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Barrett Business Services' CEO Discusses At The Noble 8th Annual Equity Conference Call Transcript

Stocks in this article: BBSI

What I consider important here is, we lot of times are, even though we have been around the long term, today in any one of our given markets at max we would have may be a 5% concentration and we tend to be one of a larger players in the markets that we serve.

So why do companies outsource? I already explained a few things. The traditional first impression for people is that they’re going to save money, to control risk, to reduce just complexities.

As I see it, if a business owner has the ability to refine their focus and put their attention, where they have the most leverage in their time, they have a higher probability to be unsuccessful. And that’s where we get in and work as a management team with our clients, on a localized basis to help them get out of their own way.

Our model is we develop and as we continue to work with our clients, it starts with the business development cycle. And a business development foundation, we get our clients from one of three areas. From direct sales, we still pick up 10% of our business through direct sales. Referral networks that could be anything from brokers to financial planners to accountant CPAs. Those resources and partners out there that we work with, that have a trusted advisor relationship with the business owner and on a growing basis.

We see more and more business coming from customer referrals and we see a multiplier effect in that and that if we continue to take care of business, we find that our customers are referring to us to more customers and that carries on and as our base gets larger, there is a multiplier effect that we’re seeing.

Read the rest of this transcript for free on seekingalpha.com

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