In-House Transition: How to Become A Strategic Business Partner in 5 Steps
Updated: Oct 28, 2020
So, you landed your first job in-house - congratulations! You made the right connections, interviewed with finesse, negotiated an incredible package and here you are. You're an Associate, Assistant, or Deputy General Counsel. Or maybe you just joined the finance group of a major public company. Or the corporate development or HR team.
You've gone in-house and you really want to take advantage of all of the career opportunities this type of position can open up. So how are you going to transform into the kind of strategic business partner the business really needs? Wait, what is a strategic business partner?
It's time to get learning, my friend.
Organizations do not hire attorneys, accountants, consultants and other professionals to perform the same functions as outside advisors perform. Outside advisors provide (mostly) objective advice based upon the scope of the project set by the business. Litigation counsel formulates a strategy to fight or settle a specific lawsuit, accountants audit a company's financials, and consultants recommend a business strategy based upon market conditions and competitor position. All of that advice is very necessary. But you know that - you provided that kind of support and advice your whole career!
In-house professional services roles are very different than advisory roles, sometimes in ways that new hires find surprising and a bit bewildering. In many positions, you will be asked to review and synthesize facts, assumptions, opinions and recommendations into advice specifically tailored to the business you serve. You'll also need to present that advice in a practical and consumable way that makes it easy for organizational leadership to understand and act upon your recommendation with confidence. These are the hallmarks of an incredible strategic partner who leadership will remember when filling roles higher up in the organization.
So, what knowledge and skills will you need to become an effective strategic partner? Here are five fundamentals to start with:
Judgment
Judgment is the reason upper-level in-house professionals are hired. There are a million subject matter experts out there; heck, your organization still employs dozens and maybe hundreds of subject matter advisors even after hiring teams of in-house professionals. So why would this be?
Organizations bring professionals in-house to reduce costs and increase efficiency, of course. Handling day-to-day finance, HR and legal matters with outside advisors would be a huge tax on time and cash flow and so these items are usually handled by lower-level analyst and staff members. But more senior in-house positions exist primarily to exercise judgment in advising the business how to move toward its strategic goals while maintaining the integrity of the organization.
In short, in-house professionals are expected to provide informed, actionable advice to leadership that will guide (and sometimes govern) how leadership pursues the commercial goals of the business. If you are not using your training, experience and subject matter expertise to select and recommend a particular course of action for the business, you are not serving your primary purpose as an in-house professional.
Deep Knowledge of the Business and Its Strategy
Knowing the business you are working for is key, no matter what your position. And you can't just know what the business sells; your understanding of what the business does, who it serves, and how it generates revenue should be holistic no matter which department you work in.
Know the numbers, your top clients, and your most significant partnerships. What are your product or service verticals? How much revenue does each produce? What is your market segment? What is your brand position? Have an elevator speech ready about what your company does, why your customers or clients seek you out, and what would suddenly disappear from the market if your organization closed tomorrow.
Think this is an overstatement? How about this example:
You are an assistant general counsel specializing in regulatory matters. Your company is considering a major merger, but knows certain regulatory restrictions may be triggered by the transaction. Although you are an expert in the regulation itself, the business cannot make decision about the deal without a clear understanding of how its business model will be affected if the regulation is triggered. You won't be able to provide that counsel if you do not understand how the business runs today and how the model will be affected by this regulation, if triggered.
Know your business to know your internal client.
Relationships with Key Leaders and Peers
The importance of relationships in an organizational setting cannot be understated. No in-house professional can hope to advance within the business if she has failed to form relationships with people who matter.
Hopefully you've learned about the business by using your first weeks and perhaps months on the job to meet with colleagues, peers and leaders within the organization to learn what they do and what their function does to support the organization and its strategy. These meetings can be a great way to begin your understanding of how the organization works, who holds power and controls resources, and who can help you develop your reputation within the organization.
The goal of the relationships you forge will be as varied as the people you meet, but the most fundamental goal is to create internal demand for your services. Typically, you create this demand by being a dependable source of advice (both about your area of expertise and on other matters) and being easy to work with and accessible. Sounds easy, right? Well, yes and no.
Who you can and should build relationships with will depend on your position in the organization, but it is always a good idea to identify your counterparts in other corporate functions (e.g. legal, finance, corporate development, strategy, human resources) and get to know those individuals. You'll likely need to lean on each other to assist you when large projects - like an M&A transaction or preparing materials for a strategic planning session - arise. Being another department's go-to person is one of the best possible ways to generate internal demand for your services.
Additionally, you should never pass up an opportunity to access the executive leadership team of your organization. Even if you are a staff-level employee, you should be working from day one not only to produce great work product but to make sure that senior leadership knows who you are and how your work supports the business. Be authentic in your interactions and express genuine interest in how these leaders choose to run your organization.
While you're at it, don't forget to look for mentorship and sponsorship within the organization. Even though you are an experienced professional, you are entering a new type of practice and having a more senior role model to guide you along the way, and perhaps clue you in to political matters you might not otherwise recognize, will be an invaluable asset.
Simple Communication Style
Ditch the legalese, drop the technical jargon. Distill your thoughts down to the most essential facts and authorities you've relied on to make your recommendation and then communicate it in a short, plain language format. Unless asked for something more comprehensive, use these rules for all of your internal communications.
Corporate leadership positions are often filled by people with precisely your background; they can certainly understand the jargon and decipher a lengthy memo. The problem is, they don't have time for it. That's not part of their job. It's your job. Always think about how you can simplify your message so that the person you are advising - whether it be your immediate supervisor, the CEO or the Board of Directors - has enough information to understand the recommendation and feel secure in following it, but no more. Keep it simple. Always.
Practicality
Take all of these skills and combine them and you get the final product: practicality. A strategic partner understands the organization's goals and does her best to work with the available information, advice and facts to make a recommendation that serves those goals. That's it. That's the job. If you can master giving practical (simple, sound advice rooted in the goals of the business with the buy-in of key stakeholders) advice, you'll be a valued strategic business partner and your career will soar.
