Author Archives: enterslice

Easy Steps for MSME Registration

MSME stands for Micro, Small and Medium Enterprises. MSME registration is required for each and every micro, small and medium enterprises to get benefits of various incentives provided under the Micro, Small and Medium Enterprises Development Act (MSMED Act).

In this blog, we will briefly discuss about MSME registration. Here we will cover:

  1. What is MSME registration?
  2. Who can apply for MSME registration?
  3. Is it mandatory to obtain MSME registration?
  4. Benefits of MSME registration
  5. MSME registration Process
  6. Documents required for MSME registration

Let’s start the journey!

Who can apply for MSME registration?

Any type of business entity can apply for MSME registration. List of the business entities who are entitled to apply for MSME registration is given below:

  • Proprietorships
  • Partnership firm
  • One person company
  • Limited liability partnership
  • Private Limited Company
  • Producer Company
  • Any association of Persons

Is it mandatory to obtain MSME registration?

MSME registration is not mandatory until yet but it is advisable to obtain MSME registration because it provides a lot of benefits in terms of taxation, setting up the business, credit facilities, loans etc.

Benefits of MSME registration

There are numerous benefits of MSME registration and some are discussed below:

  • Easy to get a bank loan – Once you obtain the MSME registration, then you can easily get a bank
  • Subsidy on Patent registration – Through MSME registration, a business entity and enterpriser can avail 50% subsidy on patent registration.
  • Industrial promotion subsidy – Enterprise having MSME registration is eligible for Industrial promotion subsidy.
  • Concession in electricity bills – Those who have MSME registration are entitled to get concessional benefit in respect of electricity bills.
  • Protection against delay payments – By obtaining the MSME registration, any enterprise can get protection against delay payments.
  • Government Tenders – A MSME registered enterprise can be easily selected for a Government tender.

MSME registration Process

MSME registration can be done through online as well as through offline. The process of MSME registration is given below:

1) Visit the website – To obtain MSME registration, first of all, visit the website as prescribed by the government

2) Filling up Registration Form- After successful login, you have to select the register option and then need to fill up MSME registration form along with various documents like:

  1. Aadhar card number
  2. Validation of Aadhar
  3. Gender ID of the entrepreneur
  4. Name of the enterprise
  5. Type of your organization
  • f)PAN
  1. Location of your plant
  2. Residential address
  3. Your previous registration details, if any
  4. Bank details

3) Submission of Form – After fill up the registration form you need to submit same.

4) Issuance of MSME Registration – Upon successful submission of the Registration Form and after proper verification of the Registration Form, the concerned authority will issue MSME registration certificate.

Documents required for MSME registration

List of the documents required for MSME Registration is listed below:

  • PAN of the enterprise
  • Bank details
  • Aadhar card
  • Proof of ownership of premises
  • Copy of licenses and Bills of Machinery purchased
  1. 6)Copies of Sale/Purchase bills
  • Partnership deed

Conclusion

MSME acts as an engine which helps in the growth of the economy and promoting equitable developments. Enterslice provides world’s best service in a matter of MSME registration. If you are planning to apply for MSME registration, then kindly contact the expert team of Enterslice to get best and affordable service.

Source url – http://www.enterslice.gomilio.com/en/blog/easy-steps-for-msme-registration-43

All Things to know about ESIC registration

ESIC registration is useful for both the employees and employer. ESI stands for Employee State Insurance and it is managed by the Employee State Insurance Corporation (ESIC) which is considered as an autonomous body created by the law under the Ministry of Labour and Employment of India.

In this blog, we will briefly discuss about ESIC registration. Here we will cover the topic which includes

  1. What is ESIC registration?
  2. Who is required to obtain ESIC registration?
  3. Benefits of ESIC registration
  4. ESIC registration Process.
  5. Documents required for ESIC registration

Let’s start the journey!

What is ESIC registration?

ESI is a self-financing social security and health insurance scheme for Indian Workers. ESIC registration is a statutory responsibility of the employers of factory or any establishment.  Registration under ESI Scheme is mandatory for every employer entity engaged in any economic field. ESIC registration provides monetary and medical benefits to employees in case of sickness, maternity etc.

