Image that you have to drive to another city and do not know the way. The first thing you would get is a map. Otherwise, you will get lost and waste a lot of time and fuel. The worst-case scenario is that you have to turn back after all the effort you put in.
Well, that’s what many business owners go through if they start a business without any help or assistance from a qualified person. A qualified person can offer you support support through training, consulting, coaching, or mentoring in your business.
This support will help you choose the right business idea and structure and operate your business properly. If you do not take extra time to do all these, you are likely to lose money or worst case, close down your business.
So, if you are about to start a business or are currently operating a business, you should talk to a Business Development Services Provider (BDSP).
So, who or what is a BDSP? The concept of BDS is a relatively new one in Nigeria. Whenever I mention that I am a BDSP, people ask me many questions. What is a BDSP? What do BDSPs do? Etc. In this post, I will answer the FAQs about BDSPs.
Table of contents.
- What is Business Development Services (BDS)?
- Who is a Business Development Services Provider (BDSP)?
- How can Business Development Services Providers (BDSPs) help business owners?
- How can I engage the services of a Business Development Services Provider (BDSP)?
What is Business Development Service (BDS)?
Business Development Services is a range of services that can help you start and grow your business efficiently. According to the Committee of Donor Agencies for Small Business Development 2001, Business Development Services (BDS) refers to a range of services entrepreneurs use to help them operate efficiently and grow their businesses with the broader purpose of contributing to economic growth, employment generation, and poverty alleviation.
Business Development Services are designed to help you overcome barriers to growth in your business. Some areas where you can get assistance are market research, advertising, policy advocacy, business incubation, accounting, and tax advice. Other areas of BDS are mentoring, management training, consulting, coaching, and assistance with business planning and finance.
Who is a Business Development Services Provider (BDSP)?
A BDSP is a person or firm that provides BDS to Micro, Small, and Medium-scale (MSMEs) business owners. BDSPs can be generalists or specialists.
BDSPs help business owners identify what is stopping their business from growing and provide solutions to the problem. There are two main ways BDSPs help business owners.
- The generalist BDSP can design a series of activities to resolve the problems in your business. The BDSP could also train you to become a better manager.
- The second way a BDSP can assist you is to refer you to a specialist BDSP to help you resolve specific issues in your business. For example, your BDSP may refer you to a tax consultant if your business has taxation issues.
Specialist BDSPs are professionals in fields that are related to business setup and growth. Examples of specialist BDSPs are tax and marketing consultants. Some other examples are lawyers and accountants. They are trained as BDSPs to assist the business owner in resolving specific business issues.
For example, if you need to register your business, you will talk to a lawyer. However, if you need to resolve tax issues, you have to approach a tax consultant for assistance.
How can Business Development Services Providers (BDSPs) help business owners?
At this point, you may be wondering how a BDSP provides help to business owners. Well, you can get assistance from BDSPs in several ways. The best way is to engage the BDSP as your business coach so that you can get someone to: “hand-hold you” in your business. Hand-holding means that your BDSP is providing one-on-one training and coaching to you.
This section will explain some of the assistance a BDSP can offer you at different stages of your business.
- Pre-start up: Improving business and entrepreneurial skills, identifying the right business idea, and developing a business plan. Other areas are getting loans or grants to start your business.
- Startup: Implement your business plan, register your business with regulatory authorities, and organize your business. Other areas are managing your business and training your staff.
- Growth Phase: Develop a growth or export plan, and prepare your business to get grants or loans for expansion.
- Access to finance: Preparing your business for loans from banks and writing a bankable business plan. You can also get help to apply for grants.
- Exit stage. When you are ready to sell your business or pass it on to other people, the BDSP can help you prepare a succession plan. You can also get help to value your company before selling it.
BDSPs also help entrepreneurial groups like youth, women, and mid-life entrepreneurs with training, coaching, and mentoring. These services are targeted at helping the different groups overcome barriers to starting or growing profitable businesses.
How can I engage the services of a Business Development Services Provider (BDSP)?
Suppose you are ready to work with a BDSP to start or improve your business. There are two main ways you can engage the services of a qualified BDSP.
Firstly, through donor/government-sponsored programs for business owners in Nigeria. An example of this program is the Bank of Industry (BOI) BDSP program for potential and existing customers. The BDSPs on this program were selected to help business owners get loans from the Bank of Industry. Bank of Industry BDSPs
Secondly, you can engage BDSPs by approaching them directly. Several BDSPs are operating in the private ecosystem for business in Nigeria.
If you want to engage the services of a BDSP privately, you can find out from other business owners about BDSPs that they have worked with in the past. You can also search online for BDSPS. Some BDSPs have websites where you can view their services.
If you chose this method, I would advise you to find out as much as you can about the BDSP first. You should also have a consultation session before you pay for any service. The consultation session is to make sure that the person you choose can help you.
Recommended Reading: 3 Lessons from a failed retirement business
Conclusion
While you are responsible for the condition of your business, you do not have to struggle because you lack information. BDSPs can help you avoid the process of trial and error when you are starting or growing your business.
A little note: It will cost you more to engage a BDSP for one-on-one services than in group coaching.
Secondly, the BDSP cannot help you improve your business without your cooperation. Therefore, the outcome of your engagement with a BDSP depends on you. You have to implement the suggestions your BDSP makes about your business.
You should also review your work plan from time to time with your BDSP. It is no use getting a prescription from your doctor and you do not taking the drugs, or go for regular check-ups.
If you are interested in getting more tips on how to start and grow your business, join us in our Facebook community https://web.facebook.com/groups/smartretirementbiz I look forward to answering your questions there.
Aderonke is a SMEDAN certified BDSP. She is also an International Labor Organization(ILO) SME and Youth entrepreneurship trainer and business coach.
