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Business Process Optimisation: How Financial Planners Can Stay Competitive

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Introduction

Small and medium-sized businesses are the backbone of most economies. In fact, 97.5% of businesses here in Australia are small businesses (less than 20 staff), according to the Australian Bureau of Statistics (ABS). To stay competitive with larger organisations, these businesses must have access to the technology and tools their larger counterparts use.

This blog post will discuss how Financial Planners can benefit from Business Process Optimisation, no matter the size of their business, and how they can stay competitive in a rapidly changing digital world.

Once these tools and resources were cost-prohibitive for small businesses, but with the increase in tools that facilitate flexible work solutions, and the ability for platforms to talk to each other and automate, these barriers are rapidly coming down for small and medium businesses. We are in an exciting time where many businesses are only beginning to take full advantage of the benefits of the post-COVID business landscape.

Business Process Optimisation (BPO) is one way small and medium businesses can take advantage of the tools and resources to make their business efficient without losing their personalised services and flexibility to adapt, two of the benefits that small businesses have traditionally held over larger organisations.

BPO focuses on streamlining and automating processes to allow businesses to increase efficiency, reduce costs and improve customer service. For Financial Planners, this means quickly responding to customer inquiries and requests, inputting data, and more accurately calculating the fees for their services.

5 Ways Financial Planners Use Our Bpo Services To Free Up Time To Spend More With Clients

  1. Automate administrative tasks such as data
  2. Use workflow automation tools to respond to customer requests quickly
  3. Invest in specialist outsourced solutions that can help streamline processes, freeing up valuable time
  4. Implement quality assurance measures to ensure all data is accurate before it reaches the client or is used internally within the business process cycle
  5. Review existing procedures regularly, taking advantage of any new technologies or services available to remain competitive in the fast-changing market landscape

Why Outsource Process Optimisation?

There is a growing need for companies to automate and adapt to new technologies and ways of doing business. However, researching and implementing the correct solution can be overwhelming and, ironically, time-consuming. Many companies we work with simply don’t have the time or resources to implement the solutions that, in the long run, will save them time and headaches.

Outsourcing the review of your Business Processes Optimisation has several advantages. Firstly, you would be surprised at the number of redundant tasks that businesses have inherited from old systems or processes, and no one knows why they still do them!

A fresh set of eyes to map out your processes can help spot these inefficiencies and redundancies. Additionally, you get the advantage of experienced professionals knowledgeable about the latest tools and technologies available to your industry to work with you to streamline your business processes.

BPO services will look for waste in all processes and have staff available for process mapping, task mapping and business optimisation, which allows you to have a holistic solution that suits your business both now and sets the foundations for sustainable growth in the future.

The Hybrid Model Of In-house And Outsourced Staff

You may consider outsourcing staff to streamline back-office tasks as part of your process optimisation. A Hybrid staff model involves leveraging the expertise and resources of in-house staff and specialised external personnel to create an effective team. By combining the strengths of both staffing types, businesses can benefit from the flexibility of outsourced staff, who can quickly scale up or down depending on the business’s workload. It also means that the back-office and mundane tasks are taken off the plate of your in-house team, so they can focus on the work that utilises their skills and knowledge of your business.

Outsourcing can ensure that your onshore team is supported to enhance their strengths and spend their time where it is most effective for your business. With this hybrid approach, small businesses can access a competitive edge through resources that were once cost- or resource-prohibitive.

What Tasks Should You Outsource?

As a financial planner, it’s essential to your business’s longevity and success to understand the tasks you can outsource. Not every business is the same, so it is important to know where you and your team actually spend the most time and where they should be spending the most time.

Delegating important tasks might feel uncomfortable initially, but once you have clarity and a process around the tasks in which others are much better suited, it becomes much more manageable. Making sure your staff members have clear roles and responsibilities can help create an efficient system that frees up your own plate while providing high-quality service for clients.

Outsourced Paraplanners can provide pre-Statement of Advice services, such as sending authorities to Institutions, gathering information from institutions, calculating life insurance, preparing insurance quotes and pre-assessing risk insurance. They can also prepare the Statement of Advice documents and implementation packs and keep track of the implementation progress, so nothing is missed.

This is only possible if your business has transparent processes and allocated responsibilities.

Final Thoughts

At the end of the day, your Business Process Optimisation needs to be designed for your business. If the solution doesn’t fit what you want to achieve, it won’t get used, and your business won’t be as streamlined as you could be. Similarly, your in-house or outsourced staff may not be an optimised resource for your business without clear processes and tools.

Valenta offers a comprehensive and integrated Paraplanning and Virtual Assistant service capability for Financial Planners, enhanced by continuous investment in building expertise through new technologies and standardising operating procedures for each client.

We bring together cutting-edge tools to improve workflow automation and specialist outsourced staffing to drive your business efficiency. Valenta can provide an all-encompassing solution specifically designed for you. Contact us if you’re looking for ways to optimise your business solutions; we’d love to chat with you!