Who is required to obtain ESIC registration?

  1. Factory and business establishment having 10 employees or more than that have to obtain ESIC registration.
  2. Shops, hotels, cinemas etc where 10 to 20 persons are employed need to take registration of ESIC
  3. Private medical and institutions employing 10 to 20 persons or more than 20 persons are required to obtain ESIC registration.

Benefits of ESIC registration

There is a numerous benefit of ESIC registration and same is discussed below:

  1. Medical benefits – By obtaining ESIC registration, you are entitled to get medical benefits. ESIC registration provides medical benefits to an employee and his/her family members
  2. Maternity benefit – Under ESIC registration, there is a provision for maternity benefit. Maternity benefit is given to women employees and it is given in the type of paid
  3. Sickness Benefit– Sickness benefit is another benefits of ESIC registration. Sickness benefit is generally given in the form of cash and an insured person is entitled to avail this benefit.
  4. Disablement benefit – As per the ESI scheme, employees are entitled to get disablement benefit. An insured employee who is suffering from physical disablement in course of his employment is entitled to get disablement benefit.

Documents required for ESIC registration

A number of documents as discussed below are required for ESIC registration.

  1. Copy of the PAN card of the establishment, firm etc.
  2. List of minium 10 employees
  3. Address proof of the establishment, firm etc.
  4. List of partners and directors of the establishment, firm etc.
  5. Copy of Bank statement
  6. Incorporation certificate of the establishment, firm.

Conclusion

ESIC registration is a statutory responsibility of the employers of factory or any establishment and by obtaining. By obtaining the ESIC registration you are entitled to avail a number of benefits as discussed above.

Enterslice is an award-winning company which provides world’s best and affordable services relating to ESIC registration. If you are planning to obtain ESIC registration then kindly contact the team of Enterslice.

Source url – http://enterslice.strikingly.com/blog/all-things-to-know-about-esic-registration

MSME Registration Certificate Sample

Are you a micro or small or medium business? If yes, then MSME registration is assuredly compulsory for you. Legally it is not mandatory, but it is always advised to obtain the MSME registration for availing the benefits offered under the MSMED Act.

In this blog, as the title suggests, we will see the MSME registration certificate sample. But before that, it’s necessary to have a quick through on MSME and MSME registration.

What is MSME?

MSME stands for Micro Small and Medium Enterprises, and it plays a very significant role in the Indian economy or better says, it’s a backbone of the Indian economy. Therefore, the government of India has introduced various schemes, subsidies, and incentives to support and promote MSME/SSI (Small Scale Industries).

What is meant by MSME registration?

MSME registration is a process through which a company register itself under the Micro, Small and Medium Enterprises Development (MSMED) Act. An enterprise registered as MSME is allowed to avail various benefits offered by the Central and State Government.

MSME registration eligibility criteria

You are eligible for MSME registration under the following conditions:

  • If you’re a Sole Proprietorship
  • When you have a private limited company or limited liability partnership or one person company
  • If you have a production company that produces materials
  • In case, you belong to or are part of Hindu Undivided Family
  • If you work in association with another person
  • If you have a cooperative society
  • Or any other undertaking

Documents required for MSME registration certificate

For SSI registration online or to obtain an MSME registration certificate, you first need to prepare the following papers:

  • PAN card of all the directors and partners
  • Aadhaar card of all the directors and partners
  • Ownership proof of premises such as allotment letter or possession letter or lease agreement or property tax receipt.
  • In case of a rented premise, rent agreement and NOC from the landlord along with the utility bill
  • A scanned copy of sale bill for each end product and purchase bill of each raw material purchased
  • In case of partnership firm, a copy of Partnership Deed
  • A scanned copy of Memorandum of Association (MoA), Articles of Association (AoA) and Certificate of Incorporation (COI) in case of Private Limited Company Registration along with the Board’s Resolution authorizing the director to sign the application
  • A scanned copy of Industrial License obtained under the Industrial Development and Regulation Act,1951
  • A copy of a purchase bill of machinery installed
  • Bills pertaining to purchasing and installation of plant and machinery
  • An affidavit made on Rs. 10/- non-judicial stamp paper duly attested by Notary Public affixed providing the status of machinery installed, power requirement, etc.
  • Current Bank account statement

