15 Feb Who Can Help Our Business To Grow?
A common problem for many companies is that they get trapped by the daily operations, regardless of the company lifecycle they are in. There are times when competitive advantage and strategy are no longer considered as priority factors on the agenda. Focus could be lost and this situation could be detrimental for the sustainable growth. They lose the balance needed to run daily operation and develop the business continuously. Their competitive advantage can no longer be honed and the firm becomes increasingly more difficult to manage. There are many professional service providers that can help us grow our businesses, but they could require more significant payments. From the early days of the start-ups, they need to have proper strategy implementation to allow them achieve more stable positions as SMEs. Strategy is even more important if these SMEs seek to become corporate giants. Many companies are looking to achieve much better results in the business development.
When the situation is crucial enough, it could be necessary to hire the service of specialists who can take a 360-degree view of the company and help to form proper objectives and strategies. Some consultants could come from governmental instutitons who don’t only provide knowledge support, but also funding to small businesses. There are also others who can help new entrepreneurs expand their businesses, such as venture capitalists, business angels, seed accelerators, business incubators, second-stage business accelerators and also large-scale management consulting firms.
These organizations can interact with companies to boost growth and provide many kinds of resources for support. Their assistance could be operation efficiency, strategy development, frameworks, business tools, mentoring, advices, work spaces, funding, marketing and better access to business ecosystem. Here are organizations that can help companies boost their operations:
- Business Incubator: Business incubator is all about providing enough support to ensure more successful development. There could be a wide array of services and resources that they provide, such as financial/accounting management, marketing assistance, shared office/shop space, links to strategic partners, business networks, assistances with presentation sills, access to debt refinancing, comprehensive business training programs. The whole idea is to allow start-ups and new entrepreneurs to focus on the core values and leverage essential resources. Many incubators are industry agnostic and can provide generalized assistance regardless of the scope of our business.
- Seed Accelerators: Seed accelerators are nearly similar to business incubators, but their operations are usually based on pre-seed investments. They may also have more focus on innovations of business models. Seed accelerators may also not provide a “protected nurturing environment, like what business incubators offer. However they could bring together advisors, mentors and other professionals who can help entrepreneurs figure out what to do next.
- Large Management Consulting Firms: These firms provide a diverse set of essential services compared to other consulting organizations. Some of them could also have international scope. They often target governmental bodies, international conglomerates and any large private companies.