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In the ever-evolving landscape of business, staying nimble and focused on core competencies is crucial in order to maximize your advantage. One strategic avenue gaining momentum is outsourcing, and one domain where this approach is proving invaluable is accounting. In this blog, we will explore the benefits that businesses can reap from outsourcing their accounting functions.
1. Cost Efficiency: Outsourcing accounting services can significantly reduce operational costs. Instead of managing an in-house accounting team with associated overheads, businesses can opt for a tailored outsourced solution. This allows for a variable cost structure, where you only pay for the services you need when you need them, freeing up capital for strategic investments. 2. Access to Specialized Expertise: Firms that offer outsourced services have a team of specialized professionals with diverse expertise. This means your business gains access to a breadth of knowledge and skills that might be challenging to assemble in an in-house team. From day-to-day accounting to financial analysis, outsourcing provides a comprehensive skill set. 3. Focus on Core Competencies: Outsourcing non-core functions like accounting enables businesses to focus on their core competencies. Instead of diverting time, resources, and focus to manage financial tasks, the internal team can channel their efforts towards driving innovation, improving customer satisfaction, growing sales,s and enhancing overall business performance. 4. Scalability and Flexibility: Businesses evolve, and so do their accounting needs. Outsourced accounting services offer a scalable solution that can adapt to the changing requirements of your business. Whether you're experiencing rapid growth or facing a temporary downturn, you can adjust the level of service accordingly. 5. Enhanced Data Security: Reputable outsourced accounting providers invest in state-of-the-art security measures to protect sensitive financial data. This often includes encryption, secure servers, and robust backup systems. Such measures can surpass the security protocols that small to medium-sized businesses might have in place. 6. Risk Mitigation and Compliance: Navigating the complex landscape of regulations and financial compliance can be challenging. Outsourced accounting services are equipped to stay abreast of changes and ensure that your business remains compliant. This proactive approach reduces the risk of financial errors and penalties. Additionally, many small businesses and non-profits only have a person or a couple of people handling their financial management. Often, they perform a multitude of tasks. When this person or these people leave an organization, it can leave a gaping hole to fill. Often, the organization falls behind and finds it hard to replace the person, given the scarcity of accounting and finance talent in the market. However, if you are with an outsourced accounting provider, they have a team of people making it easy to backfill the departing employee. Another risk-mitigation benefit is the ability to have a better segregation of duties. Often, small internal departments do not have the ability to properly segregate functions to protect the organization from potential fraud. With an outsourced function, a better segregation of duties can be achieved. 7. Improved Efficiency and Productivity: Outsourcing accounting tasks can lead to improved efficiency within your organization. Outsourced accounting firms use advanced technologies and streamline processes, ensuring tasks are completed accurately and in a timely manner. This efficiency contributes to overall productivity gains. 8. Strategic Business Insights: Beyond numbers and compliance, outsourced accounting firms can provide valuable strategic insights. With their broader perspective on various industries and businesses, they can offer insights that an internal source cannot. Outsourced accounting is not necessarily a cost-cutting measure; it's a strategic decision that can propel your business forward. From cost efficiency to accessing specialized expertise, the benefits are multifaceted. As businesses strive for agility and excellence, outsourcing accounting functions emerges as a powerful tool, allowing them to redirect resources toward higher-impact activities. Outsourcing your accounting function to Lauber can be the solution for your goals. By using proven processes that streamline systems and enhance controls, we help organizations make more informed and better decisions while providing stability and expertise that is hard to get with a small internal function.
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Employees generally want to feel engaged with your business, especially at the start. Most join with the intent to contribute to the company’s mission and vision. However, research shows that nearly 7 out of 10 employees lose this commitment over time. A June 2023 study by Gartner underscores this issue, revealing that almost 70 percent of 3,500 surveyed employees worldwide lack a meaningful connection to their jobs, regardless of gender, age, or geography.
To put it in perspective, imagine your favorite youth soccer team: only four out of 11 players know which goal to aim for, and just three care about scoring. Fortunately, there are proven strategies to increase employee engagement. Here’s how: Be Clear and Consistent Employees want to understand your mission and vision and their role in your success. As a leader, it’s crucial to clearly communicate your definition of success and how employees can contribute. Be Concise In today’s information-saturated world, less is more. Keep your messages direct and free of jargon, focusing on clear takeaways. Be Interactive Engage employees in dialogue, not just monologue. Encourage questions, hold roundtables, and solicit feedback during All-Hands meetings to understand their perspectives. Stay Positive Communicate with inspiration in mind. Share success stories, highlight exceptional employees, and showcase customer benefits to foster pride and motivation. Activate Growth Mindsets Employees start engaged but can lose focus over time. Help them by clarifying their roles, providing feedback, and sharing the company’s direction and how they can positively make an impact. Once these foundational questions are addressed (What is my job? How am I doing? Where are we headed?), employees will likely ask, "How can I help?" This is when they’re ready to go above and beyond, demonstrating the effort that defines true engagement. This is the goal we should strive for with every employee. Human capital is the backbone of every successful organization. With our experienced and trusted HR Business Partners, your business gains more than just support – it gains a strategic ally committed to your success. From comprehensive expertise to tailored solutions and access to a team of seasoned professionals, our HR services are designed to elevate your organization to new heights. We look forward to the opportunity to support you and your team on the journey to sustained success. You've decided to outsource your accounting. Smart move. But now you're facing a new problem: there are approximately one million firms promising to "transform your financial operations" and "provide strategic CFO-level insights."
