Guide to right consultancy to boost your startup idea and MVP
A startup is a new business and recent entrant in the industry of existing players with tremendous experience and expertise. Most startups, due to lack of proper guidance and handholding in the initial days, succumb to the pressure and competition which is the most unfortunate event to occur from the founders’ point of view and considering the ecosystem at large which must be conducive for new startups to flourish. Ideas fail due to wrong implementation and competition, businesses fail due to lack of enough market and customer outreach while most companies fail due to lack of funds. Here is why consultancy can play a significant role in giving the ideas, businesses and companies right direction and support in their infant years. Most high budget startups are capable of hiring large scale consultancy services and get the necessary support and expertise which is far from possible for most of the startups. The importance of finding the right consultant for an emerging startup cannot be underestimated and needs serious consideration if one is serious about the startup and idea implementation. While individual needs and considerations will definitely vary, we can lay out some general considerations to look after that makes the need for startup consultancy viable. At the same time these can be also roughly considered parameters for gauging a suitable consultancy for your business or startup idea.
- Expertise: A startup good consultancy has a team of experts with rich experience working in the industry. These experts have been part of the journey of so many startups and have seen and experienced success and failures at every level. And the kind of expertise that they can offer to any emerging startup is immense. Leading a business growth requires plenty of expertise in adopting and implementing the right processes which become very convenient with the help of professional consultants.
- Unbiased and critical outlook: Most of the time, the management within a company is driven by perspective which is a positive driver for the business and idea but lacks critical outlook or unbiased perspective which is possible only through a person outside the organization. An expert consultant will always be unbiased in judgement and critique and this greatly helps the organization to improve on the flaws and loopholes which go unnoticed otherwise.
- Management: Many startups fail due to selection of the right team or management or the lack of proper coordination between them. Understanding the right balance between quality and quantity of manpower and guiding the founders on management decisions at initial level can greatly help in preventing any mishap or disaster in the longer run. Consultants have plenty of experience and understanding of business management in comparison to the startup owners, who are usually young aged and lack much experience. This reinforces the importance of having the right guide and consultant or partner for any emerging startup.
- Technical support: Apart from regular business consultancy, most of the startups require IT support is some way or the other. Instead of hiring separate technical consultants and service providers, if one is able to get access to a consultant which provides both regular and IT consultancy, it is much more efficient and cost effective. Technical support can range from website and mobile app development to SaaS development, API and eCommerce development etc.
- MVP and strategic planning: One of the critical parts of any product based startup is to have the Minimum Viable Product (MVP) developed with right strategy and planning. Many MVPs fail because they lack appropriate strategy and planning because of inexperience and lack of expertise. With the help of right consultancy and support from a professional team, the path to develop and launch a successful MVP becomes a lot easier.