A business accelerator is a business machine, which helps the startups and the developing enterprises grow faster with the available resources and equipment of the said accelerator. The business accelerator is aimed at improving and developing the industrial value chain and the business running process.
The business accelerator provides the small and medium-sized enterprises (the SMEs) with all the relevant resources and services in need in order to make them to grow up faster and better. Every enterprise is developing step by step. There is about a year and a half to two years of bottle neck period, which is a difficult time. After breaking through the bottle neck, it will rapidly grow and develop, with business expansion. When the SMEs come up with bottlenecks and obstacles, the accelerator will work out solution automatically or artificially to push the business to develop further.
We have already talked about the start up incubator, business operator, and business manager, All these are included within the business accelerator, but a business accelerator is hereby emphasized on business sourcing, supporting, upgrading, cloning and even exchanging so as to make business breakthrough the bottleneck and developing itself faster as designed and expected. There are many useful functions of the business accelerator, which are introduced as follows.
Business Sourcing Function
In business, the word “sourcing” refers to a number of procurement practices, aimed at finding, evaluating and engaging suppliers for acquiring goods and services. Business sourcing consists of insourcing and oursourcing. Insourcing is a process of contracting a business function to someone else to be completed in-house. And outsourcing refers to the process of contracting a business function to someone else.
There are many kinds of business sourcing in varied classified criterion. For example,
(1) Global sourcing, a procurement strategy aimed at exploiting global efficiency in production;
(2) Strategic sourcing, a component of supply chain management, for improving and re-evaluating purchasing activities;
(3) Personnel sourcing, the practice of recruiting talent using strategic search techniques;
(4) Co-sourcing, a type of auditing service;
(5) Corporate sourcing, a supply chain, purchasing/procurement, and inventory function;
(6) Second-tier sourcing, a practice of rewarding suppliers for attempting to achieve minority-owned business spending goals of their customer;
(7) Netsourcing, a practice of utilizing an established group of businesses, individuals, or hardware & software applications to streamline or initiate procurement practices by tapping into and working through a third party provider;
(8) Inverted sourcing, a price volatility reduction strategy usually conducted by procurement or supply-chain person by which the value of an organization's waste-stream is maximized by actively seeking out the highest price possible from a range of potential buyers exploiting price trends and other market factors;
(9) Remote insourcing, a practice of contracting a third party vendor to complete a business function by creating collaborative units between in-house and third party staff;
(10) Multisourcing, a strategy that treats a given function, such as IT, as a portfolio of activities, some of which should be outsourced and others of which should be performed by internal staff;
(11) Crowdsourcing, using an undefined, generally large group of people or community in the form of an open call to perform a task;
(12) Vested outsourcing, a hybrid business model in which a company and service provider in an outsourcing or business relationship focus on shared values and goals to create an arrangement that is mutually beneficial to each;
(13) Low-cost country sourcing, a procurement strategy for acquiring materials from countries with lower labour and production costs in order to cut operating expenses...
The development of a company can not be separated from resources. It can be said that the development of a company is a process of finding, integrating and utilizing resources. Take Tannet as an example. Our service channel can be understood from two aspects, namely, insourcing and outsourcing.
For insourcing, we find clients, and then contract the various businesses they entrust to us. With 20 departments and professional teams, Tannet can provide customers with satisfying services including business incubator’s service, business operator’s service, business manager’s service, business accelerator’s service, capital investor and its services, as well as business solution provider’s service. If a client turns to us for solutions of business startup, business followup or business speedup, we are surely help them with our own resources. That is to say, insourcing means doing the work that should have been outsourced by oneself.
On the contrary, outsourcing involves the contracting out of a business process (e.g. payroll processing, claims processing) and operational, and/or non-core functions (e.g. manufacturing, facility management, call center support) to another party (see also business process outsourcing). For instance, after a foreign investor set up a company in China, one of the urgent things to do is the recruitment. This is extremely troublesome for those who are new to China or who has little experience in this regard. Therefore, he/she would better turn to a professional agency who provides human resources management and payroll service, just like us!
In summary, through insourcing, the company finds clients, and through outsourcing, it integrates various external resources. By taking advantage of all the resources obtained from insourcing and outsourcing, the company is developing and growing. This is the essence where the business accelerator’s service lies.
Business Supporting Function
Business supporting function plays a critical part in maintaining the enterprises’ operations and allow them to deliver the highest quality services and products. It is a key enabler to an organization's success, but it is an overhead and its activities need to be aligned to support the efficient and effective delivery of organizational goals. Business support functions that we assist clients in the design and deliver include software backup facility, hardware backup facility, practical business running resources, technology and information, etc. We are able to assist clients in reviewing the provision of support services. Specifically, we can provide support with:
(i) providing software R&D (like EC application software or technical software), website design,etc;
(ii) offering actual&virtual offices, warehouses&logistics service, telephone line transfer, etc;
(ii) the design and implementation of new ways of working that are aligned to the organization's strategic objectives, namely strategic acceleration;
(iv) cultural change that puts internal and external customers at the heart of support services' provision, like company employee handbook design, brand awareness building, communication and relationship management, etc (culture acceleration).
In a broad sense, software facilities refer to a variety of software equipment, culture environment and spiritual elements, while hardware facilities refer to all kinds of hardware equipment, material environment and physical elements. Tannet has established the Technology&Information Department, which offers information trading service, mobile network service, Cloud storage service and software R&D service. In a word, Tannet is a solid backing for entrepreneur and investors. We are able to offer needed resources through the whole process of business setup, followup and speedup.