Procedures of MSME/SSI registration

The method for MSME registration is quite simple and can be canceled at any time if the annual turnover exceeds more than a threshold limit. MSME registration process is as follows:

  • As per the rules & regulations, you need to file an application with the respective government department or file an online application directly on the official website of Udyog Aadhaar Registration.
  • A person willing to register for more than one industry can do individual registration.
  • In the application, the applicant needs to provide the details of the industry they want to run along with the necessary details and documents.
  • The document required are Aadhaar card, Industry name, Address, PAN details, email address, contact number, and some other common information.
  • The individual can provide self-certified certificates.
  • Bank account number along with IFSC code.
  • The primary business activity of the company.
  • NIC 2-digit code.
  • Investment made in Plant & Machinery / Equipment
  • There’s no registration fee for this process.
  • Once the details are filled and uploaded, you will get the registration number.
  • The documentation process will take around 2-3 working days to complete.

Note: To complete the process in a hassle-free manner and to avoid any future difficulty, all the necessary formalities must be completed.

Know about reliefs provided to MSME borrowers.

For more details on MSME registration process or SSI registration online, contact Enterslice.

Source url – https://enterslice1.weebly.com/blog/msme-registration-certificate-sample

Role of GST Registration in Import export business

You must have heard about the GST (Goods and Services Tax). It was not easy for all to deal with the consequences of the introduction of the GST. Likewise, it affected import export business as well. Further in this blog we will discuss the role of GST registration in Import export license.

By virtue of GST implementation in India, there are following implications on imports:

  • Inter-state supply

If you import any goods and services from outside India, then it will be considered as Inter-state supply under model GST law. And according to this, it will attract Integrated Service Tax (IGST) along with BCD and other surcharges.

  • Importing services from outside of India

In accordance with the GST registration in India, the consumers are liable to pay the taxes, if the service provider resides outside India. It is similar to the reverse charge mechanism, in which the consumers have to pay taxes and file returns.

  • Transaction value based valuation principle

Transaction based valuation principal is similar to the current customs law for charging GST. Earlier the CVD (Countervailing Duty (CVD) is an additional import duty charged on imported goods.) was charged on the MRP valuation system, however if we look at the new GST regime, CVD is included in the IGST and will be charged on the transaction value.

  • Refund of duty under new online GST registration regime

Earlier there used to be a credit under “Import and Sale” model, while there is no such credit is available in the present GST.

  • Current Exemption Withdrawal

Currently, there are multiple exemption notifications on customs import tariff which are likely to be reviewed / withdrawn / converted into a refund mechanism. Therefore the structure of export-linked duty exemption schemes could exchange under the FTP. While the duty exemptions will get exemption from payment of BCD but not from the payment of IGST. This will change the viability of the key schemes under the FTP like EOU, STP, Advance authorization etc.

Source url – http://enterslice.over-blog.com/2019/01/role-of-gst-registration-in-import-export-business.html

What were the Effects of GST on MSME Business

Have you ever come across the abbreviation MSMEs while going through the newspaper (especially business columns) or watching business news on TV?  If yes its good, if not then let us inform you that MSMEs stand for micro, small and medium enterprises. MSMEs are considered to be playing a very important role as they are expected to offer higher employment by 2020.

This sector has also been contributing to the government’s initiatives; MAKE IN INDIA and SKILL INDIA.

The introduction of GST (Goods and services tax) led so many questions and confusion to rise. People had expectations, what all would be affected by it.

