Outsourcing and your business

In a period of business growth, back-office operations have the potential to multiply. An increase in the number of loans you write in a given month is brilliant? but can consume your business resources, leaving nothing in the pipeline for next quarter. Brokers having been talking about outsourcing for some time, you can see the reasons why, but perhaps are nervous to implement outsourced solutions in your own business. Here are some benefits for why you could look to outsource business tasks:

Focus on core activities
For small to medium size businesses, this can be at the expense of the core activities which bring in new business. Outsourcing activities allows businesses to focus on core activities without having to compromise on quality or service in the back-office. As a mortgage broker, you specialise in meeting new clients, expanding your client base and increasing referral numbers. Time spent on loan administration is time away from these core business activities which translate into loan writing opportunities and increase your bottom line.

Cost and efficiency savings
If a particular business process is time consuming and complex, you might find that the size of your company is preventing you from performing the task at a consistent and reasonable cost.

Reduced overhead
If the overhead costs of performing a particular back-office function are high it might be feasible to outsource tasks which can be moved easily.

Earlier this year we conducted a survey around our outsourced loan processing solution, Connective My Virtual Office. We wanted to learn more about how you perform your loan processing, and how that impacts your performance as a broker. Our results indicate that, on average, our brokers dedicate 10 hours of their work week on their loan processing per loan.

According last year?s Young Broker of the Year report, the majority of participants identified ?time management? as the biggest challenge they face. A common response The Adviser received was that it was difficult to find the time to complete all the work in front of them. If you fall into this category, you might be missing new opportunities, while you?re inundated with your admin duties.

You might also find that other areas of business are neglected during times of growth including marketing activities including client engaging social media.

Connective Services provide a range of outsourcing options including loan processing, social media support and marketing.

Click here to find out more about our loan processing service offered through Connective Services.

To find out more about outsourcing your marketing requirements, view our My Marketing info page.

Source: http://mag.connective.com.au/2013/02/01/outsourcing-and-your-business/?utm_source=rss&utm_medium=rss&utm_campaign=outsourcing-and-your-business

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