Outsourcing to the Philippines offers Australian mortgage brokers a cost-effective solution for meeting client expectations and compliance requirements. Offshore staffing providers make this easier by handling talent acquisition and operational facilities. However, the success of outsourcing varies significantly based on how brokers approach the process.
Outsourcing can accelerate growth when done correctly, and brokers often avoid common pitfalls by working alongside a coach for mortgage broker who understands scaling support.
To get the most out of outsourcing, it’s essential to avoid these common mistakes.
1. Failing to Define Clear Goals
A successful outsourcing strategy begins with well-defined objectives. Without a clear understanding of what you aim to achieve, decision-making becomes haphazard, and measuring success becomes difficult.
Mortgage brokers should establish short-, mid-, and long-term goals that are SMART—Specific, Measurable, Achievable, Relevant, and Time-bound. This clarity ensures your resources are aligned with your objectives, increasing your chances of success.
2. Neglecting to Standardise Workflows
Inconsistent processes lead to inefficiencies and dissatisfaction, even with a highly skilled offshore team. Standardisation ensures smoother workflows, making it easier for your team to meet expectations.
Think of your offshore team as a high-speed train; even the fastest train won’t reach its destination without well-laid tracks. Create clear instructions, rules, and standards to guide them effectively.
3. Choosing Providers Based on Cost Alone
While reducing costs is a primary reason for outsourcing, focusing solely on price can lead to disappointing results. Opting for the cheapest provider often sacrifices quality, which can harm your reputation and client relationships.
When selecting an offshore partner, evaluate:
- Track record: Have they worked with mortgage brokers before?
- Client testimonials: What do their current or former clients say?
- Service inclusions: Are they offering comprehensive solutions tailored to your industry?
4. Overlooking Training and Feedback
Even the best offshore professionals need guidance to align with your business processes. Skipping initial training or failing to provide regular feedback can result in errors, inefficiencies, and decreased morale.
Invest time in onboarding your offshore team:
- Provide thorough training on workflows and tools.
- Offer constructive feedback to correct mistakes and encourage improvement.
- Once they’re confident, allow them to take ownership of tasks, potentially enhancing processes proactively.
5. Delegating Complex Tasks Too Soon
It may seem tempting to offload the most challenging tasks first, but this can set your team up for failure. Complex tasks often require in-depth knowledge of your business, which new team members may not have initially.
Instead, start with routine, repetitive, and low-value tasks that consume too much of your time. This approach:
- Frees you to focus on high-impact activities.
- Allows you to assess your team’s performance with minimal risk.
6. Ignoring Cultural Differences
Cultural differences between Australians and Filipinos can create misunderstandings if not addressed. Building strong, harmonious relationships with your offshore team involves understanding and adapting to these differences.
Tips for effective cross-cultural collaboration:
- Clarify instructions: Ask team members to repeat tasks in their own words to ensure understanding.
- Build personal connections: Show genuine interest in their lives beyond work.
- Be direct: Filipinos may avoid openly expressing concerns, so ask clear, direct questions.
- Set goals and metrics: Filipinos are often motivated by targets and thrive on recognition.
- Praise publicly, criticise privately: Respect and save face by providing constructive feedback discreetly.
7. Failing to Integrate Teams
Keeping your offshore and on-site teams siloed can hinder collaboration and performance. To maximise results, create a unified workplace culture that includes everyone.
Integration strategies:
- Host virtual meetings so team members can familiarise themselves with each other.
- Use shared communication channels to celebrate milestones and special occasions.
- If feasible, arrange occasional in-person visits to strengthen team bonds.
Conclusion: Take the Next Step Towards Smarter Outsourcing
Outsourcing is a powerful tool for mortgage brokers, offering increased efficiency, reduced costs, and access to exceptional talent. Avoiding these common pitfalls ensures a seamless and productive outsourcing experience.
To simplify the process, consider partnering with an experienced provider like PeoplePartners BPO, which specialises in supporting Australian mortgage brokers. With transparent pricing and proven expertise, they can help you save up to 70% on labour costs while building a high-performing team.
Start streamlining your business today—contact PeoplePartners BPO for tailored outsourcing solutions!