Business Upgrading Function
The business upgrading, or improvement, function includes formal selection criteria for focusing on the most important improvement initiatives, and deployment of the right resources, tools and methodologies to the highest impact opportunities. All the business accelerating services are based on the current business model, focusing on upgrading process and efficiency, improving capability and affordability so as to reach the level of resource optimization and value maximization. To upgrade the business, you may start with the following aspect:
(i) Business model. Every enterprise has its own development model. In our interconnected and always-on world, business lifecycles get shorter and shorter. Companies have always expected to change business models from time to time, but now many keep updating them rapid-fire. Sometimes, when the model continues to meet your organizational goals for revenue, cost and competitive differentiation, you don’t have to change it right away. But you must be ready to update it at any time, and you must know when and how to do so. Successful innovators, we found, are ones that use hard information to understand customer expectations earlier and more thoroughly than their competitors. They also use it to establish priorities for their businesses, to model outcomes based on alternative scenarios and finally to configure their businesses so they can make business model changes to get upgrading.
(ii) Business philosophy. A business philosophy is a set of beliefs and principles that a company strives to work toward. This is often referred to as a mission statement or company vision. It's essentially the company's operational blueprint.The business philosophy explains the company's overall goals and its purpose. A good business philosophy successfully outlines a company’s values, beliefs and guiding principles. Just because business philosophy is of great importance, if your company has fallen out of favor with clients, review how you treated your customers when your business was in high demand. You must re-evaluate your business practices to attract former and future clients.
(iii) Process management. Process management is the ensemble of activities of planning and monitoring the performance of a business process. When running a business, you probably use dozens of business processes every day. For example, you may go through the same steps each time you generate a report, resolve a customer complaint, contact a new client, or manufacture a new product. You've likely come across the results of inefficient processes, too. Unhappy customers, stressed colleagues, missed deadlines, and increased costs are just some of the problems that dysfunctional processes can create. That's why it's so important to improve processes when they are not working well. When you encounter some of the problems mentioned above, it may be time to review and update the relevant process. Here, you should keep in mind that all the different kinds of processes have one thing in common — they're all designed to streamline the way that you and your team work.
(iv) Business skills. Running your own business means having to wear all different types of hats. Whether it's your marketing hat, your sales hat, or your general people skills hat, you're going to need to know how to run a balanced account and continue to grow your wealth. Typically, there are five skills that a successful entrepreneur will have: sales, planning, communication, customer focus and leadership. It is important to identify the skills both the employer and the employee need to develop or improve so that one can succeed in the day-to-day business operations.
(v) Operating system. No matter what industry you engage in, you need a certain professional skills and management capabilities, establishing your own operating system. Once the operating system cannot keep in pace with the enterprise development, you need to adjust and improve.
Business Cloning Function
Business cloning can be understood as internal fission and external replication. As for the reproduction of the independent operator, one of the basic objectives of any company is to grow and expand, which is also the purpose of business acceleration. Independent operating unit, departments, branches, chain stores or subsidiaries are all independent operators of their parent companies. One qualified manager can clone one more department or outlet, and one qualified manager clone one more branch or subsidiary. Through cloning and copying elites, work model and pattern, the enterprise is able to enlarge and optimize its size. The more independent operators an enterprise has, the more stronger it will be.
The precondition of accelerating is the breakthrough, and then, there are two more main factors the business accelerator should attach greater importance to: one is upgrading of all necessary business functions, the other is reproduction of the independent operating unit, i.e. an self-dependent employee, and independent department, an outlet or even a company.
Actually, cloning the germ of a successful startup is probably a good idea. Although we naturally gravitate towards celebrating novel ideas, cloning is a legitimate business model or business process, and, if mixed with sound business acumen and talent, a lucrative one. It’s also, quite literally, as natural as life on earth. We would go as far as to say that like the process of DNA replication, cloning is essential to our continued evolution. Why? Innovation happens organically when the cogs of a black box — a competitor’s business — are hidden. There are plenty of creative processes required to produce a similar end result.
Business Exchanging Function
Today is an era of information. Information lies everywhere. Those who own information, do well in integrating information and using information are surely make a difference. Business hubs or business portals, are developing trend globally to ensure entrepreneurs, business startups, self-employed people and small business owners have a low-cost option to creating, developing and maintaining a sustainable business. If an entrepreneur can find a platform for supply and demand match making, it will be much more easier to successfully operate.
Tannet has established Citilink Industrial Alliance (Citilinkia), which is a solid organization with multi-functions both onshore and offshore, online and offline. It is an operation and development platform for enterprises which builds alliance among cities and industries, develops joint operation among trades and enterprises, and promotes joint actions among entrepreneurs to accelerate the linking of industrial chains, matching of supply and demand chain, and integration of management chain based on network operation, with the information exchange, and supply and demand matching as a link. It can serves as a business hub, an exchanging centre, an internet web, and an information platform
Business accelerator aims at helping enterprises achieve further improvement. After several years of development, some enterprises may either go from bad to worse according to both internal and external factors, or barely make ends meet, or run smoothly. By encountering each of such situations, enterprises need to find a breakthrough and make strategic adjustments so as to stage a comeback and grow stronger. In addition to the previously introduced business incubator's service, business operator's service, business manager's service, Tannet also provide another three services, namely, business accelerator’s services, capital investor’s services and business solutions provider’s services. We provide all the needed professional services for a company to setup, operate, develop.
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to email@example.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.
Post time: Apr-04-2023