We have our domain registered on godaddy and is using office 365 mails. Our new website is however hosted on external provider.
Kindly advice the steps required to leave the mail setting as is and just point website to external server.
to host your domain with another company you will need to update you're a record to point to the IP Address that was assigned to your account by your other provider.
Change an A Record
you will need to change the A record for "@" to point to the new IP Address. As long as you do not change the Nameservers or the MX Records your godaddy hosted email and your off site hosting will work together.