Consulting is a time-consuming job that could lead to an “always-on” feeling, which may not be for everyone. Additionally, soft skills like empathy and agility are core to a successful consulting career. Furthermore, acceptance in the consultancy industry depends solely upon the knowledge and experience that are used to render the services. Today, SheAtWork shines the spotlight on Nidhi Goyal, a woman entrepreneur with vast experience in handling tax and regulatory advisory and compliance services. Her skills in identifying tax issues, conceptualizing the solution models, and her prowess in optimization of the alternative solutions, have brought her where she stands tall today. Currently, she is running consulting firms successfully in New Delhi, with the names, Avinav Consulting, Nivesa Advisors, SPNG&Co., Avinav Advisors, and she aspires to become the one-stop-solution for business initiatives for MSMEs(around the globe). Having prior experience with MSMEs, is aiding her to empower teams and give them the platform, guidance and unrelenting support they seek.
Quote – “Before starting any venture as an entrepreneur, it is essential to know your strengths and weaknesses.”
Ques. What inspired you to develop your business idea?
Ans. I have worked as a consultant at various positions in the Big 4 Accounting and consulting firms for about 22+ years before I started my own ventures. In these firms, I was finding it difficult to serve the clients holistically as the firms give very limited areas to consult-on in order to keep a divisional services structure. This not only hampers services but also quality services.
Further, there is a lot happening in India in manufacturing, skill development, mobility, etc, and I wanted to be a part of these New India initiatives in some way. In the Big 4 firms, it was not possible for me to handle consulting / advisory in these areas and various other prominent sectors in India.
So, I decided to start a consulting firm for providing specialized services catering to their respective industry sectors apart from services in areas of regulations, taxation, accounting, finance etc. I decided to not just read through these industries but also to understand their pain and best areas.
Further, it gives me an opportunity to interact with Senior Management level and understand their business challenges and issues they face every day to grow in the New India initiatives.
Ques. Knowing what you know now, is there anything you would have done differently when you were first starting out?
Ans. Yes indeed. I should have first focused on educating the clients through the websites of our firms. This would improve the ‘preparedness’ before we delved into work processes. Since there isn’t sufficient time at later stages due to the abundance of work and involvement in the clients’ work, this would have been a wise move.
Ques. What challenges did you have to overcome at the beginning of your journey?
Ans. It was challenging to build up relevant teams across different service areas and search for the right talent-pool. I made a few mistakes while selecting team members considering their experience and exposure, but I realized it and made amends. With experience, I gauged that it is better to mentor and build up a young and energetic team who are not only willing to learn, and develop but are also interested in stepping out of their zone of expertise and work in different areas.
Ques. Where do you aspire to be 10 years down the line?
Ans. I want to be known as one of the best entrepreneurs in developing Indian consulting firms with one of the best teams. I aspire to extend support to the industry, government, and consumers in some way.
Ques. What advice would you give to an aspiring entrepreneur?
Ans. Before starting any venture as an entrepreneur, it is essential to know your strengths and weaknesses and the plan should be made accordingly and thoroughly before starting any venture- economically and technically.
It is always good to discuss your interest areas with your seniors and family members as they also know your strengths and weaknesses and can thus, guide you better.
Most importantly, the venture or business that you choose should be of your interest and should be pursued with full focus, dedication, and perseverance. One must consider onboarding senior professionals, and mentors on the company board, for ensuring availability of unbiased expert advice and guidance. This would be an added advantage for your ventures.