The importance of the power of the ecosystem in terms of access to external advisors like lawyers, banks, consultancies, and freelancers was widely acknowledged to be a crucial part of developing a world-class value-creation team.
Not only was the importance of external help noted in order to optimize the commercial model and drive growth; but a Blue Ridge Partner’s recent CEO study concluded that providing management teams access to a talent network was the most essential capability that operating partners could bring to the table.
This same trend has been mirrored across the consulting industry, with the majority of top-tier firms exploring the use of associate networks, that they either run themselves or partner with providers to maintain. In some cases, it is now mandated that a fixed percentage of case teams should be staffed with external talent.
However, before engaging external support, there needs to be clarity around what the problem is. The kind of solution you’re looking for should influence the kind of support you seek out. For example, an independent consultant is suited for longer-term transformation project work whereas a brand-related question might call for a marketing expert.
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