Difficulties faced by the MSMEs on the introduction of GST

  • Whenever we try to do something, we are faced with the challenges that may or may not prove beneficial for everyone. So let’s take a look at what all situations were faced by the MSME, when GST came into effect.
  • During the initial times, there was a lot of confusion as everybody couldn’t grab the fundamentals of GST
  • There were even some loopholes in the infrastructure, which actually took little long to stabilize, Input tax credit was also noticed to be delayed in few cases, which ultimately affected the MSME industry.
  • Goods and services tax disrupted the supply chains, especially in the case of small traders, who were supplying to big manufacturing companies.

Effect on liquidity due to Daily Sales Outstanding (DSO)

Daily sales outstanding refers to the number of days, it takes to collect the payments once you have supplied the goods or services.

According to the reports published in the economic times, daily sales outstanding turned out to be higher, after the introduction of GST registration.

Changes in the cost of borrowing for MSMEs

Most the MSMEs had outstanding inventories, which would be taxed under the new GST regime. However, as these MSMEs lacked compliance infrastructure to have the tax invoices for those inventories.

This lead to the weak credit profile, due to which these MSMEs could not the avail the bank loans, which ultimately pushed them to approach non-banking financing options, And these non-banking financial entities charged a higher rate of interest in comparison to the banks.

Effect on the sales of MSMEs

Because of the introduction of the GST registration, there was a decline in the sales of MSMEs. GST brought more steps, which caused delays in the whole MSME Registration procedure. This also led to high costs, which was not under control.

Future Expectations

Once MSMEs become the part of GST regime, these would be a part of larger compliance climate. There would be a better level of preparedness and discipline in conducting the business.

Our government of India is also committed to providing support to these MSMEs, ultimately would take a positive turn for everybody’s benefit.

These were all the effects of GST registration on MSMEs, but in the long run it would benefit us all.

Source url – https://entersliceindia.blogspot.com/2019/01/what-were-effects-of-gst-on-msme.html

What are the options for NGO Registration?

NGO stands for Non-government organizations which are formed to support the underprivileged sections of the society and help in the management of different issues such as social, cultural, legal, and environmental, art, science etc. There is no intervention from government in the functioning of these NGOs. People voluntarily give their name to contribute to the functioning of the NGO. In this blog we will discuss about the NGO registration.

Topics covered under this blog:

  1. What are the types of NGO registration?
  2. What is the process of NGO registration in the form of trust?
  3. What is the process of NGO registration in the form of society?
  4. What is the process of NGO registration in the form of section 8 company?

What are the types of NGO registration?

In India, NGO registration can be done in three ways. The Indian Trusts Act, 1882, Society Registration Act, 1860 and companies Act, 2013 governs the NGO in the form of Trust, society and Section 8 Company respectively.

Further, we will look into the procedure of forming these NGOs-

What is the process of NGO registration in the form of trust?

For NGO registration in the form of trust you need to clarify the following-

  1. Purpose of creating a trust
  2. Idea behind the trust
  3. Beneficiary details
  4. Properties of the trust assigned by the assignee

Further below mentioned steps will be carried out for NGO registration:

  • STEP1: Naming an NGO

The first step is to come up with the name for your NGO

  • STEP2: List of members of the trust

You need to specify, who will be the settler, trustees (at least 2) and beneficiaries for your NGO.

  • STEP3: Memorandum of Association (MoA)

You have to frame a Memorandum of Association (MoA) and trust deed which must include all the key provisions and clauses. Trust deed is executed on the stamp paper that should be of value in accordance with the laws prescribed by the government.

  • STEP4: Submission of signed deed

All the trustees and settler has to sign the trust deed, and register it with the local registrar of the area, where the NGO will be functional.

What is the process of NGO registration in the form of society?

There are certain steps that need to be followed for the NGO registration in the form of society-

  • STEP1: Naming the Society

The first step is to select the name for your NGO.

  • STEP2: Formation of Governing Body

You need to decide upon the governing body of the proposed trust.

  • STEP3: Memorandum of Association (MoA)

Then you are required to make the memorandum of Association and by-laws of the proposed society. It consists of all the rules and regulations in relation to the registration and operation of the Society.

