- “34% of startups don’t survive because they lack a product market fit,
- 22% because they struggle in their marketing endeavours, and
- 18% don’t have a team they want, to support their aspirations and work on.”
Quite disheartening to hear, right?
A Startup needs to focus and work on many things to get to the top of the market.
But doing everything alone can be infeasible due to many reasons.
One of them is not being a master of all things business –
team and foundation building, operations, or marketing and branding.
Therefore, you need a mentor that can enable your startup to survive, scale, and harness growth opportunities.
That’s what a Business Consultancy helps you do.
Here’s how they help your startup overcome the 5 most common yet detrimental roadblocks in its journey.
- Be Market-Ready
Your startup has to be ready to adapt to competition, market, and consumer changes to stay relevant.
A Business Consultancy services enables them to do that by doing these things:
- They help you study the market and identify a gap your product can fill and a segment you can target.
- To know more about your customers (what they need, why, how they will use it, where to find them, and what other options or solutions they use today).
- They then work with you to plan how you will position your brand, reach your audience, and grow your business.
In short, they set you up to make a presence that stands out in the market and minds of your target segment – while keeping the competition away.
- Build a Customer Base and a Brand for Tomorrow
After you have known the market and have found a place for your product to fit in – what comes next is how you will get value from customers and build an image for yourself.
Here’s how Business Consulting Services in India enable you to achieve all the above by doing the following:
- They set you up to go where your audience is, interact and resonate with them, and make an identity for your brand.
- They help you focus on networking, build customer relationships, and partner with people and firms for scale and growth.
- They work with you to make you ace the area of customer service and experience.
To sum it up, they work with you to open up every path that will bring people to your brand and leave an impression on them.
- Bring in People and Set up a Culture to Grow
In your startup journey of making it to the top, building a memorable brand and profitable business, you will need people who can walk by your side and support you.
You will need a team.
When we say a team, it’s not only your employees but everyone who has joined you in your mission – your investors, partners, and advisors.
Here’s how a Business Consultancy Firm in India works with you to build a team:
- They ask you to focus on defining your mission and vision and then networking and sharing it with everyone.
- They help you join hands with people who share those values and can take you closer to your goal.
- They guide you to encourage them in every way possible (through programs, initiatives, incentives, and a culture that welcomes all).
They let you invest in your most important asset and give them a space that brings the best out of them.
- Keep a Steady Flow of Cash
Your startup has many things to work on to set itself up for growth.
You have to create a brand, stand out and secure the top spot in the market, build a team, explore new opportunities, and many more.
All of this needs money.
Hence, you must save enough resources to keep the business running upward.
Business Consultancies perform the following to enable you to manage your cash flow:
- They work with you to make a budget and create a forecast mechanism to get a clear idea of the inflows and outflows.
- They closely track your cash flow to give you recommendations to improve, take care of problem areas before they become big, and see if you can cut down on some costs.
- They help you develop a long-term plan that covers cash flow management to ensure your firm’s financial sustainability.
One of the tasks in cash flow management that they take care of, which we will cover next, is how they guide you to secure funding at the right stage and purpose and keep the cash flowing.
- Win Funding to Scale
As we highlighted above, startups need money to scale and grow.
They can save it by optimizing every aspect they can, but at some point, it won’t be enough to fulfil their business’s aspirations.
Here’s where they will look for people who can invest in them and come on board to give value.
A Business Consultancy assists you in doing the following to raise funds:
- They work with you to network and explore funding options, pick the right-fit ones, and do your research on them to be clear and sure.
- They sit with you to prepare a compelling pitch.
They help you make your value proposition and position, vision, and the market opportunity you want to use clear.
- They enable you to manage your investor relations and build a two-way bridge of value between you and them.
In short, a Business Consultancy enables your startup to do things that:
- Make Your Foundation Strong: Find how you will give value (offering) and get value (revenue), build a team, and keep a steady cash flow.
- Help You Grow and Scale: Build a brand that stands out, expands as it spots opportunities, and brings profit to the business.
We, Pandora’s Box are a Top Consulting Firm For Startups that mentors startups to overcome all of these challenges and enjoy the top position in their category.