Covid-19 has changed the game for entrepreneurs. While some sectors were badly hit, others witnessed unprecedented growth. What does this new environment mean for your business? How can you navigate through its challenges and opportunities? And what crucial role are advisors playing in decoding the “next normal”?
We partnered with TOSB Conversations to talk to start-up experts and advisors Monce C Abraham, Director, THEV Consulting and Renu Shah, Founder, Shakti – The Empathy Project (STEP). Here are their insights on what it will take for businesses to grow in these times and how business and start-up advisors can help.
Focus more on the opportunities than the challenges of the pandemic
While some industries have seen a definitive decline since the outbreak of Covid-19, many have boomed, such as online medicineand retail. It’s a good time to take a pause and re-invent your business model by exploring the ways in which the pandemic has changed the landscape.
Advisors can help you retain the birds eye view
The uncertainty of the pandemic has made many entrepreneurs question the sustainability of their business models. An experienced advisor can help ask the right questions as one navigates through these times while also going beyond functional issues to throw light on areas that a business might not be looking at, such as a market statistic, changing policies, new technologies etc.
Watch the entire conversation below.
Reach out to multiple people
Different individuals bring in different values to a business. And it is important to vet several choices to find the right fit. The vetting process also needs to be thorough to ensure that there is no conflict of interest in terms of other businesses that the individual may be advising.
Look out for networks – incubators, accelerators, advisory consultants
We live in a hyper-connected world and India has a very strong start-up network. Find consultants who are working in the space and are connected with varied individuals who bring in different skills and expertise. Advisory consultants can speak with you to find the right fit for your present needs.
There are multiple ways to engage with advisors
Retainership, commission, success fees, sweat equity – choose the right model for your advisory needs. These can further be adapted to your business and a consultant can help you identify what would work for your team and business.
It often helps to find an advisor right at the ideation stage so you can mitigate the risks. Advisors can help you avoid mistakes that they may have already made. And help you create a stronger foundation.
The Outstanding Speakers’ Bureau has a strong network of advisors who offer valuable advice to start-ups, in area such as capital raising & funding, talent management, business management, creating partnerships, technical know-how, digital transformation, go-to-market, public policy, operations & scaling up etc. Connect to find the right advisor for your start-up.
TOSB Conversations is a series of curated dialogues with leading global experts on the ideas that are shaping our world. Follow them here for more insights.