A Company in need of functional Finance and HR assessments to effectively and efficiently scale its business
Relatively young (started in 2015), high-growth, well-capitalized, female-owned company in need of functional assessments of both their financial and human resource functions to allow the company to scale its business effectively and efficiently.
Finance/Accounting Challenges:
The company needed a finance/accounting solution to provide the level of financial expertise and analysis that would allow better business decision making with relevant financial information.
The company needed a finance/accounting solution to provide the level of financial expertise and analysis that would allow better business decision making with relevant financial information.
Solution:
- Brought financial statements up to date in accordance with GAAP and designed and implemented processes to produce accurate and timely monthly financials
- Developed annual budget and cash flow plan
- Created a three-year business forecast
- Acquired Paycheck Protection Program loan
- Negotiated operating line of credit
- Mentored existing administrative staff
- Drove process to hire a full time Controller and assisted in onboarding
What This Meant to the Company:
With accurate and timely financial statements, the company was able to attract significant outside capital investment. This enabled the company to continue their rapid growth. With the new financial statement and budgeting processes, and the new Controller, the company now has an effective internal finance function, facilitating effective business decision making.
With accurate and timely financial statements, the company was able to attract significant outside capital investment. This enabled the company to continue their rapid growth. With the new financial statement and budgeting processes, and the new Controller, the company now has an effective internal finance function, facilitating effective business decision making.
Human Capital Challenges:
The company’s goal was to advance their business to be in the “Top 5” within their industry. With a new COO and a push to launch an aggressive growth strategy, the company chose to assess how each business function could operate more effectively to support the strategic plan. After a successful review and implementation of a more effective accounting function from Lauber Business Partners, this client once again chose Lauber to engage in a similar project for its Human Resources department.
The company’s goal was to advance their business to be in the “Top 5” within their industry. With a new COO and a push to launch an aggressive growth strategy, the company chose to assess how each business function could operate more effectively to support the strategic plan. After a successful review and implementation of a more effective accounting function from Lauber Business Partners, this client once again chose Lauber to engage in a similar project for its Human Resources department.
Solution:
A very thorough review was conducted within each area of the Human Resources function to evaluate the current state. Thereafter, several options were considered to recommend that which best met the needs of the future state, and a Professional Employment Organization (PEO) was sourced and implemented.
A very thorough review was conducted within each area of the Human Resources function to evaluate the current state. Thereafter, several options were considered to recommend that which best met the needs of the future state, and a Professional Employment Organization (PEO) was sourced and implemented.
The project scope comprised of two phases.
Phase I – Discovery and Recommendations:
- An HR scorecard was built with input from the owners and the COO to assess the performance and priorities of each HR function:
- Culture/Employee Engagement
- Recruiting
- Business Partnership
- Talent Management
- Benefits
- Payroll
- General HR Administration
- Compensation
- An HR functional analysis was conducted evaluating how each HR function was operating in its current state
- SWOT analysis relative to HR function
- Cost analysis of several alternative options produced annual savings greater than $300K
- Recommended a blended model – Outsource full-service HR/Contract HR Business Partner
- Shift repeatable administrative HR tasks outside the organization
- Centralize vendors and interdependence (benefits, payroll, recruitment, HR administration)
- Minimize risks (compliance, manual processes)
- HR expertise will become blanketed across the entire function
- Dependent upon the level of HR Business Partner services provided, consider including a contracted, ad-hoc resource to bridge the gap to the business
Phase II – Sourcing, Vendor Selection & Implementation :
- Evaluate HR solution providers
- PEO (Professional Employer Organization).
- ASO (Administrative Services Offering).
- Performed Vendor evaluations
- Selection of small PEO firm
- Executed on the full Implementation to a Professional Employment Organization (PEO) within 3 months
What this meant to the company:
Our client made a seamless transition to a PEO provider that now offers them far more Human Resources services and benefits than they had previously. The employees enjoy a richer and broader benefit offering like that of a larger company. The company has the comfort of having a robust team of HR professionals that keep them in compliance and service their every HR need.
By having an outside viewpoint of a Lauber Business Consultant, our client was able to streamline their Human Resources function, provide more effective and efficient support to the function, all while saving over a quarter of million dollars annually.
Our client made a seamless transition to a PEO provider that now offers them far more Human Resources services and benefits than they had previously. The employees enjoy a richer and broader benefit offering like that of a larger company. The company has the comfort of having a robust team of HR professionals that keep them in compliance and service their every HR need.
By having an outside viewpoint of a Lauber Business Consultant, our client was able to streamline their Human Resources function, provide more effective and efficient support to the function, all while saving over a quarter of million dollars annually.
Lauber Business PArtners
When your business is faced with significant challenges, be it growth or even some negative forces, Lauber Business Partners can help you overcome these challenges. Lauber has built a suite of services including Accounting and Finance, Human Resources, Recruiting, Growth Planning, Coaching and Leadership Development and Recovery and Rebuild services that are built to help our clients achieve their goals.
If you are facing challenges and want an experienced partner to help you overcome them, please reach out to us via phone 414-273-8060 or by email [email protected] for a confidential consultation.
If you are facing challenges and want an experienced partner to help you overcome them, please reach out to us via phone 414-273-8060 or by email [email protected] for a confidential consultation.