When new retail brands like Stadium Goods begin to flirt with growth, they’re seldom ready for the demands of rapid expansion. Order volume doesn’t tend to follow agreeable curves that align with a strategic plan to scale the business.
For those of us in the U.S., Target’s announcement that it would be shutting up shop in Canada came as something of a surprise. Supply chain lessons from the company’s expansion should have been a positive example to follow, rather than a model of what not to do.
In our continuing series of case studies spotlighting our services, suppliers and partnership, we focus today on Socket.
Socket is in the business of building brand, by providing managed back office services, operational, and finance function support for consumer brands big and small. Their expertise is applied to products and services in the personal care, spirits, beverage, baby, home, and sporting goods industries, among others, and they allow business owners and their staff to focus on managing growth, rather than more mundane admin duties.
This is how they help the our shared client interests at Capacity LLC.
“Core competencies” is perhaps an overused phrase in management, but the concept highlights one of the key challenges for any business: what tasks have to be done in-house and which can be outsourced?
For many businesses the back office functions don’t count as a core competency. They are business critical, of course – your people need to get paid and your customers need to pay you! – but not necessarily mission critical.
While you can always rcruit your own experts with the skills to manage administrative and behind-the-scenes work, this is an ongoing commitment. It comes with all the training, management, and HR requirements a new employees (or perhaps an entire team) demand. Owners of businesses of all shapes and sizes regularly decide against hiring a fully functioning team to manage these back office task, leaving them to fill a gap with third-party expertise.
The fundamental action of the Socket team and system is plugging seamlessly into our client’s team workflows to empower them, rather than disrupt.
Established over the course of serving hundreds of companies over 15 years in the business, Socket has learned exactly how to align with diverse clients and the different ways they work. Having flexible systems of work allows the company to customize solutions to the needs of individual clients, meaning there will always be a way for them to integrate what you need to be done with the solutions they have to achieve it.
At the core of Socket’s solution is the simple phrase “turnkey solution.” As the name suggests, the company acts fast to allow clients to plug into their solutions and get the back office busy work out of the door and into the hands of experienced brand builders.
The results of our clients engaging Socket’s servics are remarkably similar to those of hiring a 3PL like Capacity LLC.
We wrote earlier this year about deciding whether or not to outsource services, with the principal benefits being increased efficiency and waste reduction leading to lower costs. Consider the following results that our clients report after working with Socket:
Reduced overhead cost and operating expenses,
Improved efficiency and risk reduction,
Access to specialist knowledge, skills, and relationships that would otherwise be the realm of international companies,
Unrivaled experience leading to expert, scalable solutions.
In summary, it’s important to know what you do well, what’s fundamental to your business, and what you can afford to farm out to third parties who have their own expertise in a field that you don’t really want to manage.
Socket provides an answer in a wide variety of these fields, when your business leaders ask “should we be managing this?”
Whether it’s back office management, payroll and finance, or HR functions, the Socket answer is “no, let us!”
If that’s an answer you’d like to hear for your business, we highly recommend contacting Matt or Scott at Socket today.