Why do you need a startup catalyst for your business?
The second stage of a startup will begin when the product has reached to the commercialization stage. This is a growth stage of any startup. At this stage of growth and entrepreneur has to virtually replicate himself to take care of issues pertaining to different areas of business. Business Growth consultant plays a role of startup catalyst at this stage. Business growth consultant or Startup Catalyst will help the entrepreneur to build strategies, evaluate opportunities, explore M & A opportunities etc Typically, the growth is fuelled by various parameters like
- Market size
- Product innovation
- Customer enrichment
- Digital transformation
- Mergers and Acquisitions
- Join ventures
- Product extensions
- International expansion
- Allied products
- Research and development
All of these areas are deep rooted and need specialised attention to reflect on companies’ growth targets.
Business growth consultant plays an important role in helping you to access the potential of each of the areas and its relevance to your business. An experienced business accelerator can act as business transformation agent to sharpen the process, digitise the business and cut the costs. However, your business may not need to grow in all the above parameters mentioned above and therefore business growth consultant can help you to concentrate only on those parameters which will fuel the growth of your business.
How will startup catalyst help your business grow?
The catalysts or business growth consultant will induce and set necessary goals for growth objectives, once a startup crosses the stage of validation of idea, market research and POC. Startup catalyst or business growth consultant will establish the strategy for growth and the areas in which this would be achieved. This will help you to fix the road map and ensure that there is no overlapping and over ambitious plan of execution.
- It will help you to define the areas through which growth will be achieved. These areas will be established after considering your product strength, market realities, demographics of the market, competition landscape etc.
- Growth consultant will help you to build the financial model and initial pitch deck for raising funds. It is extremely important to calculate s the right amount of financial need which will be required to achieve the targets. The model will not only help you to approach the first investors but will also act as budget while working on limited finances.
- Brainstorming with the founder and senior team on various operational and risk mitigating issues will help in establishing the short term and long-term execution plan
- , You will be able to access and evaluate various M & A opportunities which can fuel the growth.
- Guide you through the HR process and more importantly the initial A team or co-founders.
Mistakes which can be avoided during the growth stage.
- One very common mistake which can be made is a tendency to run after every available opportunity.
- In absence of clear strategy, the efforts towards growth will be haphazard and will lead to waste of resources.
- Because of the wrong strategy the entire company will be driven towards ineffective goals and will create frustration since their efforts could be overlapping.
- Each of the growth parameter may not be relevant to you and chasing all of them simultaneously will drag the business growth.