Startups can be called the confluence of IDEA and INNOVATION! While the entrepreneurs focus on the ‘WHAT’ phase, often they seem to be less aware of the ‘HOW’. This is where the consultants come into the picture. Getting started is not an easy task, with so many unknown factors to consider for an entrepreneur. At this fragile stage, the founders should seek expert assistance which improves their chances of success. When starting a new business, most entrepreneurs do not have the expertise across all areas of the business. Even if that would be the case, it would not be beneficial. The right task must be done by the right person thereby ensuring efficiency. To get things going, knowledge in advance becomes extremely essential, and this knowledge comes through an expert.
Thus, Startup Consultation becomes a very important area to be considered for the successful setting up and continuance of the business.
Startups are like fresh seeds which are a result of innovative ideas, but they grow and develop only when they are well fed with the expertise of business knowledge and acumen. Given this fact, it becomes imperative to understand the need and areas where growing businesses can seek consultation.
We at Compliance Calendar, work in direct coordination with investors and entrepreneurs. We understand that starting a new venture is not an easy task. To be successful with a new business venture much has to be done correctly. One can identify numerous areas of seeking expertise depending upon the size, type, and business of the venture. Following are some of the areas where we offer consultation-
Having talked enough about the importance of knowledge and experience needed to begin the business, it is essential to choose the right people to share their expertise. The role of a Qualified Professional is unmissable while setting up a business. These professionals come from varied fields with conceptual and practical knowledge that proves to be beneficial for startups and their owners. Such professionals include-
Chartered Accountants
Company Secretaries
Lawyers
Investment Bankers
MBAs
Cost & Management Accountants
1: Unbiased Feedback and a Fresh Perspective
Unbiased and honest feedback can be immensely beneficial to startup enterprises. An outside consultant can impartially point out internal and external issues and threats that business owners may not realize exist.
Startup consulting experts see your business as a part of a larger ecosystem that includes your industry, target audience, and competitors.
New business consultant experts provide an objective external outlook on your startup’s practices and business model.
Their feedback on details of work execution, organization, and other critical aspects displays the true state of your business and lends specific direction on how to improve it.
2: Specialized Insight & Relevant Industry Expertise
A business startup consultant possesses the know-how for identifying a business’s potential within its market and creating a detailed plan for how to move it forward.
Therefore, these experts are in a position to provide valuable advice on management, strategy, marketing, finance, and other facets of leading a business to decision-makers and executives who may be new to the world of business or would benefit from an extra set of eyes and an expert opinion.
3: A Results-Oriented Approach to attain Business Goals
New business consultants take the time to learn about your company’s specific challenges, needs, and goals to help you grow and overcome business obstacles.
Knowing that every startup venture is unique, an experienced consultant will not offer “one-size-fits-all” solutions. Instead, they will adapt their strategy and plan of action according to each client. A consultant will recognize all of these unique traits in your business and adapt your strategy accordingly.
4: Long-Term Cost Reduction And Time-Saving
Acquiring the expertise of a startup consulting specialist reduces costs and saves time in the long run, because they focus on your company’s sustainable profitability. Finance professionals like CAs, Bankers, etc. can help in financial modeling and laying out plans, and preparing budgets for the future.
For example, a consultant can point out areas in which you can reduce your budget and save money, explain how to keep your taxes as low as legally possible, and suggest a feasible budget for building and launching a product or a service.
They can also identify issues related to your internal structure and processes that may be the cause of ineffective day-to-day work, leading to deadline issues.
By ensuring that your processes are streamlined effectively, a consultant can help you cut costs without cutting corners.
5: Access To Valuable Resources
Business startup consultants have access to valuable resources that may give your company the important edge it needs in its development phase and empower you to make informed decisions.
The increasing number of startups has led us to ponder upon developing creative and efficient solutions to the setting up of business. At Compliance Calendar LLP, we are committed to providing start-up consulting services at all levels. Our Start-up Consultation includes right from the ideation stage and we aim to bring forth expertise at all levels. Our team comprises of professionals who have diverse experience of serving as Board Mentor to some of the leading startups in India. Our offering covers everything like deciding the type of business structure, financial strategy, risk management, SOP Compliance and Financial Modelling. We are a well-equipped team of young professionals with the zest to help you with your legal, financial, funding and management solutions.
What Does A Startup Consultant Do?
A startup consultant would undertake the following responsibilities:
Consulting with key individuals within the business about operations and strategy.
Discussing findings, proposals, and recommendations with management and founders.
Navigating the business through the startup space, while enhancing specific competencies and development phases
Advising on matters related to finance management and upkeep of the legally compliant business structure.
Do adequate research which becomes useful for growing businesses and new entrepreneurs.
What Consulting Services do startups need?
All startups require some or the other consultation depending on the business they are in. However, some of the very basic and universal kind of consultancy services that a start-up may look for would be-
Incorporation of business Services
Finance & Accounts Services
Inventory Management
Digital Marketing
Legal Services
Funds Management
Startups are though backed by innovative ideas, tend to miss out on the expert knowledge for actually beginning the business. Since a business is just not doing things but also complying with a lot of rules, it is advised that the startups have a well-versed consultant throughout their journey. A consultant comes with a holistic approach to streamline the business services- both core and ancillary and aids in the growth of the startup.
What to know before going for Startup Consultation?
Things to know before going for startup consultation-
Strengths and weaknesses of the entrepreneurs
Understanding the areas where time and efforts are needed
The approach of the Consultant and its way of working
Apart from the precise points above, an entrepreneur must identify the critical areas which require professional expertise and then combines the needs of the startups with the services of the consultant.
What to look for in a Startup Consultant?
A startup consultant is not a one-dimensional professional/individual. In fact, he/she is the one who comes with a dynamic and multifarious approach to solve the problems of the entrepreneur. Some of the must-haves in a startup consultant would be-
Well-versed and Well Researched professional knowing business and its processes;
Enthusiastic and dynamic individual with great insights into the business;
Well updated with the changing business environment;
Creative and Innovative thinker;
A go-getter and initiative taker;
Understanding the needs of the business owner;
Ability to communicating effectively;
Curating business plans for the achievement of business goals.
Who are Startup Consultants?
On noting the kind of services that entrepreneurs are looking for in a consultant, it is quite clear that the consultant should be well qualified professional. Keeping in mind the various areas of services, the role and qualification of consultant may vary; eg.
For Business Processes and Development- MBAs
Accounts, Finance and Funds Management- Chartered Accountants
Legal Compliance, Statutory approvals, and Representation to Government Authorities- Company Secretaries/Lawyers
Raising Funds- Investment Analysts
Marketing- Social Media Enthusiasts/Digital Marketing Professionals
These were some FAQs we thought could pop your mind! However, there is no limit to creativity and we would love to know what goes on your mind about startup consultation! You may write to us or just call away. We would love to navigate you through this dynamic journey!
Looking at the pace India is making in the development of Start-up culture; it becomes imperative to give due consultation to Start-ups. We focus on supporting you in every step while serving you with the service of your requirements. We also offer you a complete service package to serve you before, during, and after the service you require so that you feel you always have one professionally managed firm to guide and support you. Reach out to us at startup@ccoffice.in or WhatsApp/Call at 9988424211
