Rising UK Debt: Why Outsourcing is a Good Idea for Debt-Support Businesses

Rising UK Debt: Why Outsourcing is a Good Idea for Debt-Support Businesses

New research commissioned by Gallagher has revealed that the UK is spiralling towards a national debt crisis.

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With over two thirds (67%) of adults in the UK expressing concern with their finances, the amount of work for bailiffs is set to surge as more households fall into debt.

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This will lead to a growing inflow of work for businesses within the debt-support industry, who will be looking to assist an influx of customers who find themselves in debt.

One way these businesses can take on more capacity is by partnering with a credible outsourcing company that will assist in capitalising on demand, gaining competitive advantage, and most importantly, managing customers professionally and sympathetically when they are already experiencing many difficulties.

So let’s take a look at some of the key opportunities that outsourcing can offer to debt-support businesses during times of growth and higher demand.

More efficient

If your business lacks the skillset to perform a specific function, outsourcing can be an efficient alternative to hiring new full-time employees. Let’s take customer service for example, external agents perform the role on a daily basis, so they have expert knowledge within the field. This allows them to perform the function efficiently, whilst also ensuring quality.

In the case of dealing with customers who are in arrears with debt, agents who are professionally trained understand that assisting these people while retaining a customer relationship is both an art and a science.

‍Cost savings

Outsourcing of work often allows businesses to get the work done at a lower cost. The BourneGroup, a global outsourcer specialising in lead generation and customer management solutions, has provided debt-support agencies and other businesses with up to 70% savings on employment costs.

Companies like Bourne aim to maximise the profitability of your customer relationships, through solutions designed to reduce the cost of customer engagement, whilst increasing the ROI of every customer interaction.‍

Focusing on what’s important

Let’s face it, certain business functions such as lead generation and customer support take away time from other core business focuses. By outsourcing these functions, you are left with more free time to focus on other key areas of your business, such as building the brand, developing new products or services, and maximising those all-important sales.

Faster results

Trying to take on everything internally can often reduce the efficiency of the team, as multiple areas require attention. When outsourcing its functions or work, the partner takes on most of the burden of these tasks. What this does is it allows for quick development of ideas into concepts and also helps in faster delivery of the products, services, and concepts into the competitive market.

More flexible

When you outsource business functions, you enable your business to become more agile and flexible. This can help the business adapt to constantly changing market conditions to meet challenges as they arise.

A working system

Outsourcing gives you access to infrastructure and capabilities that you may not have access to otherwise.

Certain business functions require you to have specific software, hardware, or equipment to perform the role effectively. When you outsource, the contractor is responsible for providing their own technology and infrastructure, which means your company's costs are significantly reduced.

Apart from utilising the right technologies, a good outsourcing company, like Bourne, will have their personnel trained in the client’s systems, products, and processes, so they can comprehensively represent your brand to your customers.

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With the continued rise in UK debt, businesses within the debt support industry that ignore the benefits of outsourcing may prove to be detrimental.

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