Covid-19 has changed the game for entrepreneurs. We saw some businesses folding up while some sectors witnessed an unprecedented growth. What does this new environment mean for businesses? How can they navigate through its challenges and opportunities? And what crucial role are advisors playing in decoding the “next normal”?
We spoke to Monce C Abraham, Director, THEV Consulting and Renu Shah, Founder, Shakti – The Empathy Project (STEP) as they shared their insights from years of advising growth strategies for entrepreneurs and being a crucial part of start-up advisory boards. Here are the key takeaways:
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 medicine and 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 bird’s-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.
Reach out to multiple people
Partnering with varied qualified individuals and organizations brings in different value additions to a business. It is advisable to vet several choices as you set up your start-up advisory board. Make sure that the vetting process is thorough to avoid any conflict of interest in terms of other businesses that the individual or organization may already 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. A consultant who works with start-up advisors 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, or a combination of these – choose the right model for your advisory needs. These can be further adapted to your business. Advisory consultants can help you identify what kind of engagement would work best for your team and business.
Start Early
It often helps to find an advisor right at the earliest stages 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.
About the speakers:
Monce C Abraham is the director of THEV Consulting, works with companies who have achieved product market fit across company stages, including early stage firms with less than $ 1 Mn Annual Recurring Revenue (ARR) as also established businesses with ARRs of more than $ 200 Mn. THEV has created value for entrepreneurs and business leaders, with backgrounds which include Harvard, UPenn, Columbia, Cambridge, World Economic Forum Young Global Leaders (WEF YGLs), Fortune 500 CEOs, IIMs, IITs, RECs, non-profit founders and top level management.
Renu Shah is the founder of Shakti - The Empathy Project (STEP) - a unique incubation program that provides strategic support to exceptional women entrepreneurs in their early stages. The program aims at creating an enabling ecosystem for women entrepreneurs creating social impact. In her long and dedicated career in the development sector, Renu has worked extensively towards the education of underprivileged children. She founded Koseli, Project Pehal and also led Ashoka's Changemaker Schools Program for South Asia.
The Outstanding Speakers’ Bureau has a strong network of advisors who offer valuable insights 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. Talk to our team to find the right advisor for your business.
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