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When Strategic Collaboration becomes the new Outsourcing
The concept of Outsourcing is anything but new. In fact, it was in the early 90s that companies started to explore new cost-saving mechanisms for saving money, making money and getting it all done quicker than usual. In fact, it was in 1989 that the concept of “outsourcing” was officially identified as a real and valid business mechanism. But fast-forward. The concept of outsourcing has become part and parcel to our business-of-today operations. In fact, the chances are strong that you already outsource a part of your business – regardless of how small or large your organisation may be.
So, we’re not here to tell you why you need to outsource your financial function.
We’re here to tell you about a new trend: A new networked economy being built through collaborative and strategic partnerships – and why your finance function needs to be part of this trend.
Strategic Partnerships focus on the Relationship
In so many ways, today’s economy, as technologically advanced and forward-thinking as it is, has regressed, in a way, back to very traditional and simple ways of doing business. And rightfully so. In amongst the herds of news stories about the speed-of-light developments around AI and Robotics, customer behaviour still demands a personal experience. The change? Expecting that personal touch, while getting what they need when they need it, at the best price possible. And that’s where the challenge comes in. The relationship within any supply chain should always be built on securing a strategic partnership which is founded on clear communication, clear targets, clear expectations. And in the financial world, this is even more critical than ever before.
For many organisations who want to grow (so, that would probably make all organisations…), the next step they take may just be their first, and only, shot at real business opportunity. Whether they’re looking to list publicly, or whether they are looking towards business turnaround, many simply don’t have the luxury of getting it wrong, and subsequently have another go. In fact, why would they want to? Considering outsourcing your financial function, or part thereof, should be done with due care and attention. You are inevitably putting your growth opportunity into the hands of a service provider. And with growth, comes change, and change, in itself, is quite often a minefield. All the more reason why you need to choose a service provider who is focussed on building a relationship with you that is not simply focussed on being your one-hit wonder, but rather, someone who understands your journey, understands where you want to be, has the expertise and know-how to advise you honestly and clearly, and can support you and your team to get there successfully.
Strategic Partnerships focus on Growth
What is strategy? What does it actually mean? To us, it’s a plan of action that’s designed to result in a long-term goal.
So, when you consider outsourcing any part of your business, are you doing so to bring about a quick win? A quick, short-term solution to a headache that’s causing you, and your team, grief? Or have you carefully selected someone who is able to work with you and build a picture for what your long-term goals look like? Critically, outsourcing a financial function cannot work unless you have a strategic partnership, or relationship in place. Yes, many can simply tick a box, send a letter, write the cheque, but few are able to work with you, as if part of your core integral team, advising and guiding you towards your long-term goal.
It’s a plan of action: Navel-gazing. Introspective. Omphaloskepsis. All words synonymous with self. Granted – businesses need to get their houses in order, but while they’re completely focussed on themselves, their competitors are charging ahead, looking after their customers. An action plan means that you develop accountability, milestones, a program of activities, a delegation of tasks – all with a view to get you from point A to point B – in this case, your long-term goal.
It’s designed: You wouldn’t go to a 5-year old to ask them to design a brand new car for you, would you? If that was the case, our world would look remarkably different (and arguable brighter too). All the more reason why you’d select someone who understand what you need, where you want to go, what your expectations are, and take care of all the things you don’t think about, along the way.
It will result in a long-term goal: There’s a great quote that reads, “When it is obvious that the goals cannot be reached, don’t adjust the goals, adjust the action steps”. And that’s exactly right. Your strategic plan means that every step along the way, even the suppliers you choose to appoint and recruit, are geared towards helping you achieve your long-term goal.
Strategic Partnerships give your business access to additional Resource
The hunt for the best talent is on. It has been for quite a few years. And while we’re busy reading blogs and trying to make our organisations look more attractive and appealing to the best talent, the reality is that the talent you’re after, knows they’re sought-after and are focussed on finding the right fit. For many, they’re starting their own business. For others, they’re joining specialist businesses. Whatever your talent struggle may be, the answer to your specialist financial talent may just be right under your nose, without you even realising it.
You don’t have to hire it to get access to it.
Finding a supplier that matches your business requirements may seem easy – especially when it comes to finance service providers. But finding suppliers that not only match your requirements, but can demonstrate successes, showcase specialist involvement across industry and across growth strategies, have strategic management skills available to you if you should ever need it, and are in a position to grow alongside your strategy – providing you with the compliance you need, and the strategic support you rely on, that’s when you know that your supplier is no longer just a supplier, but a true strategic partner who gives you so much more than a completed payroll.
We pride ourselves on working with businesses who are ready to grow. We provide high-end financial outsourcing services with strategic support. We do what you need us to do, but we offer you so much more. Get in touch today to understand how we can work alongside your business, and help you achieve your growth plans.