A strong back office team is the key to ensuring customer satisfaction, team efficiency and a successful foundation to any business. After all, it is the back-office team that primarily takes care of functions like settlements, clearances, regulatory compliance, record maintenance, accounting, and IT and networking services.
On a general note, the front office staff takes care of the client by remaining in direct contact while the back-office team gives round the clock support without coming in the limelight. They are the behind-the-scenes heroes who make it possible for smooth customer interactions. In order to have your staff working as a well-oiled machine (and for the company to continue to grow), the relationship between the front-office and back-office staff is crucial.
How does having a strong Back Office Team make a difference?
Without an exceptionally talented back office team, you’ll encounter a number of problems that will slowly slip from back office to front and eventually impact your customer relationships. Businesses who fail in back office – whether because of a lack of staff, inefficient process or outdated technology can face the following challenges.
- Unable to contact and retain your preferred customers.
- Recurring problems that occur due to internal miscommunication and non-customer friendly processes.
- An increase of 15% – 30% extra operational cost due to poor service from the back-office team.
- A loss in revenue – 80% of your customers leave you and go to a competitor when they start receiving poor services.
A strong back office team is clearly essential, but what about if you have to build a team quickly? This often presents its own set of hurdles. Adding employees at a fast pace can increase your chances of getting it wrong.
Now, the question arises – how do you build a strong back office team fast?
- One of the common ways to build your back office capabilities is to tap into the talent that is already performing on the team or transition those within the company. Although this can work sometimes, it often causes individuals to feel overworked or resistant to change, which can seriously impact morale.
- Another option is to go out on the talent market and build your team the traditional way with talent sourcing, hiring and training. Building your own team can be successful, but often take much longer than you might think and the time and money needed to invest can drain resources.
- The smartest option? Connect with an outsourcing back-office company that will efficiently manage your back-office tasks without a need to hire more talent. This is, by far, the best way because you can keep at bay the responsibilities of hiring, rehiring, replacement of talent, maintenance costs, office space costs, etc. This also provides maximum positive output as professional outsourcing back-office company’s employee only experienced and competent employees.
LET’S COmpare in-house VS. OUTSOURCED back-office operations?
When building out your own team, there are many factors to consider that are not present in an outsourcing relationship. Make sure to ask yourself and your team the following questions – especially when scaling fast.
- How to improve compliance?
- How to reduce overtime of employees?
- How to ensure backlogs are cleared on time?
- How to ensure growth of the back-office employees?
- How to improve overall quality with minimum rework?
- How to efficiently process all the back-office work so that none of it gets delayed?
Keeping into consideration the challenges with an an in-house back-office team, why not outsource these low-impact tasks? For many businesses, approaching an experienced outsourcing back-office company makes sense and eliminates many of the challenges of training a back-office team quickly.
Personiv outsourcing back-office team comes with an experience of more than three decades. You can get in touch with us here for all kinds of back-office related projects like accounting support and data entry to transaction support and administration. Our back-office services are appreciated by our clients for our flexibility, speed, quality and efficiency. And, most importantly our tailor-made solutions for each-and-every client.