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Consultants: The Valuable Assets For Startups

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Nandini Mukherjee, Special Managing EditorThere comes a point at which every entrepreneur needs help. While building a fantastic in-house team is essential, there is nothing like getting a bit of outside expertise to find the best solution to a particularly tricky problem. It is the desire for this sort of perspective that has turned consulting into a multi-trillion dollar industry. The consulting industry is transforming. Influenced by technology disruption, greater spend visibility, subject matter expertise, knowledge transfer, execution focus and supplier rationalization, this transformation is being pushed and pulled by three industry levers: consultants' wants, companies' needs, and consulting firms' abilities.

Also with the rise of startups and constant exposure to the world business environment, there has been a growing need of being updated with latest and best practices to survive and grow. Customer expectations are at the highest ever in history of business itself; markets are plagued with choices. The need to move ahead in the competitive structure and gain optimum market share in today's highly competitive markets, has made startups across the world opt for third-party consulting and advisory services. To hire consultants for startup means to have a dedicated mentor who can see the business from a different perspective and provide critical suggestions and resources. Consultants for startups can help entrepreneurs perform at the highest level. The right business consultant could be a valuable asset for a startup business - a source of expertise, experience and support.

In our current edition, we have featured a list of "10 Most Promising Consultants for Startups" that highlights the capabilities of consultants in assisting startups achieve a competitive edge over their competitors. In this changing scenario, business leaders have to constantly look for new sources of competitive advantage to win in their markets. For consultants this will mean a paradigm shift in their ability to stay adaptive by embracing new ideas and enhancing their skills and capabilities.