5 Elements to Build a Strategic Partnership

When you are considering outsourcing, you may be seeking something bigger than just a vendor. It may be time for a strategic partnership , one where you aren’t just hiring out a task but building a future for your company with a partner on board.

This kind of arrangement is ideal, but many strategic partnerships turn out to be less than what was envisioned. How can you be sure that the step you are taking to expand your opportunities with a partner is successful? Here are five important elements when embarking on a partnership:

Think Partner, Not Vendor:?A vendor is only interested as far as you are bringing them business. A business partner is one that works with you to set goals and explore opportunities to help your businesses grow. Before beginning a partnership, make sure you share a vision for how it will progress.

Be Intentional:?When you are evaluating partners, there should be a clear focus on who will best fit your needs and who needs the benefits that you can bring to the strategic partnership. Think fit-for-purpose as you consider each potential partnership.

Develop a Clear Value Proposition:?This is a two-way value proposition that clearly states what each partner brings to the effort.

Be Formal:?This is in terms of your engagement, your goals and your expectations. Document how often you will engage in conversations and planning meetings and how you will determine whether the partnership was successful.

Develop Your Infrastructure:?Is your organization ready for a strategic partnership? Determine whether you have the people, processes and solutions in place to make it easy to share progress, documents and updates. Have a plan in place for offering feedback and a schedule for renewing your contract.

In addition to having these steps in place when developing a strategic partnership, there are a few considerations you should include when evaluating potential partners:

• Culture and values alignment
• Flexibility and adaptability to your needs
• Defined responsibilities, making it clear who the decision-makers are and who is your primary contact
• Easy, natural communication styles that are compatible

When choosing a CFO services provider, you need a strategic partnership that equips you to better understand the financial health of your business to make informed decisions and embrace great opportunities for your company. A partnership with The Power CFO is so much more than just providing services; we work alongside you to determine ways to improve profitability and pursue growth. Contact us ?to learn more!

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