Could you count on offshoring as an effective growth strategy for accounting firms?
Nick Sinclair (Chairman, TOA Global) and Jamie Johns (CEO, Sky Accountants) answered this puzzling question with valuable insights in our April 30th Webinar.
Where to Start on Setting Up Your Business for Success?
Nick explained how most firms fail in terms of scaling: “A lot of businesses focus so much on clients; they focus so much on other areas of their business that they actually forget the most critical part of their business—their people.”
Partnering with TOA Global to build and manage his own global team for over five years, Jamie also agreed that thinking about these three elements—people, process, and technology—is crucial for a leader who’s envisioning long-term firm growth.
Where Can Offshoring Help?
Hiring more people while overseeing the business at the same time, was challenging for someone who had 22 full-time local employees. So Jamie thought that “offshoring was just a natural step to try. He had the following goals in mind:
- Shift toward a people-focused business
- Find additional capacity to “simply do the work”
- Creating a culture of trying new business solutions, testing and measuring results along the way
As you consider offshoring, Jamie strongly recommends that you must build a people strategy that identifies key roles to fill the gaps, deliver services on your behalf, and provide real-time assistance to your existing team.
How’s the Scaling Journey Going So Far?
Starting out with one offshore team member with TOA Global, Jamie always set his sights for growth. As his client base increased and purchasing other firms became a possibility, Jamie asked for his fellow accounting peers for advice on how he can align his onshore and offshore resources. This is where he came up with a capacity plan to help him “determine whether there were too many or too few people to get the work done.”
Thanks to a reliable offshoring partner and trusted accounting peers who guided him along the way, Jamie was able to update his capacity plan and grow his offshore team to twelve team members today.
What’s Does Success Look Like With A Global Team?
Having a clear capacity plan has allowed Jamie to design a structured global team that fits his business needs. He emphasized that as a firm owner who values a structured way of work as part of their people strategy, he enables his local and offshore team to collaborate effectively which results in impressive turnaround of high-quality work.
As we’ve learned in this expert-led webinar, the key to implementing offshoring is having a people strategy that works not only for your team members but for your business a whole. Learn how you can integrate your people, process, and technology to assemble a world-class accounting team—book a meeting with one of our consultants today.