While traveling recently, I have had the chance to catch up on some of my reading.
One of the trade magazines for the architectural industry, Architectural Digest 08-01-10, featured an article about a mid-size architectural firm fighting to survive through hard times. The New York City multifamily housing practice faced a partner battling a terminal disease, slowdown in work due to the recession, and client receivables more than 90 days past due. Under these conditions, credit was not an option. Instead, the firm had to cut costs and began looking at insurance and benefit expenses. They hired a PEO to take care of payroll, benefits, and insurance. The health benefits proved to be a better option for employees, and the PEO's workers' compensation insurance provided a relief from the rates the small firm was paying.
The publisher's column in a Cincinnati magazine, Business Courier, 7-30-10, recounts the success of a local records management company that has survived several hurdles since 1988. Next week the company, BIS, will be a finalist in the 2010 Family and Private Business Awards. The publisher already feels BIS has won the award because the owner has no employees and three million in sales. This is possible because the company has partnered with a PEO since 1991. The company decided to turn to a PEO after the company lost suit against an employee who was laid off.
The reading reemphasized what I already advise, "Do what you do best and delegate the rest."
