What are the ways business consultants can help startups in the Philippines?
- Contribute tailored expertise
- Serve as additional manpower
- Give an unbiased feedback
- Provide management advice
There are a lot of reasons why business consultants here in the Philippines tend to gravitate towards startups. And for many of these budding entrepreneurs, availing the help of business consultants is a decision that ultimately pays for itself.
Once they are launched, startups are thrust into an inherently peculiar situation where they need to prove themselves as a viable business while still remaining profitable. For this reason, the CEOs of these startups are going to need the proper expertise and know-how in order to educate an audience on a new type of product or penetrate a saturated market.
While many startups stand to benefit from incubator and mentorship programs, not all of these entrepreneurs are always going to be lucky as to have a program or a mentor that is going to help guide them in the right direction. For those that are unable to find mentorship programs, business consulting might just be the perfect solution.
In order to help them develop a realistic, long-term strategy and understand the ins and outs of their business, consultants are able to work closely with startups. Here are four ways business consultants can help startups in the Philippines:
Contribute Tailored Expertise
One of the many advantages of choosing to work with a consulting firm is that you can choose a consultant that already has prior knowledge or expertise in your industry or niche. In other words, not only do they have experience working with startups in general, they also possess expertise that is tailored to cater specifically to the types of problems you face in your industry.
Business consultants are specialized in helping companies, including startups, achieve growth. This means that they have seen the same issues occur over and over again with similar business. By this point, they should be more than well-equipped to solve or even prevent those problems as well as develop unique strategies for any business.
Serve as Additional Manpower
If you find your startup gaining traction and taking off, you are going to need all the help you can get. Unfortunately, many startup CEOs make the common mistake of hiring too many people too fast for situations that would be better handled by a consulting company rather than hiring another new employee. Business consultants can serve as extra pairs of hands to come in and relieve you some of the load.
Hiring business consultants also tend to be more cost-effective than hiring additional staff because they are usually going to require comprehensive onboarding and benefits. Consultants also do not require such detailed onboarding processes because they are already accustomed to getting started with projects quickly. All in all, temporarily adding skilled business consultants as employees in your company make better additions to your team than hiring people to your permanent roster and creating bigger issues for you and your current staff.
In addition, you can scale an entire consulting team to suit your business depending on your needs. For instance, right now you might only need to hire two or three consultants to create an effective promotional campaign, but should your startup be acquired by a larger company or enter a merger, you can just as easily hire 20 consultants for your team. A consulting company can give you the resources you need, whatever they may be.
Give an Unbiased Feedback
You probably have been working on your startup long before you officially launched it; that’s just how entrepreneurs are. Being passionate is an important part of starting your own business but being too close to the project is going to cloud your judgment and hinder your ability to see thing clearly.
A business consultant can come in and observe from the perspective of an outsider and give you any advice on things that you might have overlooked. If you had a concept that you believed was going to work very well but ended up lackluster once executed, hiring a business consultant gets you the help you need to shift your plan in the right direction.
Provide Management Advice
The ones that are most likely to start a business of their own are young entrepreneurs who are fresh out of college. If you take a look at Forbes’ 30 under 30 list, there is an increasing trend in young company founders. These young CEOs continue to break the taboo that age is just a number when it comes to startup success. However, their tech-savvy expertise and their fresh outlook on the business can’t make up for their lack of managerial experience.
This is where business consultants can be of help, providing ample management advice to those who need it the most. One of the most important aspects of running a business is being able to manage and lead others, after all. Business consultants know the role management plays in the world of startups. They can effectively translate the proper management practices to an internal team that is otherwise loosely structured.
Startups in the Philippines can make use of business consultants who can provide the right training on what needs to be done as well as do the necessary work. Since they are essentially outside experts, consultants can review your business plan, align it with the goals of your company, and improve upon it or suggest ways in order to increase your chances for success.