Five Steps to Effective Outsourcing

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There was a time when the word “outsourcing” was barely mentioned. Today, outsourcing is as common in the office as a laptop or smart phone. Outsourcing has allowed companies of all sizes to grow quickly, while reducing costs – which only add to the bottom line. Professional outsourcers can handle virtually every type of task, from answering emails to marketing and website development. It doesn’t stop there and can include compliance, reporting, ghost writing, and much more.

WHEN do you make the choice to outsource?


When your firm experiences the following:

  • You need a quick turn around time on certain projects
  • Staff is overloaded
  • There is no time, ability or resources to train the staff on a specific skill
  • Staff have no interest in doing certain types of work

    • WHAT do I outsource?


    The easiest items to outsource are non-client facing, back office work OR repetitive, non-technical work. The favored outsourcers currently are: bookkeepers, portfolio reconcilers, compliance firms, website designers, and virtual planners. We believe these are the favorites as they have clearly defined roles and are not client facing. Managing a person with client-facing responsibilities can be nerve wrecking for a newbie manager. Also, client-facing staff are valuable and should be part of your core team. Your clients value your staff and the personal relationship your firm offers with them.

    HOW can I outsource while remaining compliant?


    We recommend following these 5 steps to remain compliant and operate effectively:

  • Seek vetted, experienced experts in the industry
  • Establish CRM processes and repeatable tasks with instructions for the outsourcer to complete and you to monitor
  • Use secure communication platforms such as document management systems, CRMs, encrypted email
  • Sign a formal contract with the outsourcer that protects your data, your documents, your proprietary business procedures, and your clients
  • Schedule a biweekly call with each outsourcer to review outstanding tasks, answer any questions, provide overall guidance on how you would like them to operate

    • Finding and onboarding the right outsourcing company takes time. Be patient, ask peers for recommendations, and remember that the first few months are always have a learning curve for you and the outsourcer. Also, you will want to carve out time to monitor their work closely for the first 60 days and confirm they possess the skills and ability to deliver. After 60 days, you should be able to trust their work and method of delivery and more easily manage them.

    The W’s of outsourcing don’t have to be overwhelming. Your staff, you, and clients will feel the positive effect of hiring an expert outsourcer. So try one out, follow the 5 steps, monitor the work, and enjoy the newly reclaimed energy and time!

    Seeking operational excellence? Drop us a line by connecting HERE