When is the right time to outsource?
Clearly there are many benefits associated with outsourcing your business processes. Cost and time savings are just the two major ones. In addition, outsourcing is all about strengthening the core function of your business by channelising the focus: from completing manual tasks on routine basis to strategising time spent on growth aspects of the business.
Outsourcing for innovation
Many companies are turning to outsourcing not just for cost-cutting but also to drive innovation in their business of the respondents to Deloitte's 2016 Global Outsourcing Survey.
are using outsourcing to raise top-line growth by driving innovation into the business itself
said outsourcing enables reducing costs and 20% said it improves efficiency
are measuring the value of innovation in their outsourcing realtionships
felt positive about their outsourcing relationship
represent the financial services sector
When is the right time to outsource?
Many brokers often ask a question: When is the right time to start outsourcing your business operations? We believe that outsourcing can be helpful in every phase of the brokers' business life cycle: inception, growth, maturity and post-maturity.
Inception:
A broker invests time and energy to establish the business. In this phase, the broker could be operating at break-even or at marginal profit. Outsourcing of back office activities during this phase puts the broker on the fast track to ramp up the marketing initiatives.
Growth:
In this phase, the business is continually gaining more customers. With growth comes complexity, responsibility and a need for long-term planning. Outsourcing under this phase helps in grabbing the market share faster than the competitors.
Maturity:
Maturity begins when the number of home loans written come to a Plateau. Brokers feel a lot more secure than they had been at any other point. Brokers feel the need to diversify into other areas of the business. Outsourcing allows brokers to explore these other opportunities.
Post-maturity:
Significant regulatory or other external factors brings the business to this phase. In this phase, the business owners need sufficient time and energy to stay afloat in the market. Outsourcing can help establish other alternatives explored during the maturity phase.
Why outsource with Brokers BackOffice?
Many brokers think of outsourcing but do not know how and where to start. For obvious reasons, they fear of unknown 'unknowns'.
At Brokers BackOffice, we fully appreciate brokers' concerns and therefore have created a case-by-case business model. There is no fixed term contractual commitment and fee is charged on a case-by-case basis. We are expert in handling loan servicing process flow and can customise the service offering that suit a specific broker's requirements.