Small businesses need to grow when the time is right. Just “getting the job done” isn’t the right answer when you start feeling an overflow of business processes and requirements.
When your business grows, time is valuable and increased tax obligations can detract you from personally tracking every pound going in and out. But how can you tell that your systems aren´t cutting it? There are some signs you have to pay attention to.
Some warning signs are:
- business processes are too manual
- travel and expenses are too difficult to get managed
- you have too many spreadsheets to control information
- information is not reaching the right people or departments
- your systems are too slow and don’t react on time
- tax obligations are just too much to handle
- your clients aren’t paying and you don’t know who they are
Some solutions are:
1. Modern cloud-computing software – These systems empower you to be on the go, wherever you are, you can connect to the Internet, and at the small click of your mouse you can have integrated processes implemented. IT also allows you to have scale so that you don’t have to be restricted by size or cost. It’s prohibitive to spend money on in-house teams to manage this so offloading it to cloud systems reduces your dependency on employees
2. IT automation – More transactions highlight the need for more in-depth accounting, processes and reporting. SaaS has a key role to drive efficiency and if you automate processes you will eliminate gaps and free-up staff to focus on driving business growth.
3. Multi-user access – As transaction numbers, staff numbers and complexities in the small business grow adopting multi-user systems that allow simultaneous data input can be important to maintain business momentum.
4. Integration – Remember that new systems must integrate with other systems. SO have a system that allows you to include other systems especially when it comes to financing and accounting as legal obligations will bind you to highlight inefficiencies.
5. Scalability– A system has to grow with you. Whether it’s more currencies, different types of documents, you need them to allow you be as flexible as possible.
6. Built in auditing – As businesses grow they need to implement systems that allow for instant and immediate auditing of the data they hold. All systems that manage data in your business should have the capabilities to offer you insight.
7. Compliance – Increased automation ensures you are compliant with legislation and your own policy guidelines. Laws are constantly being changed and updated and you need a system that reacts to that and removes any obligation on your part to do that. What you pay for should include automatic updating according to new rules.
8. Digital workers – Growing businesses can use that fact that a young team brings along a team of digital natives so you can use the trend and allow workers to work remotely saving you money on office space.