To grow in today’s competitive global marketplace, startups and small businesses need to adapt – regardless of the industry they operate in.
For many small businesses, adaptability comes with an integrated business management solution.
If you are a startup or a small organization, an integrated business solution is the best investment you can make at this moment to build a strong technology foundation to automate your business operations.
To achieve that, you need to deploy a tech piece that offers flexibility and seamlessly integrates your processes as well as prepares your business for growth in a competitive marketplace.
A comprehensive product like NetSuite is a new venture that your business can opt for to organize all aspects of your business cost-effectively.
As a business management platform, NetSuite can give you a more holistic view of your company’s processes.
To find out if NetSuite is the solution your startup or small business needs, we’ll walk you through what NetSuite is, whether it is the right solution for startups, and when your startup is ready for NetSuite adoption.
Let’s dig in!
NetSuite: The Basics
NetSuite is a pack of business tools such as enterprise resource planning (ERP), customer relationship management (CRM), and eCommerce solutions.
It is the core software that manages the operations of a business single-handedly. Companies use NetSuite ERP to manage inventory, track financials, handle eCommerce stores, and maintain customer relationship management.
Being an effective platform for inventory management, NetSuite ERP reduces wastage and the issues of delays.
Every company needs a solution that breaks down silos and gives a complete picture of different aspects of the business.
To achieve this, fast-growing companies choose NetSuite because it gives real-time visibility into every facet of business and grows with them as they expand.
By accelerating processes, NetSuite also prepares businesses for growth in competitive, dynamic, unpredictable marketplaces.
Is NetSuite Sufficient for Early-Stage Startups?
A platform like NetSuite is the perfect business solution you ever need to encourage progress and development in your business.
For businesses aiming to control their operations, NetSuite is the best ERP system available on the market.
It offers financial management features and automates many essential accounting functions. Besides this, NetSuite for startups has billing, reporting, and planning features and easily integrates with any other software.
If you want to grow a global customer base, it also supports multiple currencies.
Other powerful business management features in the ERP suite can help you:
- Stay on top of warehouse orders and organize production processes
- Manage each point of the supply chain and distributions
- Provide insight into workforce operations
Designed to streamline processes, NetSuite cloud ERP can help scale your small business and its infrastructure.
It responds to business needs at every stage and gives your company confidence to grow. NetSuite for startups makes it much easier to bridge gaps than any other ERP system. It is a fast, extremely reliable, and fully functional solution.
Benefits of NetSuite for Startups and Small Businesses
There are several ways businesses can benefit from NetSuite cloud ERP.
Here are some of them:
Scalability
The modular design of NetSuite makes it a highly scalable system for any business aspiring for growth, whether through expanding business across boundaries, languages, currencies, and tax controls, increasing services and products, or changing business models.
No Extra Costs
NetSuite understands small businesses face a huge challenge raising capital while keeping expenses to a minimum.
It has made its ERP an affordable option by eliminating IT costs. Since it is a cloud solution, you do not host data on-site. Plus, no additional equipment such as servers and databases is necessary to purchase.
Moreover, your business does not incur maintenance costs since Oracle maintains all the hardware. NetSuite automatically updates the software, so businesses are always on the latest version and free from manual updates.
On top of that, NetSuite’s modular design makes it more affordable and adaptable to any business needs. As a startup, you can begin with a few modules, just what you need, and add more as you grow and scale.
Customizations
NetSuite’s software is tailored for various industries. It has built-in process flows and KPIs specific to the needs of your business.
The company, however, also understands every business has unique needs. Thus, it allows you to customize the turnkey system to suit your business requirements, such as workflows, pre-defined roles, dashboards, metrics, and reports.
Trusted Platform
NetSuite’s cloud ERP stands #1 among leading business solutions in various industries. Trusted by more than 24,000 customers, NetSuite is a proven technology partner with many organizations.
The design, reliability, and flexibility of NetSuite make it an ideal solution for the expansion of your startup.
Single System
NetSuite is an all-encompassing suite that works for any industry or business type in any part of the world, keeping teams flexible and agile.
Spanning accounting, inventory management, CRM, and more, NetSuite seamlessly integrates data from every part of the business.
Should My Startup Switch to NetSuite?
Now you know what NetSuite cloud ERP offers small businesses and how businesses can leverage its features to stay competitive. Let’s talk about when your startup should shift to NetSuite.
To make sure you are NetSuite ready, consider the following criteria and see if your startup meets either of them:
- Within the next six months, your business expects to reach 100+ employees.
- In the next six months, you expect Annual Recurring Revenue to cross $10M.
- You have more than six local subsidiaries and 2+ international subsidiary companies.
- You are in a high volume, high complexity industry such as B2C SaaS, FinTech, or eCommerce. Plus, you meet at least 50 percent of one or more of the criteria outlined above. (For example, if your startup operates in FinTech and expects to have 50+ employees within the next six months, you can consider moving to NetSuite.)
Conclusion
NetSuite for startups is an agile platform that thrives as business needs change.
In a competitive marketplace like today’s, businesses need to plan for rapid growth and stay adaptive to whatever opportunities and risks they encounter.
NetSuite is a comprehensive business solution that combines all functions for a small organization to run smoothly and prepare for future growth.
It is a cloud solution with rapid implementation. So, startups like you can easily implement and get it up and running in no time.
But, before implementing the system, you must consult NetSuite implementation experts to get the most out of the solution.
As a NetSuite Alliance partner, Folio3 offers full-spectrum NetSuite development services. To get the best consulting for NetSuite, talk to our experts today.
