Is Co-Sourcing the Solution to help your Business thrive?

Australian businesses face a rapidly evolving global economy. Fortunately, they are at the forefront of adopting businesses practices that can and do optimise their business operations. Co-sourcing is one such strategic approach to strengthen your company’s competitiveness, reduce costs, access specialised expertise, and adapt to changing market dynamics.

Co-sourcing is collaborative, combining existing in-house resources with an external service provider to manage certain functions or processes, proving beneficial by ensuring an agile response to challenges your business confronts in its day-to-day undertaking.

Co-sourcing vs Outsourcing

Unlike traditional outsourcing, where an external service provider entirely takes over specific tasks or functions, co-sourcing is a cooperative or mutual partnership. It enables companies to maintain control and oversight over critical aspects of their businesses whilst leveraging external resources, guidance and skills that might be lacking. Typically, co-sourcing is helpful when you do not want an additional employee within your staff structure.

Co-sourcing is a hybrid model – blending a company’s established internal resources with partial outsourcing for greater specialised knowhow – and the co-sourcing partner assumes shared responsibility for business function outcomes.

In Australia, co-sourcing has gained prominence across various sectors, including finance, healthcare, manufacturing, retail, and technology as it offers flexibility, efficiencies, and access to a wealth of specialist knowledge and skillsets, specifically trained to work alongside Australian companies.

In the context of Australia’s business economy, co-sourcing is particularly relevant:

• Co-sourcing partners have a deep understanding of Australia’s complex regulatory environment, helping businesses navigate legal and compliance challenges.

• Co-sourcing can help businesses harness the latest technological advancements without the burden of large-scale technology investment.

• Co-sourcing enables companies to stay competitive by accessing global talent and resources, helping Australian businesses to compete both domestically and internationally.

With careful planning and management to be successful, co-sourcing is a valuable opportunity for companies who thrive on performance metrics to ensure that co-sourcing meets its business objectives for the long-term. Now, take your business further by meeting co-sourcing head-on with YML.

YML Group provides co-sourcing services in administration disciplines, dedicated and trained professionals who partner with businesses and who use cloud-based technology to work seamlessly with Australian businesses’ management and staff.

How can YML help?

Talk to our YML Business Services Team today to see how YML Group can assist you with our co-sourcing service. For more information, view our website and contact us on (02) 8383 4455 or by using our Contact Us page on our website.

How to remove a Property Caveat in NSW

A property caveat is usually lodged when someone has a legal interest or right to a property but does not have full ownership of the property. A caveat – a legal notice registered with the NSW Land Registry Services by an individual or an entity to protect their claim on a property – serves to inform anyone dealing with a property that there is a third-party interest associated with it.

Property caveats affect the ability to sell or transfer property and alert potential buyers and refinance lenders to a legal issue. This alert can make potential buyers and or lenders hesitant to proceed with a transaction.

A caveator must have sufficient connection to the property. That is, the party lodging the caveat needs to show they have a legal or equitable interest in the property on which they want a caveat. This is known as a caveatable interest and can arise under a range of circumstances such as through a contract to purchase a property, a security or a beneficiary’s interest under a trust.

Broadly, there are three main ways to remove a caveat:

• Through mutual agreement with the caveator,
• Through an application to lapse the caveat which goes undisputed, or
• Through a formal court application challenging the caveat order and the provision of evidence that an interest or claim no longer exists and thus a caveat is no longer necessary.

Generally, except where the caveator has agreed to remove their caveat, specialised legal counsel may be required, together with the relevant supporting evidence.

How can YML help?

Talk to YML Legal today to see how YML Group can assist you with removal of a property caveat. For more information, view our website and contact us on (02) 8383 4499 or by using our Contact Us page on our website.