Innovative ways to do business more effectively

By | October 13, 2016

Searching for innovative ways to do business more effectively is a continuing dynamic. One resourceful tool is developing a BPO partnership, which is outsourcing a specific business task. Whether the third-party service provide specializes in human resources, accounting or payroll, the agreement offers mutually beneficial outcomes.

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The longevity of the partnership can be traced to how it began. Here are five essential steps that will help to ensure the partnership is successfully maintained.

Begin by Building Mutual Trust The very first thing is establishing mutual trust. The business needs to know that they can trust part of their operations in the hands of another.

HR involves employees’ personal information; accounting procedures may include trade secrets. Open discussions about expectations and how business information is handled will prove crucial to a successful partnership. This trust also depends on the business receiving reliable information from the provider, such as an estimated go-live date.

Share Pertinent Details about Goals and Requirements Before the provider can fully understand the requirements and goals of a business that needs its services, the provider must understand the business’s process model. Typically, this requires receiving information about different aspects that will affect how services are delivered.

Negotiate Fair Terms for the Partnership Discussions about the partnership agreement provide space to hammer out the details. At this stage, senior management on both sides are involved with negotiating the terms and conditions.

Generally, discussions revolve around the different aspects of how services will be provide during the partnership. Team size and qualifications are necessary to ensure the provider has adequate staff to fulfill the needs of the business.

Prepare Legal and Supporting Documents Once negotiations are completed, it is time to draft and finalize the legalities of the partnership. During this fourth step, all agreed-upon details are written down on paper. Either the provider will produce the documents or the business’s legal counsel get the documents prepared. Either way, the point is to have clarity and understanding of what will be included in the services.

Develop and Implement the PlanFor the final step, a readiness checklist is developed based on the agreed plan. Everything, from technical materials to human resources and legal requirements, are outlined in the implementation plan. Details regarding responsibilities, and start and end dates are included so both sides are prepared.

A business partnership is just like a marriage, in that compromise and reasonable expectations are established. Flexibility will also play an important part towards making sure a successful union is shared.