As a small business owner, you may think you know your organization best. However, business strategy consultants can contribute immensely to your company’s growth.
In a fast-emerging country like India, small and medium enterprises (SMEs) are the economy’s key growth drivers. The sector generates millions of jobs and contributes significantly to GDP. Many SMEs are family-run businesses, where each generation takes over from the previous one and aims to grow the company. The new generation’s market knowledge may not be too deep, and SMEs face several obstacles which hinder their revenue and growth.
Many of these challenges can be dealt with by reaching out to a business consultant or domain expert. That management consulting is only for corporates is a myth. Here’s how SME business consultants and mentors can add value to SMEs:
1) Strategic planning and guidance
Business advisors come armed with tremendous expertise to help you bridge the market knowledge gap and thrive in a competitive environment. Many SME consulting companies have an aggressive growth plan which can be pursued organically via sales, digital marketing, business automation, adopting technology, innovation, or even inorganically via merger and acquisition, joint ventures and partnership. However, all of these ideas cannot be implemented simultaneously. SMEs must have a vision categorized into short-term and long-term plans to ensure fruitful execution and eventual success. Through strategic planning, a mentor can help SMEs chart a solid roadmap and a practical action method.
Moreover, mentors also bring fresh strategies to the table. They are equipped to develop new approaches and ideas that you hadn’t thought of before.
2) An unbiased point of view
Business owners are often too caught up with daily operations and firefighting. Sometimes, you are also too close to your business. To undertake strategic initiatives, an external viewpoint and validation then become vital. SME business consultants offer a unique perspective, which draws from their rich experience of working with small businesses across industries. You might find it to trust an ‘outsider’, but today’s hyper-competitive era requires you to be on a strong financial footing, and experts can ensure precisely that. Business advisors set you up with the necessary processes that help you determine who you are, where you want to go, how you will get there, and how you will measure business success.
3) Time and cost-effectiveness
By engaging with an SME consulting firm, you gain access to a group of experienced experts from various domains, diverse backgrounds and who possess a variety of skills. Mentors are known to be results-oriented and can guarantee you reach the milestones and goals that are agreed upon.
If you set out to hire an in-house team of a corresponding level of expertise, it can prove to be extremely expensive. By associating with a SME consulting firm, you have the benefit of tapping into the required talent as and when needed. So, it’s effective in terms of time as well as cost.
The ‘no fees, no equity’ Wadhwani Advantage program has a repository of business advisors, consultants and mentors, and curated experts who add great value to businesses. These are domain experts who have successfully transformed businesses. You can avail of their services by applying to the Wadhwani Advantage program, which builds capacity to accelerate the revenue of businesses by 2x to 10x.
(Businesses with INR 25 Cr+ revenue and employee strength ≥ 100, intent to grow 10x and a commitment to learn can apply)