Areas of Startup Consultation and Need of Professionals

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.

Areas of Startup Consultation:

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-

• STRATEGY & BUSINESS PLANNING: Getting the right know-how concerning the strategy of developing/creating of business is the primary step to get the business running. The right strategy would imply the right direction for growth in the initial as well as the later stages of the business cycle.

• BUSINESS STRUCTURE & FORMATION: According to the current state and growth plans, a startup consultant would advise the best-suited business structure to begin with your business, it does not matter whether it's a Private Limited Company or a Limited Liability Partnership along with proper certificate requirement control.

• VENDOR SELECTION: Startup businesses, in the beginning, have to hire several vendors to establish critical components of the business. Consultants help clients by providing reliable teams to execute those critical elements of starting a business.

• OUTREACH & GROWTH: The right set of professionals help you targeting and reaching out to your desired audiences while scaling up based on your goals to keep you profitable for the long run. Thus, when you fetch an expert opinion, the chances of better reach and growth multiply, and things move forward in a much smarter manner.

• RESEARCH & ANALYSIS: The sheer importance of intelligent research can be observed in the amount that organizations spend on research and analysis in a business. Thus, a team of consultants brings quality research and analysis that would be beneficial for the entrepreneurs.

Need of  Professionals in Startup 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

Benefits of having professionals as startup consultation

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.

Role of Compliance Calendar

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.

Frequently Askd Questions:

Q1. What Does A Startup Consultant Do?

A startup consultant would undertake the following responsibilities:

1. Consulting with key individuals within the business about operations and strategy.

2. Discussing findings, proposals, and recommendations with management and founders.

3. Navigating the business through the startup space, while enhancing specific competencies and development phases

4. Advising on matters related to finance management and upkeep of the legally compliant business structure.

5. Do adequate research which becomes useful for growing businesses and new entrepreneurs.

Q2. 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-

1. Incorporation of business Services

2. Finance & Accounts Services

3. Inventory Management

4. Digital Marketing

5. Legal Services

6. 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.

Q4. What to know before going for Startup Consultation?

Things to know before going for startup consultation-

1. Strengths and weaknesses of the entrepreneurs

2. Understanding the areas where time and efforts are needed

3. 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.

Q5. 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-

1. Well-versed and Well Researched professional knowing business and its processes;

2. Enthusiastic and dynamic individual with great insights into the business;

3. Well updated with the changing business environment;

4. Creative and Innovative thinker;

5. A go-getter and initiative taker;

6. Understanding the needs of the business owner;

7. Ability to communicating effectively;

8. Curating business plans for the achievement of business goals.

Q6. 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.

1. For Business Processes and Development- MBAs

2. Accounts, Finance and Funds Management- Chartered Accountants

3. Legal Compliance, Statutory approvals, and Representation to Government Authorities- Company Secretaries/Lawyers

4. Raising Funds- Investment Analysts

5. 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!

How can Compliance Calendar LLP help?

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