In today’s dynamic business landscape, three of the top teams that regularly use outside resources are Marketing, Product Management, and Sales. Usually, we see two key reasons for engaging external teams, not so much as one or the other but usually a blend of one and two together. Typically, working with external teams is driven by high growth targets, unmovable deadlines, or a desire to do more while not incurring the slow up-time of hiring new team members. Whether it’s accelerating transformation initiatives or cost-effectively managing dual-path solutions, strategic evaluation of external team support is paramount.
Let’s explore the top three reasons regularly seen by our teams for wanting to identify and work with an external team.
Accelerating Growth and Transformation
One of the primary reasons for leveraging external teams is to accelerate growth and facilitate transformation initiatives. External teams bring fresh perspectives, specialized skills, and industry insights that can complement and enhance your in-house capabilities. By tapping into their expertise, organizations can fast-track strategic projects, launch new initiatives, and stay ahead of the competition.
Often we see this reason related to a recent investment infusion by the owners, a new investor group or leadership who have a vision set on very specific growth objectives.
- The Good: External teams offer scalability talent solutions that can stay laser-focused on individual projects. This allows major “rocks” to be moved while the internal team focuses on the day-to-day.
- The Bad: If the external team or person(s) you are working with don’t already have a clear project management system or communication methodology to make sure they are in the know of requirements changes or new market information, frustration can creep in quickly.
Cost-Effective Dual Path Solutions
Another key reason for engaging external teams is to achieve cost-effective dual-path solutions. In today’s competitive landscape, organizations often face the challenge of balancing innovation with cost constraints. External teams can offer a cost-effective alternative to hiring full-time employees when believing that two projects must happen at the same time, either from internal or external pressure. Finding a team that can creatively engage your team with specialized skills and expertise without the overhead costs associated with recruitment, training, and employee benefits can allow smaller teams to do more with less.
- The Good: External teams typically have templates or proven processes that will help keep the management of a project to a minimum as long as there is adequate discovery done before the project kick-off.
- The Bad: Whenever companies are looking external but on a tight budget, it is hard to remember the old saying “You can do it well, fast or cheap. Pick any any. ” Unless companies can really quantify the benefit of the project to the organization an ROI becomes hard to predict. This is where finding a external team with multiple partnership methods becomes key.
Expertise Beyond Your In-House Team
The reality is most teams can’t have an expert in every area of their accountability. Don’t be afraid to meet with a few different teams and find out the broad scope of experts they have on their team. Be honest about who you have on your team, and where you might need ad-hoc expertise as unplanned projects arise or as staffing changes. It is always great as a leaders to show the foresight of “knowing a guy or team” that you can call if a new project pops up.
- The Good: Whether it is for bench strength or to arm yourself with an expert who can advise or audit your teamwork, it is always smart to know who you would call if something wild happened when you came in tomorrow. Ideally look for a group that not only has experts in the areas you need but in the areas near you needs, as they will likely have a better feel for new market trends or problems as you approach them with a need.
- The Bad: The only bad here is working with people who aren’t innovating or continuing to stay current on trends in the areas they are experts. Bench strength, where on retainer or a phone call a way is almost never bad. The only caution is bandwidth; if you use a group of individuals, make sure you check in regularly so you know if they will be an option if something arises.
In conclusion, strategic evaluation of external team support is essential for organizations looking to accelerate growth, drive transformation, and achieve cost-effective solutions. By leveraging expertise beyond your in-house team and assessing bench strength to handle growth opportunities, organizations can unlock the full potential of external team partnerships and drive sustainable success in today’s competitive landscape.