  • STEP4: Submitting Documents

At last, you just need to submit the MoA (Memorandum of Association), documents regarding the rules and regulations of an NGO, and other registration documents.

You have to submit all these documents with the registrar of the state, where the proposed NGO will be operating.

What is the process of NGO registration in the form of section 8 company?

Below are the steps to be followed for the NGO registration in the form of section 8 company registration

  • STEP1: Obtaining the Digital signatures

The first step is to obtain the digital signatures for all the proposed directors of the company. These digital signatures will be required to sign the application of incorporation and few other related documents.

  • STEP2: Naming the Section 8 Company

There is a RUN service available on the MCA portal, which you can use for the name approval of the NGO. You will be allowed to propose 2 names for the proposed Company.

  • STEP3: SPICE form

This is the main step under which incorporation application is filed in SPICE form along with the necessary documents like MoA (Memorandum of Association), AoA (Article of Association) of the company. If the proposed directors of the company do not posses DIN then they can directly apply for DIN (Director Identification Number) through SPICE form.

  • STEP4: Form INC-12

You need to submit an online application in Form INC-12 to the respective ROC to get the license issued.

  • STEP5: Formation of an NGO

After the proper inspection of the application of registration by ROC, License will be issued; along with the Company’s PAN&TAN number.

Hope you have a clearer picture regarding the NGO formation in India.

For more information please contact Enterslice.

Source url – https://we.riseup.net/entersliceindia/what-are-the-options-for-ngo-registration

Documents required for TDS return filing

TDS return filing is a quarterly statement which is supposed to be filed by the deductor and submitted to the income tax department. Typically TDS stands for Tax Deducted at Source and is a tax that the deductor pays in advance in the form of salary, contract payment, dividends, Funds, etc. to the government of India.

A deductor is a person who deducts the tax. However, a deductee is an entity whose tax is cut by the deductor. Any organization or individual making payments is supposed to deduct TDS and file the TDS return if the paying amount surpasses the threshold limit.

In this blog, we will discuss the two most important aspects of TDS return filing as follows:

  • Due dates for TDS return filing, and
  • Essential documents for TDS return filing

Due dates for TDS return filing

If you’re an employer or somebody who pays salary to employees, then you’re required to deduct tax at source and file TDS returns before specific due dates. The deductor is supposed to do TDS return filing on a quarterly basis as described below:

Quarter Period/Term Due dates for TDS return filing
1st Quarter 1st April to 30th June 31st July
2nd Quarter 1st July to 30th September 31st October
3rd Quarter 1st October to 31st December 31st January
4th Quarter 1st January to 31st March 31st May

Essential documents for TDS return filing

Before TDS return filing, you need to gather the required documents so that you don’t face any trouble while doing the same. Documents required are as follows:

Form 26AS: The form is an abstract of taxes deducted on your account by the deductor, details on tax deposited by the taxpayers and tax fund received in the financial year. You can receive the form from the Income Tax return filing Department and access it from the I-T department’s website.

Form 16: The form is for salaried employees who are issued by the employer indicating the details on the TDS deducted from employees’ salary and deposited with the authorities. Form 16 contains details you will require to prepare and file your income tax return.

Form 24Q: It’s a form that consists of the details of salary paid to the employees and TDS deducted on such payment. Form 24Q requires to be submitted on a quarterly basis. The form consists of two annexure- Annexure I and Annexure II.

  • Annexure I: It represents deductee wise break up of TDS against specific challan.
  • Annexure II: The annexure includes a total breakup of the salary, any deductions needed to be claimed by the employee, his/her income from other sources, and house property and overall tax liability as calculated.

Form 27EQ: It’s a quarterly statement that states details and information about the tax collected at source at the end of every quarter as per Section 206C of the Income Tax Act 1961.  Corporate and government deductor, as well as the collectors, are required to submit this form.

Section 80C Investment documents: Investments made under ULIPS, ELSS, NSC, PPF, LIC, etc. qualify for deductions under Section 80C. A deduction of Rs. 1, 50,000 can be claimed from your total income. The deduction is allowed to a Hindu Undivided Family or an individual.

