The start-up phase of an entrepreneurial venture might think of investing in hiring a business consultant as a financial burden. It is a reasonable expense when using the resources significantly to generate business leads, convert them into clients, and create brand awareness in a competitive market.
As per the US Bureau of Labor Statistics (BLS), nearly 20% of the start-ups fail within two years, 45% of them in just five years and 65% in ten years. As per the same statistical report, these statistical figures have been the same since the 1900s.
Hence, start-ups hire a reputed business consultant in India to get to know the market competition and to take informed steps for better survival rates.
Here is why hiring a business consulting service for start-ups can be the best resource.
- Bringing experience and expertise onboard
An experienced business consultant will deliver complete knowledge of industry challenges, emerging and using new technologies, the latest industrial trends to follow, and innovation.
- 3rd-eye view of operational issues
A start-up business consultant can explain the root causes of unproductive business operations without being emotional. Moreover, the experience in analyzing business models and operational strategies will lead to a better foundation for decision-making.
- Diverse data-driven services
A business consultant will offer a diverse set of services for strategy consulting, performance improvement, and even setting up offshore development centers (ODCs). Finding such services under the same banner will deliver a consolidated outcome for start-ups.
- Network
Another prime reason why hiring a start-up business consultant is ideal is networking. A business consultant will be a part of a strong network of the same professionals from different domains of business. He will assist in setting up sales and marketing teams by training professionals. Moreover, the strong network will also work as a charm to set a brand image of a start-up faster. Hence, the incubation period will reduce to a minimum.
- Digital marketing
Undoubtedly, digital marketing is the fastest way to get hold of a good share of clients in a competitive market with evolving business landscapes and consumer trends. Business building programs designed by a consulting team will include services catering to creating digital portals, social media marketing, search engine optimization and other relevant digital marketing elements. Apart from industry knowledge and experience, this digital marketing service is a plus point for start-ups and SMEs.
- Data-driven decisions
A Business consultant in India will also assist in making data-driven decisions. We all know that data is the new oil, and whoever owns it rules the industry. For start-ups, data can be the magic potion to grow faster and penetrate a market better.
Business Consultants effectively utilize data for analyzing to understand data from a holistic perspective and provide insight based on the data making brands achieve organizational goals.
- More concentration on core capabilities
A business consultant can also define a start-up’s core competencies and capabilities. He will help solve crises by delegating proper resources at the right time and making profitable decisions.
The way forward
From developing business strategies to designing human resources, a business consultant can guide start-ups to grow and flourish. Gain knowledge and expertise in a particular field or niche with planning, researching, branding, advertising, and strategies. Get a perfect road map and checklist aligned with the market trends, including the preferences, requirements and likes of your customers, target audience and competitors.
To know more about our data-driven consultancy services, contact us at naveen@espialsolutions.com.