Understanding the Role of Business Advisor before embarking on any project.
The main role of business advisors is to help small and medium-sized enterprises (SMEs) identify problems, overcome them and grow the business.
2. Be an entrepreneur, not “grant-repreneur”. Often, SME owners approach the PMC with the intention of identifying the greatest amount of support, via grants, that they can tap for their business. Rather than asking a business advisor, “What are the grants available for my business”, why not start by asking, “How can I improve my business?”. You will gain more mileage out of the assistance programmes if you view them as a means to grow or transform your business, and not just solutions to a short-term operational problem.
3. Identify your business’ strengths and weaknesses. Do your homework first for a more productive meeting so you can gather key takeaways and strategies to implement immediately. Before the first meeting, try to conduct an internal study on Strengths, Weaknesses, Opportunities, and Threats (SWOT) for your business; identify the top three problems to address or new growth areas to explore. And if you have a business plan, do share with the business advisors. Doing so helps the business advisor to assess how your company is performing in relation to where you want to be, and the steps needed to reach your goal.
4. Build a meaningful relationship with the experts Business advisors come from different industries, and have different professional certifications, and experience. They are also trained by Enterprise Singapore, other government agencies, and appointed consultants, in different areas of business. All these equips them with the necessary tools and knowledge to operate as business enablers, connectors and accelerators. Business advisors work hand-in-hand, on a continuing basis, to help uplift your business through various forms of assistance. It is important to be open in sharing to receive the best value-added advice from the team of experts. Be assured that the business advisors will act as your pillar of support throughout the entrepreneurship journey.
5. Draw plans and set milestones As the saying goes, “When you fail to plan, you plan to fail”.
Companies that have successfully embarked on capability upgrading, research & development projects or expansion all have clear project management plans. It is an important tool to help all parties involved visualize the goals, identify key milestones for deliverables and remind team members of deadlines.
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