“Consider on-demand services to reduce costs and drive growth”

Roslyn Newbound, founder and CEO of Accuratus Business Advisors and Consultants, encourages businesses to consider on-demand services to reduce costs and support growth during the pandemic.

Despite the opening of borders and easing of restrictions, Newbound believes the only way many businesses will survive until 2022 will be to drastically cut costs. “If business owners don’t act quickly, they won’t survive the pandemic,” said Newbound, founder of Accuratus, a company dedicated to helping small and medium-sized businesses with strategic consulting and business support services.

“Skilled labor costs are going up because there is a shortage of workers due to border closures. Many businesses cannot afford to compete, let alone bear the costs of doing business in a pandemic economy.”

“An increasing number of businesses are already turning to ‘on-demand’ services to reimagine the way they operate and deliver services in this challenging environment. Unless many other businesses adopt this approach, they will disappear.”

Newbound is witnessing an increase in the number of businesses reducing internal costs by outsourcing work. “The reality is that it is no longer financially viable for many businesses to do their own work. Labor shortages and supply chain issues are putting enormous financial pressure on businesses,” Newbound explained.

“Because of the yo-yo effect that lockdowns, inflation and rising operating costs have on businesses, it’s simply easier for businesses to do most of their administrative, customer service, sales and marketing activities on demand. Why have three employees on the payroll doing the work when you can outsource the work on demand for a fraction of the cost.”

Since the start of the pandemic, Accuratus has almost doubled its client base as SMEs lay off staff and opt for on-demand work. “Handing over work is very easy and ready-made systems are activated that enable the work to be carried out smoothly. Importantly, it also ensures that the business owner maintains control and full visibility into what work is being done and the associated results,” said Newbound.

Cost reduction use cases

Newbound outlines the key areas where businesses are able to quickly cut costs by outsourcing work on demand.

Customer service
“Any type of customer service, whether it’s over the phone, email, or through chat platforms on websites or social media, can be leveraged,” Newbound said. “Accuratus does this work for many businesses, reducing their costs by more than 50 percent and actually increasing sales performance and customer satisfaction levels.”

“For many businesses, this is a key area where costs can be reduced while business owners focus on growth, sales, supply and management.”

Management of social networks and websites
“Managing a company’s online presence can be not only time-consuming, but also stressful. If it is not done well or only occasionally, it can damage the brand. This is an area that can easily be realized on demand,” added Newbound.

Sales and business development
“Also, business development and sales activities can easily be done on demand. In fact, with good processes in place, these activities often produce better results when outsourced,” explained Newbound.

“Metrics and accountability systems ensure that activities are performed in a systematic manner and provide a minimum level of return to the business.”

Accounting and bookkeeping
“With the growing popularity of cloud-based systems like Xero and compatible apps like Hubdoc and others, it’s now easier than ever to manage accounts and bookkeeping remotely,” Newbound pointed out. “Cloud systems enable collaboration and access from multiple points. Information can be easily integrated, added and managed across many different platforms.”

Newbound states that Covid-19 has been going nowhere for several years and it is important that businesses urgently identify ways they can cut costs to survive and rethink how they operate moving forward. “My advice to all businesses is to look at Uberizing your work activities where you can. Strategically, it’s an approach that can not only save your business, but help grow it,” Newbound said.