Here's the truth: hiring the wrong outsourced accountant can be worse than having no accountant at all. Bad accounting creates problems that take months or years to untangle. But hiring the right one? That's a game-changer for your business. Let's walk through exactly how to choose an outsourced accounting provider, what qualifications and experience actually matter, and the red flags that should send you running. Start With Your Actual Needs (Not Their Sales Pitch) Before you schedule a single consultation call, get clear on what you actually need. Most businesses make the mistake of letting accounting firms tell them what they need, which often, coincidentally, matches whatever services that firm sells. Ask yourself: What's broken right now? Are you drowning in receipts? Missing tax deadlines? Unable to generate accurate financial reports? Can’t hire or retain high-quality accounting and finance personnel? Your current pain points should drive your requirements. What's your business complexity level? A single-location retail store has different needs than a multi-state service business with 50 employees. Industry matters too - a manufacturing business is very different than a non-profit or a service business. What's your growth trajectory? If you're planning to double in size over the next two years, you need an accountant who can scale with you, not one who's perfect for where you are today but can't grow with you tomorrow. What level of service do you need? Are you looking for someone to close your books monthly and prepare taxes, or do you need strategic CFO-level guidance on business decisions? These require different skill sets and price points. Document your answers. This becomes your evaluation criteria when you start talking to firms. Lauber Business Partners has a standardized process for helping identify a prospect’s needs as it learns about it’s organization, opportunities, and challenges. The Non-Negotiable Qualifications Let's talk credentials. Some matter a lot. Some are nice-to-haves. Accounting Degrees Matter CPA (Certified Public Accountant) is the gold standard. CPAs have passed rigorous exams, met education requirements, and maintain continuing education. More importantly, they're bound by professional ethics standards. If the firm you're considering doesn't have CPAs on staff, ask why. There may be legitimate reasons, but you should know upfront. Some firms even employ personnel with no accounting or finance degrees. This is a red flag. Industry-Specific Experience Translates Years in business matter less than relevant experience. A firm that's been around for 20 years doing personal tax returns isn't automatically qualified to handle your $10 million business's financial operations. Look for industry experience with businesses like yours, business size experience appropriate to your revenue level, and specific situation experience if you're preparing for an acquisition or other major changes. Modern Technology Is Essential Your outsourced accountant should be fluent in cloud-based accounting software like QuickBooks Online, bill-pay software, project management software, and other various integrated tools that can enhance efficiency, transparency, and visibility. If they're still talking about mailing you paper reports or they "prefer" desktop software, that's a yellow flag. You need a partner who understands how technology improves accounting efficiency and accuracy. What to Look For During the Evaluation Process You've narrowed your list to a few qualified candidates. Now comes the critical part: figuring out who's actually the right fit for your business. They Ask More Questions Than They Answer Early On Here's a counter-intuitive sign of a great outsourced accounting partner: they don't immediately tell you they can solve all your problems. Good partners ask probing questions about your biggest financial challenges, what decisions you're trying to make, what's kept you from getting your accounting straight before now, and what your business goals are. If someone is pitching you hard in the first conversation without understanding your situation, be skeptical. They're selling, not trying to understand what you need and want. Clear Communication Without Jargon Accounting is complex, but explanations don't have to be. A good outsourced accountant can explain concepts in plain English without making you feel stupid for not knowing accounting terminology. During initial conversations, notice whether they explain things clearly, check to make sure you understand, and give you examples relevant to your business. You'll be working with these people on important financial matters. If you can't understand them now, it won't get better. Breadth of Service Offered Firms differ in the breadth of the services they offer. Some firms offer very narrow service offerings (i.e. just bookkeeping). Others offer a broader service, offering things beyond bookkeeping, like HR, CFO and Controller services, talent acquisition services and leadership development services. As a growing organization, you may find it helpful to have access to a broader set of services that will help you scale your organization as it evolves, without having to seek additional advisors and go through a lengthy search and learning period. You'll be working with these people on important financial matters. If you can't understand them now, it won't get better. Transparent Pricing and Scope Pricing models vary, but whatever model they use should be clearly explained. Fixed monthly fees, hourly billing, project-based pricing, or tiered packages should all come with clear explanations of what's included in their proposal and what will be “extra.” Red flag: They can't give you even a ballpark price without weeks of analysis. While custom quotes are normal, an experienced firm should be able to give you a range based on your business size and needs. Lauber Business Partners has built out a broad range of services specifically designed for small and mid-sized businesses and non-profit entities. You might start with accounting, but as you grow, you need HR services, recruiting help, and team development. Lauber is committed to fair, transparent pricing methods customized to its customers' needs. Red Flags That Should Make You Walk Away Now for the important part - the warning signs that should send you looking elsewhere, no matter how good the price or how convincing the sales pitch. Red Flag 1: You Do not Trust Them Trust is the basis for every solid relationship. Without it, the relationship will fail. Ask about their vision, mission, and values. Do they align with your own? If not, keep looking! Done well, your search will join you with a long-term partner with whom you are aligned that you can rely on for years to come. Red Flag 2: They're Not Asking About Your Existing Books If they don't want to look at your current financial situation before giving you a quote or plan, that's a problem. A professional firm wants to see what shape your books are in before making commitments. Red Flag 3: Poor Communication Before You're a Client