Are you missing out on added value from vendors? Is cost-cutting still their primary purpose?
Savvy leaders are shifting their mindset about outside contractors from cost-cutting to one that embodies true partnership. Not in the legal sense of the word, but the spirit of it, as an extended arm of the organization.
Vendors have a unique perspective to add: they know their specialty, your business, and the competitive landscape. Fully utilizing their expertise and asking for their insights will yield valuable feedback.
As a leader, you can set expectations for partnership-level leverage throughout your organization. Here are three hallmarks:
- Metrics are redefined to include value-added and business improvement options, as well as cost savings;
- Communication is two-way dialog that includes sharing the organization’s goals, anticipated changes, and asking how the partner can help support them;
- You are referring business to each other.
The best third party relationships today are not just about cost savings, but also about leveraging their expertise to fuel business growth.
Partnership is one of our core values at Handler & Associates. We make it our business to know your company culture, to understand personalities, and to work on your behalf with a mindset of “We.” It’s one of the ways we deliver great leaders who will transform your organization.
For nearly four decades, Handler & Associates has partnered with clients to deliver high-quality, challenge-ready executive leaders.