Growth?
Sitting in front of a screen for nine hours straight, that too, on a super uncomfortable chair – every day for years can be a harrowing experience. This routine sounds extremely mundane and life-draining, yet it is a lifestyle that millions of people are living. While landing on the perfect job is what people dream about, following a monotonous routine can take happiness and joy out of a job-goer life.
Today, mostly the millennials and Gen Zers are giving up on the idea of working a nine-hour job and preferring to become their own boss. While setting up and running a business has its perks, it is not the easiest to manage. Not everyone has the potential, intellect, and resilience running a business demands, which is why most startups do not even last for a year.
Setting up a business is challenging – identifying the product and market, building a business model, attracting investors, and establishing a reputation in the industry. But the real challenge begins when it is time to take the business towards stability and eventually towards profitability. The majority of the companies struggle in this phase, and only a few make it past this.
Running a Business – Not a One-Man Job
Bookkeeping, people management, recruitment, team building, maintaining productivity, keeping up with the quality, compliance with government regulations, establishing external partnerships, all that while developing a growth plan and strategizing for expansion – seems impossible for one person.
Running a business requires teamwork and, most importantly, powerful tools that can help automate the processes while a business owner designs growth strategies. From Quickbooks and Xero to Tally and MYOB, business owners tend to integrate these smart software into their business operations to boost productivity, enhance quality while efficiently streamlining the operations.
While these tools are very common among business owners, they work well when a business is in its initial stage. After a year or two, an entrepreneur shifts towards manual record-keeping and management. Eventually, it becomes a challenge to know exactly what’s happening across the company. Entrepreneurs find themselves hunting the spreadsheets that prevent them from focusing on other important business operations.
The staff spends an extended amount of time re-entering and extracting data as the entire data is paper-based. Additionally, sales forecasting becomes more of a ‘guesswork’ than a research-backed prediction. In the end, a business begins to lose sales – a nightmare for every entrepreneur.
This is where an Enterprise Resource Planning (ERP) system comes into play.
The Power of ERP
Enterprise Resource Planning software is a tool that helps effectively manage the operations across the supply chain, including procurement, manufacturing, distribution, and back-end tasks as finance and accounts.
For a business to grow and prosper, it is critical to automate these tedious tasks that prevent a company from growing. The software that worked well during the setup phase will not necessarily perform the same three to four years into the market. ERP, especially NetSuite, is a comprehensive tool that helps automate day-to-day operations that would otherwise take hours, days, and even weeks to get sorted and organized. It demands minimal human input and makes data available to all, all around the clock, from anywhere.
The best thing about NetSuite’s ERP is that it establishes a centralized system. Be it a customer demanding an update on their order, a sales agent looking for renewal information, or a vendor searching for payment information with NetSuite; all authorized individuals get easy access to the required data.
Due to the myriad of tasks that a business owner has to deal with, it becomes impossible for them to manually search for information that could help them grow their business. Many companies lose sales because they fail to get information fast enough.
Improved Customer Satisfaction
While managing many tasks, a business owner deviates from his/her true mission – to boost sales by stirring a high satisfaction rate among consumers. With an ERP at their hand, the time-consuming manual tasks are automated. This helps business owners to focus more on customer building and retention.
It helps companies establish long-lasting customer relationships as they become capable of promptly responding to customer queries and questions.
No More ‘Out of Stock’ Embarrassment
One of the worst scenarios for business owners is telling their customers that they have run ‘out of stock.’ Not only does a company lose its sale but also ends up hurting its reputation in the market. With NetSuite, companies can save themselves from this ‘embarrassment’ and never disappoint their customers.
Thanks to NetSuite ERP, the retail and the eCommerce operations are operating through the same database. They are on the same page and can manage their inventory effectively.
Aligning with the ‘Modern Consumer’ Needs
As the world advances, there is a rise in the number of modern consumers. These are tech-savvy individuals that demand nothing but perfection from the world. For businesses to improve and prosper, it is important to align with modern consumer needs.
Today, the trend of ‘self-service’ prevails, and consumers love this concept. Making consumers feel they are in charge is one of the smartest approaches. Integrating NetSuite ERP into business operations allows customers to get instant access to their data.
All in all, leveraging technology by integrating NetSuite into the business operations is one of the smartest decisions for companies operating in this modern era can make. Gone are the days, where business owners havd to spend hours managing business operations manually. It is time to think past simple software solutions and take a much more comprehensive approach with businesses.
You will not only save costs, time, and efforts but also enjoy improved customer and vendor relationships.
