Many business owners and management intend to make vendor- or service-offering-related changes but, because they are so busy, they plod along paying for services that do not fully meet their needs. As companies grow and change so do their needs. Often times their back-office functions in particular can no longer keep pace in a way that supports current and future business growth requirements or potential. For example, this may be of particular issue for many small to mid-market businesses owners who receive accounting related services that only provide after the fact, partial, and not necessarily relevant financial information; making unnecessarily difficult to make crucial decisions on time.All vendor service offerings should fully meet the needs of the business. Otherwise it is a poor use of financial resources, regardless of the dollar amount. It simply makes sense to pay for performance. This project should be on every business owner’s annual list.In conjunction with revisiting vendor service offerings, taking an inventory of all information systems and technologies should also be on your project list. Advancements are always taking place, and as your business grows or changes, it creates the potential for the systems/applications and technologies you use to also require changes.This is not to suggest jumping ship annually with all vendors or service providers, only make the move when significant gaps exist and existing offerings cannot sufficiently support the business currently or going forward. As with the vendor service offerings mentioned above, it may be time to either implement required enhancements if available internally or outsource to specialized service providers. Careful planning and selection is the key to finding solutions that are scalable to grow as your business grows.
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