The Employee Benefits Administrators (EBA), will offer benefits outsourcing for small and medium-sized businesses. The Morgantown office was opened.
Employers are increasingly looking for ways to outsource functions within their businesses that aren’t directly related to the income generation. Human Resources Administration must be considered as a first option, since it doesn’t directly link to generating income.
Outsourcing is an innovative approach that can increase productivity while also reducing costs. Employee Benefits Managers aim to deliver high quality benefits administration services and customer service to clients, allowing them to focus on other strategic initiatives.
EBA’s initial target clientele will be clients with ten- to five hundred employees. Customers will have the option to choose from four levels, each tailored to their specific needs.
- COBRA (Consolidated OmniBus Reconciliation Act), and HIPAA Administration
- Administration of flexible spending accounts
- Basic Benefits Administration – Includes a call center and for health and welfare programs
- A level that combines the three previous levels.
EBA will market its services through business associates, insurance brokers, local businesses, and professional associations. EBA has plans to become a ‘#8220’WBE”’, Women’s Business Enterprise in Pennsylvania in order for it to do business on the Federal and State levels.
Employee Benefits Managers is now an LLC (Limited Liability Company). Cindy Wells is the sole owner (principal) of the business. They have over 25 years of combined experience in corporate benefits administration, employee relations and communications, legal compliance, and a history of providing outstanding customer service. They are able to work with both employees and management at all levels.
This business plan is used to forecast financial statements for three-years and to get initial funding. This will cover all operating costs and start-up costs. Employee Benefits Administrators projects substantial revenue by the end of year one, and phenomenal by the end of year two.
1.1 Objectives
EBA hopes for the next three decades to be:
- Significant first-year revenue, with remarkable growth in the second year
- One new client/month (for COBRA) and one new customer/quarter (basic and all inclusive services).
- At the beginning year 2, staff consisted of three people. By the end of year 3, staff comprise seven people.
- By the end of Year 3, to evolve from providing strictly benefits administration to offering payroll services and/or any other HR services in which clients have expressed an interest in outsourcing
1.2 Mission
Employee Benefits Managers provides high quality benefits administration services and customer service to small and medium sized businesses. This allows them more time to focus on their strategic initiatives.
1.3 Keys to Success
EBA’s keys to success include:
- Excellent communication and customer service skills — completely confidential, reliable, and trustworthy expertise and information
- One of our most popular Human Resources Information software modules
- Thorough knowledge of benefits administration issues
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