LBMC Shares Tips for Navigating Talent Shortages, Optimizing Processes

LBMC, a top 40 accounting firm and the largest Tennessee-based professional services and business consulting firm, provides CEOs three key strategies to optimize growth while navigating complex business challenges and balancing talent shortages.

Three key strategies CEOs should take to optimize growth while navigating complex business challenges and balancing talent shortages. #business #growth #advisory #2022trends via @lbmc_pc

Look at the whole picture. Business growth in 2022 is multifaceted, particularly for high growth firms. In a complex environment, organizations need to identify opportunities, implement solutions on-demand, and make timely decisions to react in the marketplace. These firms are leveraging advisory services to solve their needs across the board at a holistic level through the coordination of specialized teams. From predicting compliance and regulatory issues to navigating how to grow more efficiently, scale up quickly and staff appropriately, advisory services provide insight from different angles allowing companies to have a clear picture of the best path for growth.

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Leverage technology. While all businesses are looking to leverage digital transformation and streamline processes in 2022, optimization is especially crucial for high growth firms. Bringing in a technology consultant who is an expert in the latest cloud-based solution can create efficiencies within their processes leveraging accounting software, CRM, document management and managed security services, providing complete IT infrastructure and maintenance. This key spend can reap almost immediate dividends.

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Think outside the box. In addition to upskilling current talent, businesses can navigate talent shortages with a strong staff outsourcing strategy, incorporating:

• Supplemented projects with contract placements for task-specialized work leveraging specialized recruiters.
• Partnering with affordable and scalable accounting and finance teams that can deliver transformational value through process integration, automation and decision support.
• Outsourcing human resources allowing the transfer of some HR tasks to a team of experts rather than one full-time employee, or joining a Professional Employer Organization (PEO) to get the benefits of a larger pool no matter your company size, giving you lower cost per employee for all HR services.

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