Vision and Scope of Business consulting Services
Small and medium enterprises need to focus on Business consulting because it can add to their development objectives including poverty reduction, employment generation and economic growth. Business consulting service basically involves the procedures required to increase the profit as well as growth and competence of business enterprises that will generate more revenue. The donor interventions in the BDS are providing support to weak entrepreneurs and bringing them enhanced economic stability and security. They are also giving women an opportunity to earn money and invest in house, health, education and nutrition of their families. Similarly, Business consulting for MSMEs can result in better employment opportunities thereby taking up extra labour, advancement and enhancing the value of services as well as goods. The Business consulting service guiding principles are designed to bring greater flexibility in volatile and dynamic markets and contribute to government treasure.
The main objective for Business consulting service which is executed according to certain guiding principles is to target a flourishing market with a powerful Business consulting strategy that increases the business of small and medium enterprises. Thus, the Business consulting guiding principles follow a flexible market economy approach which features:
1. Government control on the public goods so that they can rectify, compensate for their market failures and create an environment for better product supply, but don’t regulate the private goods that can be more effectively distributed in the market.
2. Business consulting service includes the handy market rules to increase the market share of private goods.
3. When Business consulting service is executed through a suitable product design, supply and payment mechanism, it yields more profits for the enterprises with lowest budget range.
BDS includes consultancy, training and consultative services, marketing information gathering, research, analysis, strategy development and implementation and use them in business development. A confusion always takes place between strategic and operations business services. Strategic business services are generally used by the enterprises to solve out every medium to large issue and to enhance their business performances thereby improving their ability to compete and target the potential customers. However, operational business services are day-to-day business activities that include accumulation of business information and their communications, management of tax records, accounts and satisfying the labor laws and policies. Though strategic services help enterprises to recognize and target markets, design product supply, set up delivery structure and search financing but the markets largely remain non committal about this service. They promptly approve the demand for operational services. So, strategic services remain the focal point for donor interventions in BDS.
The specialized business service providers offer some kinds of BDS on a stand-alone basis. At times, business service providers combine BDS along with other products or services. For example, marketing assistance in applying advance technologies is blended with training and product design services. The BDS for SMEs is necessary for developing a business-to-business relationship including licensing relationships, buyer/supplier, franchise and subcontracting process. Informal business networks and business associations are coming forward to deliver BDS to small and medium enterprises.
About Author: Robert Cohen is working as a Business consulting analyst for several years. He specializes in business growth strategies and offers useful Business consulting service tips on his personal blog.
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