Business Mentorship

What is Business Mentorship in Techn0logy? When you’re launching a tech startup, you need all the help and encouragement you can get. From understanding the technical aspects of your company’s product to coping with the isolation that often accompanies entrepreneurship, having an accomplished and empathetic mentor can make an enormous difference in your success.

Depending on your personal and professional network, you likely have countless options for potential mentors to have a great business mentorship. However, it’s best to choose someone who truly understands your market, your career path and your business goals. We, the experts here at ParsBEM Consultants Private Limited provide the right and guided mentoring to you.

FP&A (Financial Planning and Assessment) in Business Mentorship is the process of determining how your company will afford to achieve its vision, strategic goals, and objectives. While accounting is about looking backwards, FP&A is about looking forward.

In the world of startups, you can tell just how important planning is by looking at some of the companies with no revenue and huge valuations – much of the company’s value comes from its projected future earnings. It’s safe to say that no matter the size of your company, you are going to need a mentor to get a proper guidance into engage in budgeting, forecasting, and analysis that supports major decisions in the business.

Two fundamental truths exist when marketing a startup. One is that a great product alone is not enough to succeed. The other is that no amount of marketing will make a crap product gain a mass audience.

“Nothing kills a bad company faster than good marketing”

Successful startup marketing requires that you have both a great product and great marketing. For early-stage startups, feedback is more important than customers. The faster you can resolve customer objections, and improve the product to match market demand, the more likely you are to win over the long run. There are some steps, we, as mentor, take here for startups to match the market demand in the long run:

• Growth hacking – building marketing into your product
• Conversion rate optimisation
• Customer feedback loops
• The diffusion of innovation & targeting early adopters
• Fine-tuning your messaging
• Differentiation

Startups have a lot of work ahead of them, and in the rush of everyday business, it can be difficult to take time and establish a solid HR department strategy.

While many small businesses may not see the need for an HR department, it’s a necessary and valuable asset to have at your company, especially if you’re looking to grow. Not only can establishing an HR department early on help keep your company organized while you grow, but it can handle internal issues that are bound to crop up when you least expect them. To have properly managed resources and payouts in the company, only HR department and hiring will not work efficiently. But, with right mentoring and guidance along with incubating the company with the right means, shall lead the company to accurate finance management, project delivery and designing financing patterns exponentially.

Though all businesses face financial constraints, the situation is often more critical in a new business attempting to introduce a new product into the market, where business mentorship can play a vital role. Unlike established companies, a start-up doesn’t have a recurring source of revenue upon which to support its development efforts. New companies typically operate on money raised directly from investors or on their own personal cash.

In terms of operations management in a new company, you must produce the product with as minimal an amount of cash outflow as possible. Doing so often involves outsourcing much of the initial production to keep costs variable rather than fixed to preserve cash. This is where we come in the scene to manage and perform the operations and management guidance efficiently.