Limited becomes a Cash Flow pseudo-department to your business. We can take over things like unpaid invoices, Debt Recovery, Cash Flow analysis and diagnostics of your financial situation; as well as additional sundry services such as:
Inbound & Outbound Call Handling
Omni-Channel Chat & Complaints Management
Examination of, and Recommendations for Internal Policies
Depending on consultation, we assess what kind of arrangement would best suit your business in terms of budget, individual services, and payment structure.
Debt Recovery can be delivered as a one time service, with a flat fee if you only have a few unpaid accounts that do not require such regular monitoring. Alternatively, if you have lots of clients or customers who regularly fail to respond to invoices, it may be more suitable to opt into a commission-based structure over the course of a longer time period, complete with formal contract.
Similarly, we can provide a Sales Ledger Management service as a long- or short-term arrangement, which can then be topped up with one-time Debt Recovery strategies as and when it is required.
Ultimately, outsourcing your Financial Administration as a small business is a very efficient way to stay competitive with the bigger fish, without running the risk of growing too large, too fast and suffocating your Cash Flow further.
☎️ 0141 483 3345 🌐 www.xfslimited.co.uk 📧 info@xcelfinancialsolutions.co.uk 🔔 @xfslimited
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