How does the use of shared services in Finance and HR assist small businesses to scale rapidly and securely?

Before we start to look into how the use of shared services in Finance and HR assist small businesses to scale rapidly and securely, it is imperative to understand the concept of shared services. Here I would like to draw an analogy from the very ubiquitous mobile towers that keep springing up like mushrooms under a tree in the rainy season. These towers until recently were owned and manned by each of the telecom companies.

The upkeep of equipment, the power supply, the Diesel gensets at the base of each tower were the responsibility of the telecom company until the brilliant idea of having a common service provider manning each of the towers dawned upon some really smart businessman. This immediately led to consolidation of towers, the basic power, upkeep, maintenance and the genes became much cheaper as the cost was now being shared by multiple telecom companies.Unlike outsourcing the essential part of Shared services is a common objective. A shared service helps you achieve, economies of scale, ease of upkeep, the availability of talent pool.

A shared service provider could easily bring in talented HR professionals, tested and affordable technology tools, trained accounting professionals and many other such services like IT upkeep, at a fraction of the cost delivering best in class services.

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