If they're slow to respond, miss scheduled calls, or communicate poorly during the courtship phase, it will only get worse once you've signed a contract. Your outsourced accountant should be treating you like a valued partner from the first interaction. Red Flag 4: They Don't Discuss Risks or Limitations No accounting firm can do everything perfectly. If they're not discussing potential challenges, risks, or limitations of their services, they're either inexperienced or dishonest. Good accountants will tell you what they're not experts in, where they might need to bring in specialists, what risks exist in your current situation, and what limitations exist in their proposed approach. Red Flag 5: No Clear Backup Plan What happens if your main contact quits or goes on vacation? Do you have access to higher-level knowledge, beyond bookkeeping skills? If the firm doesn't have a clear answer about backup coverage and continuity, you could find yourself without accounting support at a critical moment. Lauber Business Partners has been in business since 1986 and has a team of professionals that can maintain service if one of its employees leaves or becomes otherwise unavailable. Lauber has been serving the small and midsized market, along with the non-profit sector, since its inception. Making the Final Decision Struggling to get timely, accurate financials? Finding it hard to interpret your numbers or keep reliable accounting talent in place? You’re not alone, and you don’t have to tackle it alone. Lauber’s Outsourced Accounting team is built to bring clarity, stability, and real financial insight to your organization. Let’s talk about how we can support you and move your business forward. You're a small business owner or non-profit executive and are consumed with growing your organization, you do not have the time or knowledge to perform or oversee accounting, you are struggling to get timely and accurate financial statements, you need the day-to-day accounting activities done but you also need some higher-level financial analysis, you cannot afford to hire a team of people, you cannot seem to find or keep the right accounting team – sound familiar?
Here's the thing: accounting isn't just about crunching numbers. It's about understanding what those numbers mean for your business, staying compliant with ever-changing regulations, and making strategic decisions that actually move the needle. And if you're not a financial professional, that's a tall order. That's where outsourced accounting comes in. But before you start Googling "accountant near me," let's cut through the confusion and talk about what outsourced accounting is, who benefits from it, and when it makes sense for your business. What is Outsourced Accounting? Outsourced Accounting is contracting with a financial professional (or team of professionals that each devote a portion of their time to your company) who handles your accounting needs without being on your payroll. They're not sitting in your office, but they're deeply involved in your financial operations. Here's what they typically handle: Day-to-day accounting activities. They make sure all of your financial transactions (accounts payable, accounts receivable, cash receipts, cash disbursements, prepaids, inventory, fixed assets, debt, etc.) are properly recorded and accounted for. Financial reporting and analysis. They close your books and prepare monthly, quarterly, and annual financial statements that show you exactly where your business stands. More importantly, they help you understand what those statements mean and what actions you should take. Budgeting and Forecasting. They provide support for financial planning and analysis to help businesses make strategic decisions. Audit and Tax Support. They make sure you are audit-ready, should you be required to have an audit or review, and they act as a liaison with your auditors and tax advisors. Strategic financial guidance. Need to know if you can afford that new hire, equipment purchase or new program expansion? They run the numbers and give you a clear answer. An outsourced accounting provider can provide a broad range of services, from AP processing all the way up to CFO services. You can access these services as you need them, without having to hire a team of full-time employees. This provides greater expertise and reduces the risk of turnover because you are being supported by a firm that does this for a living. Who Actually Needs an Outsourced Accountant? The short answer? More businesses than you'd think. But let's be specific about who benefits most: Growing Small to Mid-Sized Businesses If your business is generating between $1 million and $50 million in annual revenue, you're in the sweet spot. You're too big to wing it, but hiring a full-time CFO and building an entire accounting and finance team internally might not make financial sense. According to research from Deloitte, 37% of small businesses outsource at least one financial function, and that number jumps significantly as revenue grows. Why? Because the complexity of your finances grows exponentially with your business, but your capacity to manage it doesn't. Businesses in Complex or Regulated Industries If you're in healthcare, construction, professional services, or any industry with specific compliance requirements, an outsourced accountant who understands your sector is invaluable. The cost of non-compliance isn't just fines - it's reputation damage and lost business opportunities. Startups Early-stage companies often bootstrap their accounting until it becomes a liability. If you're raising capital or experiencing rapid growth, having a professional accounting infrastructure from the start prevents costly mistakes and gives investors confidence in your operations. Professional Services Firms Law firms, marketing firms,vconsulting agencies, and other professional services firms can benefit from outsourcing their accounting to ensure accurate billing, expense tracking, project tracking, and financial reporting, allowing the firm’s executives to focus on service delivery. Healthcare Providers Medical practices and healthcare providers can benefit from outsourced accounting to manage billing, insurance claims, and regulatory compliance, allowing them to focus on patient care. Non-Profit Organizations Non-profits often operate on tight budgets, with limited staff, and need to ensure that their funds are managed efficiently. Outsourced accounting can help them maintain transparency and compliance with regulatory requirements. Lauber Business Partners has been serving all of the above sectors for decades. When Should You Hire an Outsourced Accountant? Timing matters. Here are the clear signals that it's time to bring in professional help: Signal 1: You Cannot Get Accurate and Timely Financial Statements If someone asks about your profit margins and you respond with "pretty good, I think?" that's a problem. You can't grow what you can't measure. When you're making strategic decisions without reliable financial data, you're essentially driving blindfolded. Signal 2: You're Spending