Documents regarding interest income:

  • TDS certificate allotted by banks and others;
  • Passbook or bank statement for interest on savings accounts;
  • The interest income statement for fixed deposits.

Conclusion

TDS return filing is a quarterly statement filed by the deductor and submitted to the Income Tax Department. Returns consist of details of TDS deducted and deposited by deductor, PAN of deductor and deductee, TDS challan info, etc. For filling TDS returns there are a few essential documents that must be submitted by the applicant. The documents are Form 24Q, Form 16, Form 26Q, Form 27EQ, documents under Section 80C investments, etc. which are already described above. If you’re looking for a consultant to file TDS return, then contact us at Enterslice. We will execute the process in the least possible time and in a smooth way.

Source url – https://enterslice1.weebly.com/blog/documents-required-for-tds-return-filing

Documents required for ESIC registration

Almost every employee seeks medical benefits from the organization they work in, and even there’s a scheme for the same. That scheme is ESI which stands for Employee State Insurance. The Employee State Insurance Corporation manages ESI. ESIC is a self-governing body formed under the Ministry of Labour and Employment, Government of India.

Under the ESIC scheme, workers or employees of the organization can avail various medical, monetary and other benefits by the employer.

Any company that consists of more than 10 employees (in some states it is 20 employees) and has a maximum salary of Rs. 21000 per month or less has to mandatorily register itself with the ESIC.

Under this scheme, the employer contributes 4.75% of the total monthly salary payable to the employee. However, an employee contributes only 1.75% of his monthly salary.

Employees whose salary is less than Rs. 100 per day are exempted from his contribution to the ESI scheme.

In this blog, we are going to talk about the documents required for ESIC registration. Apart from that, we will discuss a few more things as follows:

  • The significance of ESIC registration
  • Benefits of ESIC registration in India
  • Documents required for online ESIC registration in India
  • How many times the returns should be filed every year after the registration?

The significance of ESIC registration for Employer

We all are aware that ESIC registration helps employee as well as their dependent with excellent medical care. But a very few of us are aware of how it helps the employer. Here’s how-

Under the ESI Act, the employer secures legal liability which can arise from any mishappening, incident or accident at the workplace. If the employer is registered with ESI and any such incident occur at the workplace with the employee, the ESI Corporation will bear all the expenses of the employee.

Benefits of ESIC registration in India

Under the ESI scheme, employees and their dependents can avail the following benefits:

  • A complete medical benefit to the employee and his/her family members;
  • Sickness benefits at a rate of 70%;
  • Maternity benefits to the pregnant women;
  • In the case of employee death at the workplace, 90% of his/her salary will be given to his dependents;
  • The same holds true for the disability case;
  • Funeral expenses will also be borne by ESIC.

Documents required for ESIC registration in India

In order to obtain ESIC registration, the applicant is supposed to submit the following documents:

  • A registration certificate obtained under either the Factories Act or Shops and Establishments Act;
  • In case of a company, Certificate of Incorporation, and Partnership Deed in case of Partnership;
  • Memorandum of Association (MoA) and Articles of Association (AoA) of the company;
  • One canceled cheque of the bank account of the company;
  • A list of all the directors in the company;
  • A list of all the shareholders of the company;
  • Compensation details of all the employees in the organization;
  • PAN card of the business entity as well as the employees working under it;
  • A register containing the attendance of all the employees.

How many times the returns should be filed every year after the registration?

After you have obtained the registration, you need to file ESI returns twice every year. For filing the returns, you will require to submit the following documents:

  • Form 6-Register;
  • A register containing the attendance of all the employees;
  • A register indicating the wages of the employees;
  • The monthly returns and challans;
  • A register containing the details of any incidents occurred at the workplace or within the premise.

Hence, these are all the documents required for ESIC registration. If you want to know the ESIC registration process or want to register your company under the ESIC scheme, then contact one of India’s leading consultant, Enterslice.

