In today’s fast-paced business world, it really can be sink or swim for businesses, both large and small.
Therefore I believe it’s clear it has never been more important for all organisations to be as efficient as possible, taking every opportunity they have to add value to the company and its services.
The financial market is a perfect example of this, where firms live or die on the services they provide for their clients.
With the complexities in place within the industry, from the regulations imposed by HM Revenue and Customs to the evolving expectations of clients in the digital age, driving efficiency is a must. This doesn’t mean the entire firm needs to be transformed however, the smallest of changes can play a pivotal role in driving business’ efficiencies.
This article will investigate exactly where financial firms can expect to experience marginal gains and how these will drive efficiency, improve client-facing services and facilitate business growth. Below are the three areas all businesses should consider:
1. Operational efficiency
By nature, financial advisers have highly repetitive tasks. Small inefficiencies and inconveniences therefore add up to massive waste when multiplied by high frequency. Having to enter the same client data on multiple platforms wastes time and creates opportunity for errors.
Correcting these errors results in additional time spent on tasks, which equates to valuable time which could and should be spent adding value to clients, being wasted.
I believe therefore it is vital firms ask how they can make changes to the way they work to eradicate the inefficiencies which plague the industry.
Ensuring small but time-consuming tasks, such as updating client records, are automated on a fully integrated system can have a huge impact on service levels.
New information would only have to be input once, while updated documents ready for approval can be instantly sent to the client on a collaborative platform, rather than chasing on the phone or by email.
Growth is then facilitated simultaneously, as firms can take on more work without the need to increase staff levels.
Keeping up with the ever-changing tax regulations and interpreting what those changes mean to clients can be difficult.
Indeed, I know it takes a long time to train new staff to the point where they are self-sufficient and mistake free.
Regardless of how careful firms are, inevitably errors are made that could have been avoided. The resulting fines, reduced fees, and potential lost customers will all hurt the firm’s profitability and its reputation.
Of course, once the reputation of a firm has been tarnished, it can be very difficult to change the preconceptions businesses have and growth becomes increasingly unlikely.
Businesses should therefore take advantage of the technology available to them to remove the ever increasing burden of compliance. Manually ensuring compliance can feel like a constant firefight, yet software can make sure accounts are compliant with the latest HM Revenue & Customs regulations without additional time needing to be spent.