Resource Fractionalisation! What is it and how can it help?

First off, I feel I should specify what I mean by fractionalisation of resourcing.

This is not a new concept and it's been around for a long time. I think what is evolving are the services available to your business and how you can use those services.

It is effectively the ability to hire a resource to complete a task or service for your business on a part time/ad-hoc/as work as required basis.

In the past, outsourcing tasks within financial services have required a business to take on a full time resource in an external location or a full resource to be put on at an external supplier to meet the needs of your business. Both of which your company is financial accountable for. Financial planners have been able to utilise paraplanning services in the past as a base example of this.

The growing trend is focused on shortening the requirements of that service provider for you to use their resourcing. Also, far more services are becoming available, such as finance support (including payroll and accounts payable), tech consulting support (including process procedures tasks and threads implemented through your technology), marketing support (branding, sales and go to market approach), and the more traditional business coaches.

Think through time consuming or frustrating roles in your business that could be replaced through an outsourced service. An example of this has been the rise in the use of outsourced finance functions, such as payroll and accounts payable to save time to allow you to spend time where better suited and you get more value. There are also project management and implementation sources to help you as a business owner get things done with expert level experience that reduces the impact and time needed from you as a business owner.

I think the key difference at the moment is the level required to utilise these services efficiently and effectively. In the past it may have required a much larger balance sheet and engagement of consulting firms such as the big four to gain benefit from services such as these however with the increased connectivity through technology these services are now more readily available than they ever have been before.

Some key benefits of using resource fractionalisation include:

1. Specialisation: You are getting someone who is an expert at the task you are looking to do which reduces time waste within your business increases the quality of work for time spent and provides you with expertise currently unavailable.

2. Flexibility: Being able to dial up and dial down services with these external providers during your time of need allow you and your balance sheet flexibility.

3. Cost effectiveness: Being able to utilises a part time resource that specialises in the tasks required can reduce your footprint and the need in your business to hire a full time staff. This is especially important if your needs do not cater the hiring of a full-time team member.

4. Access to talent: Seeking external expertise through fractionalisation widens your access to quality staff whose focus is solely on the tasks required and their passion matches accordingly.

In summary, think through any areas where you think having an expert in your business part time might help. There is likely to be an external party that can assist you to maximise you time, grow your business and effectively tick off areas you need.

If you want to know more of need any help starting out. Shoot through an email to david@huntandhook.com.au and we can go from there.