Source url – https://enterslice1.weebly.com/blog/documents-required-for-esic-registration

Society Registration through These Simple Steps

Society registration was started for the development, improvement and promotion of charitable activities like sports, music, art, education etc. Society registration begins with the association of several individuals, who supports the common agenda; and is govern by the society registration act, which was introduced in 1860.

The first step of society registration is to select the name of the society, after selecting the name; we need to focus on society memorandum, which involves the details of the members and offices with their KYC verification. It takes approximately one to months for the society registration to complete.

PROCEDURE FOR SOCIETY REGISTRATION

For society registration, you just need to fill in the details in society registration form, regulated by the society registration act 1860 and submit the required documents. The documents required for the society registration are  as follows ; ownership of the registered society, ID proofs of all the members, address proof of all the members, electricity bill/water bill (business place) , copy of property papers(if owned property), landlord NOC.

Society registration requires the involvement of at least seven members or more, who are above eighteen years of age.

Society registration is done for the benefit of general public with a motive of helping the people in some way. Society registration is taken ahead as a nonprofit organization, which has sheer focus on overcoming the challenges faced by common public. Charitable societies, the military orphan funds or societies established at the several presidencies of India, societies established for the advancement of arts, science and literature, public museums and galleries, collection of natural history etc comes under society registration.

Source url – http://entersliceindia.bravesites.com/entries/general/society-registration-through-these-simple-steps

Starting a consulting firm needs a Business Plan Consultant

Starting a consulting firm needs a Business Plan Consultant, doesn’t it sound intriguing and strange at the same time? Yes, it does. To understand how and why we first need to learn what consulting firm and business plan consultant means. So let’s get started with the introduction.

What is a consulting firm?

A consulting firm is a company or organization that has a team of experts who have clear and thoughtful insights into the business. Such an organization provides professional advice to an individual or an organization for a fee.

Who is known as a Business Plan Consultant?

A business plan consultant, as the name suggests, is a person who advises businesses or organization on achieving various objectives such as generating revenue, attracting clients, time management, etc.

These consultants play a significant role in inviting investors to invest in the business and ensure that the company is following the business plan. They make the goal and vision of the company transparent to the members.

In a nutshell, a business plan consultant is somebody who lays out the business plans and strategies or outlines the future reformations of the company.

Why is a business plan consultant necessary for starting a consultant firm?

Here are the following reasons:

  • Defines the scope and vision of the company

Before starting any business, having a clearly defined goal is pretty imperative so that one can understand why they are working and for what. A business plan consultant determines the objectives and vision of the company clearly to the members of the firm.

  • Streamlines the workflow within the company

For the proper functioning of a business, it’s requisite to streamline the workflow within the organization, and for the same, you need to have a correct business plan in place. Therefore, if you’re starting a consulting firm, then you must hire a business plan consultant because they will address the challenges faced by you.

  • Advice on raising funds

It’s quite evident that start-up businesses need funding for a great beginning. Business plan consultants help them to attract investors for seed funding and any further investments later. It completely depends on the consultant and his/her business plan that what sort of investment you’re likely to receive from the investor.

  • Finding and eradicating loopholes

Good business plan consultant will determine the ambiguities in the company and will suggest steps to eradicate them.

  • Keep track of your competitors

It’s crucial to have knowledge of the outer world, especially of your competitors, what strategies they are following, if they are leading or lack behind you, etc. You must have a proper report of extensive market research and must always keep an eye on competitors. A business plan consultant will keep a proper track of your competitors and will help in market research and analysis too.

  • Specifies the financial goal

The prime objective or intention of every business in the world is to earn as many profits as possible. Hence, it’s pretty essential to have a clear financial goal of the company, and a business plan consultant will help you with this.

Conclusion

From the above discussions, it’s clear that for starting a consulting firm, you must consult a business plan consultant first because he or she can guide you to move in the correct direction, and help you to overcome the challenges in the way.

If you’re looking to hire one, then contact Enterslice. We have a remarkably intelligent and experienced team of experts to guide you in outshining your business.

Source url – https://www.linkedin.com/pulse/starting-consulting-firm-needs-business-plan-consultant-india