More Time on Accounting Than Your Core Business or Mission As a business owner or non-profit executive, your time has a dollar value. If you're spending significant hours per week on accounting tasks or managing your accounting function, calculate what that time costs versus what you'd pay an outsourced accountant. Then take stock of the additional value you could drive in your organization by allocating that time to business development, product innovation or mission delivery. Signal 3: You've Experienced (or Nearly Experienced) Compliance Issues Missed tax deadlines, missed grant reporting deadlines, penalties, or that sinking feeling when you realize you might not be compliant with regulations - these are expensive wake-up calls. An outsourced accountant keeps you ahead of compliance requirements, not scrambling to catch up. Signal 4: You do not understand your financials It is not unusual for non-financial personnel to struggle to understand their financials. Having an outsourced accounting partner to walk you through the financials and provide insights is invaluable and can lead to improved operating performance. Signal 5: You're Preparing for a Major Business Milestone Planning to take on investors, apply for significant financing, or sell your business? These moments require professional-grade financials. You don't want to discover your books aren't investor-ready when you're in the middle of due diligence. Signal 6: You cannot attract or retain competent accounting and finance personnel There is a shortage of high-quality accounting and finance personnel. Working for a small business or non-profit requires an individual to perform a vast array of duties. Often, it is challenging to find a single person who can, or wants to, perform all of these duties. By using an outsourced accounting firm, you can access the expertise of different people working on your account, allowing you to access higher-level and more basic capabilities, without having to hire multiple employees. The Bottom Line: Is an Outsourced Accountant Worth It? Let's talk real numbers. The average salary for an experienced staff accountant in the U.S. ranges from $60,000 to $100,000, plus benefits, which can add another 30-40% to that cost. A CFO? That's $150,000 to $300,000+, depending on your market. Outsourced accounting services typically cost a fraction of that - often 40-60% less than hiring equivalent talent internally. And you're not just getting one person; you're getting a team with diverse expertise and backup coverage when someone's on vacation or leaves. This is a significant risk mitigation factor. But the real ROI isn't just in cost savings. It's in making better decisions with accurate, timely financial data, avoiding costly compliance mistakes and penalties, freeing up your time to focus on revenue-generating activities, and having strategic guidance from professionals who've seen hundreds of businesses navigate similar challenges. Lauber Business Partners has been in the business of providing financial expertise since 1986. They have a broad array of services that have been built for small to mid-sized businesses and non-profits. Lauber provides Accounting and Finance solutions as well as Human Capital solutions (HR support, Talent Acquisition, and Leadership Coaching and Team Development). Lauber stands beside you as a partner as your organization evolves and advances. Ready to Talk About Your Accounting Needs? Struggling to get timely, accurate financials? Finding it hard to interpret your numbers or keep reliable accounting talent in place? You’re not alone, and you don’t have to tackle it alone. Lauber’s Outsourced Accounting team is built to bring clarity, stability, and real financial insight to your organization. Let’s talk about how we can support you and move your business forward. Are you worried that you might not be as good a manager as you hope to be? If you are, there’s good news and bad news. First, the good news: you have great self-awareness. And the bad news: you might not be very good at managing. But that’s not a knock on you. According to Gallup, just one in 10 people naturally have what it takes to be a manager. That increases to a whopping two in 10 if the right training and support is in place. So how can you be a better manager? Should you be more demanding, organized, and hardworking? Maybe. But one thing is certain: you should be a better listener. To be a better manager, you need to understand your individual team members, know how to motivate them, communicate effectively, and walk the walk. Here, we’ll dive deeper into these topics and show how they help you be a better manager. Let’s dive right in. What is a manager? Does this question sound naive? Probably. But it has an important answer. So, what is a manager? Not a leader. Don’t get us wrong, managers can be leaders, and leaders can be managers. So what’s the distinction? Specificity. Managers are responsible for driving a single person (or a small group of individual performers) toward a specific goal, whereas a leader tries to drive a large group. Let’s consider how their strategies to achieve those goals differ:  So to answer our seemingly-obvious question: a manager is someone who leverages individuals’ unique skills and motivators to further a team’s mission within an organization. Great! But how do you do that? It starts with understanding your employees. Get your shovels out It’s time to dig deeper than surface level. Many managers know their direct reports, but do they really understand them? To successfully leverage the talents of your direct reports, you need to understand three critical things about each of them:
1. What makes your employees tick? While you’ve hired a person for one role, there are bound to be certain elements of their work that they excel at, and others that they may dislike or struggle with. Some people would describe administrative tasks as tedious or annoying. However, you may have an employee who revels in the details of these tasks and is uniquely talented at identifying small changes that make big differences. As a manager, it’s your job to figure out what those things are. Then, you can enable employees to spend more time on the things they excel at and that they’ll take ownership over. 2. How can you trigger your employees’ best work? Understanding what makes your employees perform is one thing, but encouraging that behavior regularly is another. Therefore, managers need to understand what positive triggers drive their employees’ best work. Some employees crave public recognition. Others prefer being recognized by their manager, executives, or clients. Being able to provide the type of recognition your direct reports seek is vital for keeping them engaged and motivated. 