The modern era has seen an increase in job specialisation across almost every professional field. From an investor relations perspective, an external third party brings an independent lens, benchmarking and global best practice. 

1. Ways of working: There is no short-cut to onboarding a new service provider. Timing is essential. Plan to onboard your service provider well ahead of any crucial deadlines. Take time to familiarise them with the company’s ways of working, processes and procedures, important internal contributors and frequently used acronyms. Having a clear plan in this regard reduces stress and helps accelerate the value-accretive process of having an independent service provider on board.
   
   
2. Time-management: Use time efficiently. Don’t schedule an hour-long meeting if 20 minutes will suffice and, don’t feel compelled to use the hour if the essence of the meeting was concluded in 10-15 minutes. Bespoke and innovative solutions require planning and adequate preparatory work. Allow enough time for this to leverage unique thinking and tailored solutions. If work is labelled as urgent, treat the outcome with equal urgency.
   
   
3. Be adequately prepared: Ensure meetings have a clear agenda including action-plans, instructions or a wish-list and run through the points. Unless the meeting is specifically scheduled as a think-tank or brain-storming session, there is nothing less productive than a poorly scoped meeting that has no purpose or plan.
   
   
4. Close the loop: Provide support teams with context on why deliverables are required, how they were used as well as constructive feedback on what worked and what didn’t work. This will enhance the quality of output going forward, while prompting innovative solutions for outputs that were less effective.
   
   
5. Be open to suggestions: The purpose of engaging a service provider is that they bring professional counsel garnered from a broad range of clients and relevant activity. The value of a professional service provider is well-informed counsel, global benchmarking and best practice. Reverting to what’s always been done, renders the engagement futile.
   
   
6. Professional conduct: It is not unusual for corporates to use multiple service providers. It is however, professional courtesy to inform service providers when work will be shared and to seek both parties’ consent.
   
   
7. Stick to the scope: Avoid unnecessary tasks, particularly those of an administrative nature. Specialist advice comes at a premium and it is suboptimal and expensive to use strategic advisors as personal assistants.

Used effectively, professional service providers can significantly enhance in-house teams’ value, internally and externally. They provide well-informed and world-class counsel and if used smartly, become an extension of your team and an invaluable resource.

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