6 Top Tips for Outsourcing Success

6 Top Tips for Outsourcing Success

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6 Top Tips for Outsourcing Success

 

As Prime is growing more and more every day, we realised we needed more resources to be able to keep up our service standards to our clients. As a business, we thought we would try a new avenue and begin outsourcing some of our work.

 

Outsourcing has been a huge success for Prime.

 

Our Accounting Partners and affiliates have expressed vivid  interest in learning about our experience in this new venture as it is something they are now looking at introducing to their own businesses.

 

I wanted to share from my experience, the best tips when introducing outsourcing to your firm.

 

  1. Try and Simplify Tasks as much as Possible

If existing staff find it complicated then it will be twice as hard when you outsource it (different location, language & culture)

 

  1. 6 Months for Fruition

In our experience, we have seen progress around the 6 month mark. Up until then, you will be utilising 2 resources to get the task completed.

 

  1. Allocate a Staff Member to Oversee the Outsourcing Project

You need to have dedicated staff who are responsible for the weekly management and ongoing review of the outputs and service offerings.

 

  1. Workflow & Organisational Chart

Ensure that you have set this up & it also highlights the ‘escalation’ path, and where applicable who is responsible for reviewing and approving specific tasks

 

  1. Have a Contingency Plan

Make sure that if you were to terminate your agreement with the outsourcer, that you have a contingency plan in place (always keep intel/staff in your office so that business can continue)

 

  1. Detailed Training Notes & Dedicated Staff to do this

Where we seek to have simplicity in our notes, I have found it’s the total opposite with the Outsource team. We strive for ‘one pagers’ for our staff but don’t be too concerned if they turn these into 40 page documents – as long as it works for them

 

  1. Weekly Meetings via Video

Really important, meet face to face when discussing errors & make sure they understand the impact of when errors occur. Use an error tracker and provide them with weekly %’s in the meeting. Managers & employees doing the task should both be in these meetings.

 

  1. Existing Staff Comfort

Remember to remind existing staff that we want them focussing on more value added tasks.

It’s important to embrace the outsourcing team as your own – they are part of “our” team just in a different location

 

 

Disclaimer:

 

This information has been prepared by Primestock Securities Limited ABN 67 089 676 068, AFSL 239180 (“Prime”). Prime accepts no obligation to correct or update the information or opinions in it. This information does not take into account your objectives, financial situation or needs. Before acting on this information, you should consider whether it is appropriate to your situation. It is recommended that you obtain financial, legal and taxation advice before making any financial investment decision. Prime is bound by the Australian Privacy Principles for the handling of personal information.

 

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By | 2017-06-16T15:16:22+00:00 April 18th, 2016|Outsourcing|0 Comments

About the Author:

Angelina has worked in the Financial Services industry for 30 years in various investment, insurance and operational roles. Angelina joined Prime in 2004 and currently is responsible for Business Services, Technology and Client Experience. Angelina is very passionate about client care and along with our dedicated team are focused on delivering great client experiences, and personalised support and service.