3. How do your employees learn best? Growth is important for employees. It makes them more valuable to an organization and it makes them more satisfied with their role. Cultivating that growth is one of the most important things a manager can do, but it’s far from simple. Just as each employee is motivated by different things and excels in different areas, employees learn differently too. Consider two employees in a marketing department. One may be fully capable of learning a new strategy for garnering data insights simply by watching a video. Meanwhile, another employee may be equally as talented, but might not fully comprehend the purpose of the strategy until they have the opportunity to try it themselves. Trying to force them both to learn in the same way won’t lead to the growth that pushes the entire team forward, and could even lead to one disengaging. Lead by example and empower your team to follow Think for a minute: how do you want your direct reports to work? Now ask yourself, ‘do my actions indicate that?’ Managers who work long hours tend to have direct reports who work longer too. But working longer isn’t always working better (in fact, it can be worse in some cases). Managers should be cognizant of their role as an influence on their teams. If a company values work-life balance, and they definitely should, managers should lead by example and sign off at an appropriate time. This is only possible when work is evenly distributed among your direct reports. For example, just because one employee excels at a certain task doesn’t mean they should be burdened with the entire team’s responsibility for it in addition to numerous other responsibilities. When employees are working significantly more than their colleagues or manager, they’re at risk of becoming resentful or disengaged. For great managers, it’s not enough to simply set an example. They need to empower their direct report(s) to follow it. One-on-ones are the foundation for success By this point, we’ve outlined three critical elements on how to be a better manager. But none of them are possible without regular one-on-one meetings with your direct reports. Regular is the key word here. If it’s “once a year – check the box” meeting, don’t even bother. One-on-one meetings are essential for:
In addition to cuing managers into these vital motivators, one-on-ones are paramount to employee engagement. The less facetime managers have with their direct reports, the more likely those direct reports are to become disengaged. To put it simply, one-on-ones are to your direct reports’ success as maintenance is to a car. Things wear out and break down without it. Every environment is unique, but a good rule of thumb is that these “regular meetings” should be at least monthly. Lauber Business Partners can help improve your organizational health We can help you get there. Lauber Business Partners’ Manager Training program helps managers develop the strategies and skills necessary for taking their teams to the next level. In addition to manager training, we also offer other human capital services—including Leadership Coaching and Team Development—to support your organization’s long-term growth and effectiveness. Want to learn more? Get in touch with Lauber today! 6 Tips for Small Businesses to Thrive in a DownturnIn the unpredictable world of business, downturns are inevitable. Economic uncertainties, market fluctuations, and unexpected challenges can pose significant threats to small businesses. However, with resilience, planning, and adaptability, small businesses can not only weather the storm but also emerge stronger on the other side. In this blog, we'll explore five essential tips to help small businesses not just survive but thrive in a down economy. 1. Financial Prudence and Cash Flow Management: In a downturn, cash is king. Small businesses must prioritize sound financial management to maintain stability. Create a detailed budget that identifies essential expenses and discretionary spending. Explore opportunities to cut costs without compromising the quality of your products or services. Negotiate with suppliers for better terms and consider alternative financing options. Establishing a cash reserve and / or appropriate lending facilities can provide a crucial buffer during lean times, ensuring your business can meet its financial obligations. 2. Understand your financial leverage points Many small businesses do not understand how they make their money. It is crucial to understand what offerings and customers make money for your business. Many organizations do not have systems, financial and other, allowing them to obtain this type of information. Often, the answers to this question are not obvious but require deep analysis to obtain. 3. Diversify Revenue Streams: Overreliance on a single product or service or a few major customers can leave a business vulnerable during economic downturns. Diversifying revenue streams helps mitigate risks and opens up new opportunities. Identify complementary products or services that align with your core offerings. Explore partnerships, collaborations, or expansions into related markets with new customers. By broadening your business portfolio, you can create a more resilient foundation that withstands economic turbulence. 4. Enhance Online Presence and E-commerce Capabilities: The digital landscape has become an integral part of business, especially during challenging times. Strengthen your online presence and e-commerce capabilities to reach a broader audience and adapt to changing consumer behaviors. Invest in a user-friendly website, optimize it for search engines, and leverage social media platforms to connect with your audience. Consider implementing e-commerce solutions that facilitate online transactions, making it convenient for customers to purchase your products or services from the safety of their homes. 5. Customer Relationship Management (CRM): Building and maintaining strong relationships with your customer base is crucial, particularly during economic downturns. Keep communication channels open and transparent. Offer exceptional customer service to retain existing clients and encourage repeat business. Consider loyalty programs, promotions, or personalized offers to show appreciation for customer loyalty. By focusing on customer satisfaction and loyalty, you can foster a resilient customer base that continues to support your business even in challenging times. 6. Invest in Employee Training and Innovation: Your team is one of your most valuable assets. During a downturn, invest in employee training to enhance skills and adaptability. Encourage a culture of innovation where employees feel empowered to contribute ideas and solutions. A skilled and motivated workforce can help your business navigate challenges more effectively. Additionally, fostering a culture of innovation can lead to the development of new products, services, or operational efficiencies that position your business for long-term success. Surviving a down economy requires a combination of planning, adaptability, and a commitment to excellence. By implementing these tips, small businesses can not only weather the storm but also emerge as more resilient, agile, and innovative entities. Remember, challenges are opportunities in disguise, and with the right approach, your small business can not only survive but thrive in the face of adversity. In today's competitive business landscape, success hinges on smart decisions and a healthy workplace. Embracing smart and healthy practices leads to content employees, high productivity, and improved performance. Lauber Business Partners provides experienced leadership for growth and change, offering expertise in human resources, finance, accounting, nonprofit management, recruiting, and leadership development. Our professionals deliver quick value to help you succeed.  