Business Talent Group Case Study Solution
Bargaining power of customers
After the launch of BTG, the four group members explored opportunities for their business and succeeded to develop a wide market for individual professionals because they were providing low cost substitute with respect to traditional consultancy services. As they already providing the low-cost services thus, the bargaining power of customers was low.
Competitive structure
Tyagi and Miller was worried about the complexity of business and an increasing scope in this business around the globe. Thus, the threat of competition was high because of rapidly growing concerns and number of consultancy firms.
HourlyNerd
HourlyNerd was founded in 2013 and within three years, it had succeeded to acquire a substantial market space with respect to providing services to thousands of clients. In addition to this, it had established 30,000 boutique firms, independent experts and a custom team with the help of proprietary software solution which could match independent professional with organizations automatically.
HourlyNerd had succeeded to raise approximately $13 million from Highland Capital, Mark Cuban, and other investors to build a self-serve platform specifically targeting high-end self-determining professionals, from 2013 to 2015. HourlyNerd had announced an investment of approximately $22 million for Series C funding.
Upwork
Upwork was an eLance company and acquired a substantialspace in the market. It provided a platform for freelancers to connect with the world by providing their expertservices. It was founded in 2000 and headquartered at Mountain view, California. By the end of 2017, it had generated more than $150 million.
linkedIn was a technology giant company, it had captured independentprofessionals by launching ProFinder, a connecting platform for freelancers with U.S clients, in August 2016.
Other competitors include a-connect and Patina Solutions. Patina Solutions was targeting retirees and 25 years of experienced independent professionals.
Possible Solutions
After analyzing all the situation with the help of different analysis tools and determining the bottlenecks faced by the organization, following possible solutions has been suggested for the organization to cope up with these difficulties(Ryan Kissick and Robert Chess, 2017). (See appendix 3)
Solution #1- Capture Large Organizations
BTG had not yet made any project with larger organization because of a mandatory master service agreements (MSA). It was difficult to acquire master service agreements (MSA) because of complexities, legal expenses and the legal process. It is suggested to BTG to capture America’s large organizations with the help of fund raising to boost its sales and market share. In addition to this, because of large Spain of control in the large organizations, it would become difficult to approve the project within minimum time frame. Traditional consultancy firms had developed long term relationship with large organizations.
Solution #2- Fund Raising
From 2007 to 2016, BTG juts made a one external financing of $2.65 million- a seed financing. Miller believed that the company will grow with the help of increased revenues. But, the market competitive dynamics had changed because of rapid growth thus, it is suggested that BTG should evaluate the possible fund-raising options to boost its financial resources to capture high end professionals. This fund raising could be utilized to hire more additional sales forcein the United State for sustaining BTG’s market share along with developing a robust technology plate farm and increased marketing departments.
Solution #3- Adopt Advance Technology
HourlyNerd had established 30,000 boutique firms, independent experts and a custom team with the help of proprietary software solution which could match independent professional with organizations automatically. Thus, it is suggested that BTG should invest in R&D along with acquiring advanced software solutions for its smooth business operations. In addition to this Upwork and LinkedIn also using advanced technology to capture independent professionals.
Recommendations
After evaluating all the situation with the help of different analysis tools, it is recommended that BTG should evaluate the possible fund-raising options to boost its financial resources to capture high end professionals. In addition to this, it is suggested that BTG should invest in R&D along with acquiring advanced software solutions for its smooth business operations.This fund raising could be utilized to hire more additional sales force in the United State for sustaining BTG’s market share along with developing a robust technology plate farm and increased marketing departments.
Conclusion
It is concluded that BTG (Business Talent Group) was founded in late 2007 by Jody Greenstone Miller. Miller was worried about the complexity of business and an increasing scope around the globe. One of its competitor HourlyNerd had announced an investment of approximately $22 million for Series C funding. BTG had not yet made project with larger organization because of a mandatory master service agreements (MSA). It is recommended that that BTG should evaluate the possible fund-raising options to boost its financial resources to capture high end professionals.This fund raising could be utilized to hire more additional sales force in the United State for sustaining BTG’s market share along with developing a robust technology plate farm and increased marketing departments.....................................
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