When tasked with overseeing a major project do you select multiple vendors and then spend your time trying to be the glue that holds everyone together? Do you put yourself in a position where you are trying to coordinate all logistics, vendors, and internal stakeholders? Have you considered partnering with a provider of turnkey solutions who could take all of these responsibilities off of your plate, allowing you to work on high level, strategic items? Let's take a look at some of the benefits of taking this approach in modern day project management.
One throat to choke - One point of contact is a nicer way of saying this, but you get the idea. Having everything completed by one person makes the entire process so much easier for all parties. It is crucial to set out clear expectations from the onset, but think about a general contractor working at your house. He is the point of contact that you would communicate with, instead of having to manage all of the individual tradespeople such as the plumber, the electrician, and the carpenter.
Economies of Scale - The extra volume of work means that you will be able to receive the services that you require at a much more cost effective price than if you were to spread the workload out amongst multiple vendors. Think about Sams Club and Costco and the reduced unit price you pay, even though you have to buy 200 units to experience the savings!
Consolidated Communication and Data - So much data is available to us these days, and it can be extremely powerful when it comes to making big decisions. If your data is spread out across numerous platforms, you won't be able to view trends, inconsistencies in reporting will occur, and the data will ultimately be about as useful as a glass hammer. This idea is what has lead to millions of Americans using financial platforms such as Mint, My Personal Capital, and Every Dollar to monitor their complete financial situation.
Buying Power - More sites, more services, and more work volume provide you with more bargaining tools during contract negotiations. The more services that you bundle on one platform, the greater the discount you should receive. Think about insurance companies who provide you with multi-policy discounts for carrying multiple types of coverage with them.
Consistency - Through the bundling of services and by partnering with just one service provider, your job just got much easier. You now only have to communicate with one person, so the chance of miscommunication is much less. Also, as long as you are clear with your expectations and the deliverables, you will have much greater control over the consistency of the end product. The vendor will be able to replicate their efforts throughout your portfolio, and this strengthens your brand, as well as saving you time, money, and unnecessary stress. Nobody likes surprises, and by partnering with a turnkey service provider the likelihood of experiencing one is significantly reduced.
What are some other benefits to partnering with a provider of turnkey solutions? On the flip side of this, have you experienced negative aspects of going down this path? Did you work with someone who could provide all of the services, but wasn't capable of managing them on your behalf? Leave your thoughts in the comment section below, and we will get back to you as soon as we can!