In the dynamic landscape of business, having a robust and reliable Human Capital (HC) support system is crucial for success. Our seasoned and trusted HR Business Partners understand the unique needs of small and mid-sized organizations, offering a full spectrum of capabilities to ensure your team receives optimal support and services to not only survive but thrive. In this blog, we'll explore how our experienced HR experts, with decades of collective experience, can be the key to unlocking your organization's potential. 1. Comprehensive HC Expertise:Our team of HC experts boasts extensive experience in virtually every facet of HC / HR. From talent acquisition to employee and organizational development to compliance and training, we have the knowledge and skills to address the diverse needs of your organization. Small and mid-sized businesses can benefit from our comprehensive approach, receiving guidance and support across the entire HR spectrum. 2. Tailored Solutions for Your Organization:Understanding that each business is unique, we start our journey with you by providing a thorough assessment of your current organization. This allows us to gain insights into your specific challenges and opportunities. Based on our assessment, we present tailored recommendations for how you can proceed, ensuring that the HC solutions we provide are precisely aligned with your organization's goals and objectives. We also recognize organizations change over their life cycle. Lauber’s HC service offering is comprehensive and various elements of it can be brought to bear when and where it is needed as your company evolves. 3. Decades of Collective Experience:With decades of collective experience, our team has worked with a diverse range of businesses and organizations, spanning from small privately held firms to Fortune 500 companies and nonprofit organizations. We recognize that human capital is the most valuable asset for any organization, and our wealth of experience positions us to provide insights and solutions that cater to the unique needs of your business. 4. Access to a Team of Experts:When you choose our HC services, you don't just get a single person; you gain access to our entire team of experts. This collaborative approach ensures that your organization benefits from a wealth of knowledge and diverse perspectives. Whether you need rapid solutions to immediate challenges or are seeking long-term strategies, our team is equipped to deliver the support and expertise your business requires. 5. Preparing Your Organization for Future Success:We are not just focused on solving immediate issues; we are dedicated to ensuring the long-term success of your organization. By providing proactive HC solutions, including training and development programs, talent management strategies, and forward-thinking policies policies and strategies, we aim to empower your team to navigate challenges and seize opportunities in an ever-evolving business landscape.
Human capital is the backbone of every successful organization. With our experienced and trusted HR Business Partners, your business gains more than just support – it gains a strategic ally committed to your success. From comprehensive expertise to tailored solutions and access to a team of seasoned professionals, our HR services are designed to elevate your organization to new heights. We look forward to the opportunity to support you and your team on the journey to sustained success. In the dynamic realm of business, the success of any organization is tied to the talent it possesses and develops. The process of talent search and recruitment is not merely a task; it's a strategic voyage toward building a team that propels the company forward. In this blog, we'll explore the intricate waters of talent acquisition, exploring key strategies and insights to help you find and retain the best minds for your organization.  Understand Your NeedsBefore embarking on any recruitment journey, it's crucial to have a clear understanding of your organization's needs. Define the roles, skills, experience, and cultural fit required to achieve organizational success. This clarity will serve as your compass, guiding you in the right direction. Craft Compelling Job Descriptions and Company ProfilesYour job descriptions and company profile may be the first impression potential candidates have of your company. Make them compelling and accurate, highlighting not just the responsibilities but also the opportunities for growth and development within your organization. Be transparent about expectations to attract candidates who align with your vision. Leverage TechnologyIn the digital age, technology is your best mate in the recruitment process. Applicant Tracking Systems (ATS), data analytics, and online platforms can streamline your search, making it more efficient and effective. Embrace these tools to manage applications, analyze data, and ensure a smoother hiring process. Build a Strong Employer BrandTop talent is attracted to strong employer brands. Showcase your company culture, values, and employee success stories. A positive employer brand not only attracts high-caliber candidates but also contributes to employee retention. Seek to Build a Complementary TeamHiring a team of people that are carbon copies of one another will limit the capacity of your organization. A diverse team brings a multitude of perspectives and ideas, fostering innovation. Ensure your recruitment strategy is inclusive and actively seeks diversity. This contributes to a more robust and creative work environment. Streamline the Interview ProcessA prolonged and convoluted interview process can deter or exhaust top talent. Streamline your process, ensuring that it is thorough yet efficient. Provide timely feedback to candidates, showing respect for their time and interest in your organization. This is more important than ever as the job market is and will remain extremely competitive due to changing demographics. Investing in Continuous Learning and DevelopmentThe best talents are often those who are committed to continuous learning. Highlight your organization's commitment to employee development and growth opportunities. This not only attracts top talent but also fosters a culture of innovation within your workforce. Leverage Others’ ExpertiseMany small to mid-sized organizations have limited resources. Often their HR departments are overwhelmed with day-to-day responsibilities and may not employ personnel that are true recruiting experts. This limitation can significantly hamper their ability to find the best talent, especially for paramount positions and executive searches.
