In-house or outsource? What are the benefits and risks in investment promotion? HMC Global’s core aim is to help economic development agencies achieve their vision by: maximising their performance, delivering their services more effectively and efficiently, and, ultimately, attracting more investment.
HMC Global’s core aim is to help economic development agencies achieve their vision by: maximising their performance, delivering their services more effectively and efficiently, and, ultimately, attracting more investment.
We believe that in order for agencies to optimise their performance, three key areas need to be addressed:
Each month we will be taking a look at some of the challenges faced in each of these areas and how we can overcome them.
This month, we’re looking at some of the risks and benefits to be aware of when deciding to hire in-house or to outsource in investment attraction:
In reality, there isn’t one perfect solution: we have to weigh up the pros and cons to choose what’s best for us in each situation. We find that many agencies are now opting to use a hybrid model: building up their team’s capability, but also outsourcing certain projects when there is a specific expertise that they need, or when the Return on Investment is better. HMC recently collaborated with a region to develop and implement an account strategy for a specific investor which was able to leverage some of our sector expertise and sales network.
If this is something that you’re evaluating yourself at the moment and you would like to have a chat about some of the risks and benefits of each model, just get in touch. Or, if you just want to comment on some of the points brought up in this post, then we’d also be delighted to hear from you!
HMC Global has been helping economic development agencies across the globe perform better for over 25 years, and we’d love to share with you what we have learnt and how you can apply it in your agency.
CEO, HMC Global