Every business experiences growing pains. Managing and getting through the growth stage is essential for long-term success. Some businesses experience trouble with training new staff and getting them up-to-speed, minimizing error, making internal systems work together, streamlining complex processes…and the list goes on. Unfortunately, more than one successful business has found themselves out of business due to the inability to scale with their growth. While there are several business aspects to consider when reaching a new stage, we will focus on the underlying technology that aids and supports business growth. Here are a few questions your CFO and CTO should answer to prepare the business for growth.
Can Your Technology Scale?
A common issue is that when a business expands, their software doesn’t keep up. Start with your business’s core solutions, likely your accounting software or ERP. ERP software is a critical part of your daily business and must be able to keep up with increased transaction levels, additional users, integrations, advanced reporting, and more. Older accounting solutions or those meant for smaller businesses—like QuickBooks or Intacct—may not be suitable.
Functionality to assess:
- Does your current ERP have the ability to measure different currencies? If your business decides to expand globally, you will want to have an ERP that can support multiple currencies in multiple languages.
- Does your current accounting system store records locally, on-premise? If so, it’s time to transition to a cloud ERP. Cloud ERP will allow your business to grow, enable you to add users painlessly, and keep all locations on the same system.
Are Your Employees Prepared for Growth?
Business growth is much simpler when others are on-board. It’s assumed that everyone working in your organization is invested in making the business better but it still important to involve others in the process. Employee engagement is key. It’s important to get feedback from management on what systems they think would help their team become more efficient. Think of the domino effect, when upper-level management radiates their excitement about growing the business it will positively affect the rest of the organization.
Topics to bring to managers:
- What systems are making your team’s process too complex?
- Are your teams updated on the organization’s growth plan?
- Will your team need additional resources to keep up with X% increase in (transaction volume, revenue growth, new customers, etc.)?
Cloud ERP can offer many advantages, but as with all things, there is a learning curve involved. Most CFOs are optimistic throughout the deployment of a cloud-based ERP system because it reduces the cost of ownership, reduces the need for a large IT staff, updates in real-time, and provides better reporting and visibility.
If your business is looking for a new accounting suite, NetSuite is the #1 business management software suite. ERP implementation specialists like 360 Cloud Solutions have been exclusive to the NetSuite ecosystem for more than 7+ years and can help your business assess its needs to effectively grow your business.