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How can you optimize external resources to support your business strategy?

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Every business needs to leverage external resources to achieve its strategic goals, whether it is hiring talent, outsourcing tasks, partnering with vendors, or accessing funding. However, not all resources are equally valuable, available, or compatible with your business model and vision. How can you optimize external resources to support your business strategy? Here are some tips to help you make the most of your external resources and align them with your strategic objectives.

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Sacha Cornuault

Research Consultant, NeuroLeadership Institute | Neuroscience and strategy for business growth.

1 Assess your needs and gaps

Before you look for external resources, you need to have a clear understanding of your internal capabilities, strengths, and weaknesses. What are the core competencies of your business that give you a competitive edge? What are the areas that you need to improve or develop? What are the skills, knowledge, or assets that you lack or cannot afford to maintain in-house? By conducting a SWOT analysis, you can identify your needs and gaps and prioritize them according to your strategic goals.

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Sacha Cornuault

Research Consultant, NeuroLeadership Institute | Neuroscience and strategy for business growth.
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One unexpected revelation came when we turned to our own customers for feedback on our operations. Their insights highlighted not just our strengths but the gaps that we hadn’t noticed. This fresh perspective was a reminder that sometimes, those outside the system see clearer than those within.

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2 Research and evaluate potential resources

Once you know what you need, you can start looking for external resources that can fill your gaps and add value to your business. Depending on your needs, you can search for freelancers, consultants, agencies, suppliers, distributors, investors, mentors, or other types of external partners. However, you should not just settle for the first or cheapest option you find. You need to research and evaluate potential resources based on their quality, reliability, reputation, compatibility, and cost-effectiveness. You can use online platforms, referrals, reviews, testimonials, portfolios, or case studies to find and compare external resources.

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Sacha Cornuault

Research Consultant, NeuroLeadership Institute | Neuroscience and strategy for business growth.
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While the digital age swears by online platforms and reviews, I found unparalleled value in face-to-face networking events. The candid conversations, off-script chats, and spontaneous introductions often led to discovering resources and partnerships .

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3 Negotiate and manage relationships

After you select the external resources that suit your needs and budget, you need to negotiate and manage the relationships with them. You should establish clear expectations, roles, responsibilities, deliverables, timelines, and payment terms with your external partners. You should also communicate regularly, provide feedback, monitor performance, and resolve any issues or conflicts that may arise. You should treat your external resources as an extension of your team and build trust and rapport with them.

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Sacha Cornuault

Research Consultant, NeuroLeadership Institute | Neuroscience and strategy for business growth.
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In a recent partnership, instead of diving straight into formal agreements, we started with a pilot project. It allowed both parties to understand each other’s work ethics, expectations, and communication styles. This approach quickly built trust and set the tone for smoother interactions.

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4 Review and optimize results

Finally, you need to review and optimize the results of your external resources and how they support your business strategy. You should measure and track the outcomes, benefits, and costs of your external resources and compare them with your strategic goals and indicators. You should also solicit feedback from your external partners and your internal stakeholders on how to improve the collaboration and the results. You should continuously evaluate and adjust your external resource allocation and utilization based on your changing needs and opportunities.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you optimize external resources to support your business strategy?

1

2

3

4

5

1 Assess your needs and gaps

2 Research and evaluate potential resources

3 Negotiate and manage relationships

4 Review and optimize results

5 Here’s what else to consider

Business Strategy

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How can you optimize external resources to support your business strategy?

1

2

3

4

5

1 Assess your needs and gaps

2 Research and evaluate potential resources

3 Negotiate and manage relationships

4 Review and optimize results

5 Here’s what else to consider

Business Strategy

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