The constant drive for professionalism and excellence within financial services and beyond ensures there is never a shortage of best practice accolades, achievable by both individuals and organisations. This, says Michelle Hoskins, MD of Standards International, is incredibly positive. However, it can be slightly daunting if you’re unsure about which standard provides the best framework for your team.
Why do standards matter?
Standards are an integral part of the global business ecosystem. They act as benchmarks for quality and safety, enabling the effective and efficient transfer of services to both internal and external clients while ensuring consistency across various business aspects.
The biggest winners are small and medium-sized businesses. They can rely upon and trust the well-considered and structured benchmarks, which serve as the perfect platform to excel in every area of their businesses.
A Deep Dive!
Though standards vary greatly, they all guarantee that any task, irrespective of its nature or intended recipient, is executed with consistency, reliability, scalability, and quality. Whatever you can imagine can be done – there is likely to be a standard for that!
Standards focused on compliance and governance ensure that your products and services are deemed reliable, robust, and fit for their customers and respective industries.
They also serve as signposts guiding businesses to consistently deliver quality outputs, thereby enhancing customer/client satisfaction and securing a positive brand reputation.
In the vibrant realm of business, there’s an ever-present push for professionalism and excellence. This ceaseless momentum presents an array of best practice accolades within reach for both individuals and organisations! In my perspective, this is a fantastic opportunity, albeit a tad overwhelming when you’re unsure which standard suits your blueprint the best.
So, delve headfirst into the world of standards! Operational efficiency, market expansion, and risk mitigation are just some of the gems you’ll uncover. Not only will standards streamline your operations, but they’ll also bolster your productivity and cost-effectiveness. Think of them as your universal business language, amplifying your credibility on the global stage and giving your competitive edge a significant boost.
Successfully tapping into this treasure trove of standards demands keen understanding and awareness. Equip your teams with the knowledge they need, foster a culture of standard adherence and you’re on your way. Then, strategically implement these invaluable structures into your day-to-day operations, supercharging your product and service quality and skyrocketing customer experience. After all, standards aren’t just guidelines; they’re your stepping stones to business excellence!
Continuous Improvement
Standards aren’t a one-and-done deal. They require continuous monitoring and improvement. Organisations should, therefore, make a concerted effort to regularly review and update their standard compliance, adjusting as necessary to align with evolving industry norms and customer expectations.
Standards as a Catalyst for Success
Standards serve as a roadmap for businesses to navigate the complex business and customer/client landscape. They play a pivotal role in shaping an organisation’s reputation, enabling it to distinguish itself in a competitive marketplace. By harnessing the power of standards, businesses can drive operational excellence, expand market reach, and mitigate risks, thereby catalysing their journey towards business success. Therefore, the assertion that standards matter is not just a statement, but a business reality that businesses within and outside of financial services cannot afford to overlook.
Here are a few standards which you may wish to consider implementing.
BS 8577 Framework for the provision of financial advice and planning services is theonly British Standard for financial planning and advice businesses. It specifies best practice for embedding an effective operational management system, which will also support adherence to ISO 22222 Personal financial planning – Requirements for personal financial planners.
ISO 45003 Psychological health and safety at work is the first global standard giving practical guidance on managing psychological health and wellbeing in the workplace which is imperative in building and growing your business.
Building upon established British best practice, ISO 22458 Consumer Vulnerability – Requirements and guidelines for the design and delivery of inclusive service sets an international benchmark of excellence for identifying and responding to customers who may find themselves in a vulnerable position.
Further information can be found here.
