Advice staff shortage sends firms elsewhere

As advice firms have been hit hard by a local shortage in staff and look to outsource business processes, Virtual Business Partners’ (VBP’s) chief executive has explained the dos and don’ts of seeking out partners.

David Carney encouraged advice firms seeking business processing outsourcing (BPO) partners to do their research in advance and establish the partner’s site’s security and authority, which can be a good indication.

“You should also find out whether they have a suitable digital footprint of their company when you search them online. For this check, look at LinkedIn, Glassdoor, Facebook, and any other reputable third-party sources that pop up in a Google Search,” Carney said.

Carney also recommended testing the speed and quality of the BPOs responses once contacted to determine whether they really have advice firms’ best interests at heart and to also engage in a more detailed discussion once a good match has been identified.

“When you talk to a BPO, they must demonstrate good, responsive turnaround time and processes when responding to your initial inquiry, and have a deeper understanding of your business need,” he said.

“Also determine whether they answer more complex questions competently and whether they openly share information about the company, such as size, years in business and specialties.

“The sales process for any BPO should feel competent, consultative and not ‘salesy’, or too aggressive and superficial. You should have conversations with people who can understand your requirements and advise you accordingly. Their advice should be valuable and insightful. The pricing model should be clear and concise.

“A call is also much more powerful than a templated email response, an RFP or PDF proposal. So, feel free to get on the phone or Zoom call.”

Carney also warned advice firms to be mindful that BPOs are ultimately “trying to sell… a certain amount of their insight and advice” which may be inclined to their benefit.

“It can be highly educational to speak to a few outsourcing firms about what they do and how they do it,” he said.