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Business consultancy: Key to growing your start-ups

Updated: Aug 25, 2023

Start-Up, the word itself has a zing of new beginnings and fresh possibilities to it. If we go by the traditional definition of the phrase, it means a fresh business venture that is in its initial phase right after its company registration. A start-up is a business that has the potential to scale and grow larger with time. It is a unique proposition founded by an entrepreneur who has the potential to provide a product or service which is completely fresh and distinctive and has the potential to take its place in the market.

The difference between a start-up and a traditional business is that traditional businesses work on pre-existing templates, meaning they work on products or services which already exist in the marketplace. However, a start-up is unique in this sense. They work on a fresh template and do things and provide something new in the market. There are plenty of examples of start-ups however one of the best examples of a start-up would be Airbnb.

Airbnb was founded in the year 2007, when the founders of the company discovered that there was a shortage of hotel rooms ahead of a Conference that was to be held in the vicinity, sensing a need, they decided to rent out their apartments to people looking to stay in the area around that time. Since then, as the idea grew and shaped up into the form of a Company, Airbnb has served almost 1 billion customers around the globe.

The success stories of start-ups are plenty and needless to say they are awe-inspiring but the truth is that the number of failed start-ups is significantly higher. So, what is it that makes a start-up successful? To answer the question briefly, correct business guidance is needed which includes - strategy, market research, viability and scalability, IT, finance, and modern business solutions.

To make sure these key components of setting up, running, and expanding a business are in place it’s always good to seek professional business consultancy.

A Business Consultancy is run by a group of business consultants who provide professional guidance and expertise in all business-related areas such as finance, strategy, management, marketing, accounting, technology, etc. They provide business solutions and come up with best practices for all end-to-end business needs.

They are specialists who provide insights and advice based on their professional experience and guide business owners in the best possible way.

The question which naturally arises is what is the need to hire a professional business consultant when we already have in-house staff members for all respective job profiles. The answer to it is equally simple. It is better to seek consultancy, especially at the preliminary stage of a business as business consultants come with vast experience and better knowledge of the marketplace. They are better suited to advise from an impartial point of view and hence are more beneficial to the organization.

There are many types of business consultants available who provide services based on the aspect of your business that needs help. The types of business consultants are –

Marketing Consultants - Marketing consultants take care of creating a brand image of your business in the eyes of the consumers. It could be in the form of creating social media strategies, identifying the strong points, and emphasizing them to increase reach. They work consciously to promote either a specific product or a range of products or services offered by the company.

Financial Consultants - As the name itself suggests, financial consulting takes care of all the finance-related needs of the business. Whether it be investments, taxes, handling debts and assets and coming up with financial plans for the company. They also help with well-chocked retirement plans. They keep a keen eye on the financial market and its ever-changing dynamics to provide the best-suited guidance.

Management Consultants - Management consultants work with the highest level of management of a company, advising them on implementing the best possible business strategies and plans, with the help of their in-depth knowledge of the market and years of experience. The strategies are well thought out and driven by the current trends and needs of the marketplace.

Technical Consultants - Technical Consultants provide all Information Technology related solutions and insights to a business. They guide in fully utilizing the company’s technology to the best of its use to achieve maximum profits.

Human Resource Consultants - Human Resource Consultants provide their service in hiring efficient and skilled manpower for the company. They make sure to find the most suitable person for the job as required.

Operations Consultants - Operations Consultants monitor your business model inventory and come up with solutions to produce high-quality results at lower costs. They take care of the day-to-day activities of a business and try to optimize outputs to gain maximum profits.

It’s important to understand why exactly start-ups need consultancy services. While it may seem like an additional cost, start-ups need to have the correct guidance in forming their business plans and strategies, and consultants can give you exactly that.

They come with years of experience and help in formulating a strong business plan which is extremely important in the initial stage of any company. It is the foundation upon which a company runs, and expertise and insights are a must. A consultancy maps out revenue streams and helps receive funding which gets a start-up going smoothly. It comes up with achievable milestones and strategies to work towards the same. Often when a business idea is born out of the passion of an entrepreneur, he seldom seems to be partial to it. A consultant can provide a third-party perspective on what works and what does not which is completely impartial and practical. That is exactly what a start-up needs. Business consulting services also come with a host of other benefits such as the right contacts, market data, and efficiency in finishing tasks which saves a lot of time and money for entrepreneurs.

We all love a good business idea and the marketplace is indeed dynamic and fast-paced, which is why it’s important to put that idea into action efficiently hence it is safe to say, to make the most of your start-ups, business consultancy is the way to go.

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