With unemployment being at decades-long lows and a shortage of talent, it is not enough to place advertisements and hope people apply. Your recruiting approach needs to be more proactive: to get the best you will likely need to go out and actively recruit targeted individuals. Talent search and recruitment are more than tasks; they are strategic investments in the future of your organization. In the long-run exceptional talent is what delivers results. Your organization’s success and long-term stability depends on a strong team. When it’s time to fill a key leadership role or secure other talent in your organization, Lauber Business Partners can help you find the best talent. Lauber has years of experience as a boutique placement firm with multiple delivery models, and we understand what it takes to secure the right people to advance your organization’s success and contribute positively to your mission and culture.  Artificial intelligence (AI) is currently one of the hottest buzzwords in tech and with good reason. The last few years have seen several innovations and advancements that have previously been solely in the realm of science fiction slowly transform into reality. Rapid progress in AI is arousing fear as well as excitement. How worried should you be?
Dr. Jeremy Kedziora is an award-winning researcher with 17 years of experience in machine learning, Bayesian inference, and game theory. He previously served as director of data science and analytics at Northwestern Mutual, leading machine learning efforts in cybersecurity. At fintech startup Giant Oak, he focused on natural language processing in product development. With a Ph.D. in political science and a B.S. in Chemistry, he also spent 9 years at the CIA, leading R&D in data science and modeling. Dr. Kedziora is now MSOE's first PieperPower Endowed Chair in Artificial Intelligence, helping students develop and advance AI responsibly. Join Lauber Business Partners at the University Club of Milwaukee as we host a discussion with Dr. Kedziora on Tuesday, September 26, 2023, from 4:30 to 6:30 p.m. RSVP by emailing Chris De Villers ([email protected]) using the button below.  Recruitment costs are sky-high. Employers are turning to overseas talent. Employees are being more selective in the roles they take. How can you avoid the harmful situations facing HR departments as much as possible? It starts with eliminating regrettable turnover. Turnover or attrition, or the gradual diminishment of a workforce's size, is a common aspect of any business. Regrettable attrition, however, is when employees who you’d have liked to stay in your organization leave and can be quite alarming. Crucially, regrettable attrition has a negative impact on your team. This is in direct contrast to non-regrettable attrition when it’s a net-positive that an employee left, whether that’s due to their performance or the liability they posed to your business. The impact of regrettable attrition is difficult to assess until it happens, at which point it can already have had a significant, negative impact on your business. Therefore, it’s essential businesses are aware of what causes regrettable attrition, the role culture plays in preventing regrettable attrition, and how to begin addressing it. In this article, we’ll explore each of those pieces of the regrettable-attrition puzzle. Let’s get started. A Smart Team Compared to a Healthy TeamWe often see regrettable attrition in highly intelligent teams. Despite these teams’ abundance of technical skill, they often overlook the importance of a healthy culture. These teams prioritize the ‘smart’ side of their business, but neglect factors that will make their organization ‘healthy,’ such as fostering a stronger work-life balance and building a healthy supportive environment. The result is that valuable team members leave in search of a healthier team and more positive atmosphere. Some of the consequences of that regrettable attrition include:
Organizations need to keep in mind that skills aren’t the only things that matter at work. They should prioritize a healthy team culture in addition to measurable skills. By doing so, organizations can retain talent, enhance team performance, and ultimately achieve greater success. Culture is Essential for Preventing Regrettable AttritionBefore you write ‘culture’ off as another tired corporate buzzword, consider the best team on which you’ve ever worked. What comes to mind right away? It’s probably the people you worked with, and the joy they brought to the role. People and culture—not skills—are what keep employees engaged. While hard skills are necessary for the success of any business, a healthy culture is essential for sustaining that success. Think of the front and back wheels of a bike: your business’ skills—the back wheel—drives you forward, and your front wheel—your culture—keeps you moving in the right direction, avoiding hazards as they arise. So, how does culture impact your organization’s retention efforts?
