Should you hire a Business Consultant?

Most startups founders rely on their own research and acquaintances for advices relating to business matters, for they feel getting consultancy from an external source is more of an additional expenditure and less necessary. While scrutinising the pros and cons of getting advisory, you’re stuck with – should I hire a Consultant? Which is like asking why does a pilot need a co-pilot.

Startups need guidance and implementation help from skilled and experienced professionals in business aspects across the board, ranging from growth strategy and competitive analysis to operations management, human resources, and financial planning.

According to a research by global logistics brand, UPS, mentoring significantly reduces the risk of business failure for business owners, 70% of small startups who received mentoring survived their first five years of trading and only 35% of small businesses survived for five years without mentoring.

Structured mentoring could help accelerate growth for you and your startup. It is crucial for both long-term goal and initial survival.

  1. Consultants are experts willing to guide you for an extended period of time with an objective to provide advice, counsel from a fresh perspective, collaborate and help an entrepreneur stay focused on their long-term goal of the venture.
  2. It is important for budding entrepreneurs to understand the right route to reach their destination while embarking on their entrepreneurial journey. 
  3. Consultants can help in preparation of documents crucial to get investments.
  4. Business mentors can expand an entrepreneur’s viewpoint, helping them with multiple perspectives to solve problems and give them the ability and confidence to collaborate with trusted sources, ensuring smooth and safe drive to destination.
  5. They guide you through the way, while letting you lead at the same time. With a development-driven attitude, the objective of a business mentor is to be able to view your business with fresh, have unbiased views and guide you, instead of solving problems for you.
  6. Your mentors help showcase potential of your unproven yet promising business idea through the eyes of an experienced industry professional to Investors.
  7. They Best know practices that are followed across industries, you could use help to streamline operations and become efficient. It would minimize the rework that might be needed later and help you focus on growing your business now.
  8. It is extremely important to place the first stones right, creating a step-by-step plan to make your business profitable. You need to identify your business model, revenue streams and need to turn your narratives to numbers. 
  9. Consultant can help you create a Go To market Strategy. Competitive analysis and customer requirement gathering will help you break down your vision into well-defined milestones and create an executable product roadmap. Complete understanding of the value chain or customer segmentation helps in market sizing and targeting the right customers.
  10. Consultants have worked across several industries and have knowledge of how they operate and affect each other. You might know your industry well enough but an eye into complementary industries is always an advantage to move fast and create a disrupting business.
  11. Accessing their Network could turn out to be a boon for your next fundraise or a big deal closure. Believe it or not, they have a huge contact base.

With the rise of Startup Revolution, a number of firms that offer Strategy Consulting for Startups have come to the light most provide complimentary but indispensable services to Startups like company registration, business plan creation, pitch decks and fundraiser plans as well as strategy and management Consulting services.

It is really up to you as to when you need to find an ideal Consultant, but in the long run it can really be one of the best value-adds to your venture, them being repositories of industry incites, information and years of expertise in specific fields.

Search & Connect NOW with Consultants that best match your business requirements.

Authored by
Radhika Sharma
(Analyst, MergerDomo)

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