Everyone has heard the adage “work smarter, not harder.” The challenge is finding ways to work smarter when you and your staff have your heads down and noses to the grindstone, and are up to your eyeballs in day-to-day activities. Working smarter includes developing processes to streamline daily or repetitive tasks.
Taking the time to create an integrated work flow provides the opportunity to engineer the process — to step back and see what needs to be done, and then plan how to do it with greater efficiency. It allows you to incorporate your processes across all systems and all departments. In addition to the increased productivity, an integrated work flow brings consistency to operations, boosts employee engagement and builds the infrastructure to define, manage and track processes.
Integrated work flow normalizes activities across multiple systems so similar tasks are completed in the same manner regardless of the employee performing them. It saves time and reduces errors, providing expectancy and reliability in results.
A simple work flow process, such as the steps required to prepare for a client meeting, can be illustrated by a swim chart, which is a process map similar to a flow chart except that it more clearly defines who is responsible for specific steps. Process steps are grouped in “lanes,” with one lane for each person, team or subprocess. The advantage of this charting approach is that lane changes indicate the handing off of the project to another individual or team. In a vertical swim chart, the project progression starts in the upper left, moves down, then to the top of the next lane and down again, then repeats. In a horizontal swim chart, the progression is across, then down.
Customer relationship management systems often have a built-in work flow tool. If your system does not have a specific tool, a spreadsheet can provide the basis for building a work flow. To start, you need to understand all the tasks and the sequential order in which those tasks need to be performed. A flow chart helps identify this information as you begin to build your process.
Automate tasks. Work flow can be used to automate redundant or repetitive tasks. For example, generate an automated e-mail once you have completed the tasks associated with a stock transfer.
A standard template used in response to common inquiries ensures that you deliver a consistent message every time. The template supports your firm's branding, because your logo and company identification are included in every e-mail. Nothing is left to chance; errors such as inadvertently omitting a critical piece of information or incorrectly typing a phone number are eliminated when communications are no longer created as one-offs. Freeing employees from the need to perform repetitive tasks allows their time to be reallocated to functions that are more productive. It likely will perk up morale, too, when employees realize that their talents are being used more effectively.
Engineer your processes. An example of a more complex work flow would be the reconciliation process. Again, using a swim chart, the process would start with a “reconciliation” lane to address daily, weekly, monthly and quarterly activities; then move to an “oversight” lane, with tasks associated with managing the work flow and audit responsibilities; followed by a “results” lane where reporting and billing activities take place. Tasks should be tied to staff positions rather than to named individuals, allowing team members to be switched to accommodate vacations or assignment to other tasks. This makes the work flow dynamic and adaptable.
That adaptability is critical. You need to create work flow that enables your business to grow without the need to reinvent your process. Think of your steps as milestones in your process; each step moves your project forward. Identify several smaller tasks that can be tied to a single step, such as daily or weekly activities. Be sure to define the roles and responsibilities for all areas.
Help your managers manage. Advisory firms with well-defined business process- es will find that the work flow enables faster training for new hires and expedited cross-training for all employees. It also empowers your managers because they have the information needed to do their jobs.
As with all projects, review the process and results, and adapt when relevant to your business. Your reward is a more efficient and productive operation, consistent client experiences, higher employee satisfaction — and ultimately, higher firm valuation.
Eric Clarke (eric@orionadvisor .com) is president of Orion Advisor Services LLC, a portfolio accounting service provider.
