Comprehending your client’s needs and tailoring your service to them is the mark of a true business partnership. Just like a well-oiled machine, a successfully run business requires certain expert departments to handle various everyday functions. Similar is the relationship between a partner and business; both must work in unison and like clockwork for both to thrive. Vendors provide purely transactional services with no proactive idea generation, in-depth understanding of the business, or investment in the future of the company; as opposed to a partner. Partners also immerse themselves into your corporate culture to understand inner workings for long-term growth. Since one size does not fit all, it is imperative to know what each, partner and vendor, bring to the table.
“Alone we can do so little; together we can do so much.” — Helen Keller
Organizations often have specialized functions in each department (IT, HR, Accounts, etc.) either staffed internally or outsourced, depending on the level of expertise needed. Since in-house resources are expensive to hire, outsourcing to partners becomes the most cost-effective option. It is important to differentiate between vendor vs partner to understand what is best suited to any particular type of business.