By focusing on a healthy business culture, organizations can prevent regrettable attrition, increase loyalty, and foster long-term success. The Common Causes of Regrettable AttritionRegrettable attrition often results from poor work-life balance and burnout. Organizations should prioritize initiatives that promote balance, provide stress management resources, and foster a supportive culture for employee well-being. So what drives employees to the point where they feel like they have no choice but to leave? A multitude of factors could be at play, but three that we commonly see include:
Let’s take a deeper look at how these factors become the main drivers of regrettable attrition. Ineffective Communication Can Create ToxicityIneffective communication and a lack of transparency within an organization are massive contributors to regrettable attrition. When communication is needlessly secretive and siloed, it can create an environment of uncertainty and frustration for employees. This lack of clarity creates a breeding ground for misunderstandings, rumors, and ultimately the sense of being disconnected from the organization's decision-making processes. Comparatively, organizations that prioritize transparent communication create an atmosphere of trust and engagement. When a business is open about its goals, strategies, and performance, employees have a clearer understanding of the direction and expectations. Additionally, they can see how their individual contributions align with the organization's objectives, which increases their sense of purpose and motivation. By establishing platforms for dialogue and feedback, employees feel empowered and valued. What’s more, a transparent communication style allows for the efficient exchange of ideas, concerns, and suggestions. Not only can this foster a sense of collaboration and shared ownership, but it can lead to breakthrough ideas that otherwise would have never seen the light of day. If Employees Aren’t Growing, They’re LeavingBusinesses love quotes like ‘if you’re not growing, you’re dying.’ It’s the type of aphorism that you can find hanging from the walls in businesses across the country. While such sayings are a motivator for businesses, they also resonate with talent. If an employee isn’t seeing the opportunity for growth, why would they bother staying around? The truth is that employees who job-hop tend to out-earn their peers who stay loyal to an organization over time. What’s that mean for your organization? That your employees need to be convinced that they are going to grow so much with your organization that it will be more valuable to stay than leave for what could be a significant increase in pay. Investing in training, mentorship, and career development programs is crucial to support employee growth, satisfaction, and retention. By providing opportunities for learning and skill enhancement, organizations empower employees to expand their knowledge, acquire new competencies, and take on more challenging roles. These initiatives not only contribute to personal and professional growth but also demonstrate your organization's commitment to investing in its employees' long-term success. Your Employees Must Be On-Board With Your Organization’s GoalsRegrettable attrition ultimately comes down to relationships, and to understand why employees leave, it’s helpful to consider relationships outside work. Why do friends grow distant? One reason that repeatedly appears is that they want different things from life. The same can be said for businesses and their employees. If your employees aren’t aligned with your organization’s values and goals, it can drive regrettable attrition. To address this, it’s critical that organizations clearly communicate their values and ensure that employees understand and internalize them. This is because when employees feel that their own beliefs align with the goals and values of your organization, they’re more likely to feel a greater sense of connection to their work and less likely to jump ship. Dysfunctional Team Dynamics Lead to DissatisfactionTeams are composed of unique individuals. Humans are complicated. Excellent teams have diversity of thoughts, styles and preferences. This sort of diversity can cause friction within a team. Unless team members understand one another well, communications can be misinterpreted, which can lead to friction within the team, which can lead to division. Individuals have different ways of thinking, communicating and interacting. Many times what one team member thinks is a perfectly acceptable way to communicate may cause another team member to withdraw or maybe become more assertive. If team members can understand each other’s personality, communication preferences and means of thinking, it can go a long way to eliminating miscommunications and team dysfunction. Building this understanding within the team along with clear team expectations, lead to healthy effective teams. Investing in teams to build this type of understanding will lead to extremely effective teams and better organizational performance. Well-regarded management gurus believe high performing teams is one of the most lasting competitive advantages an organization can have. Strategies for Eliminating Regrettable AttritionRegrettable attrition and the factors that cause it aren’t some pesky bug—they can’t be eliminated overnight. There’s no single solution, and finding the answer for your business can take time. That said, the benefits of eliminating regrettable attrition and improving employee retention are huge—even too large to measure in some cases. The truth is that when you lose a valuable member of your team, you’ll never know what could have been. It’s important to prioritize your employees’ well-being and promote a healthy work-life balance, but starting somewhere more concrete will lead to better results. Before you dive into ‘prioritizing your employee’s well-being’ or ‘promoting a healthy work-life balance,’ dig deeper. Start by taking a close look at the factors that enable you to truly improve well-being and a work-life relationship.
By implementing these strategies and emphasizing the importance of communication, growth, aligned values and goals, and enhanced team dynamics you can significantly reduce regrettable attrition’s impact on your business. Lauber Business Partners Can Help You Reduce Regrettable AttritionRegrettable attrition is one of many battles within business. While it may seem like an internal struggle, the truth is that it has everything to do with your competition. Your ability to retain and engage employees not only makes you a more attractive place to work, but it also makes your teams more productive.
That retention and engagement can give your organization a significant competitive advantage over its competition. Unfortunately, many businesses struggle to overcome the challenge of regrettable attrition and aren’t able to experience that advantage. Lauber Business Partners team of consultants can help your organization’s managers overcome the challenges that drive regrettable attrition. To learn more about our manager training and HR consulting on employee engagement, get in touch with our team today! |
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