Managing a new business is not a smooth walk in the park. It takes grit, skills, and the right software solution to surpass the 3-year mark. A report says that 60% of new businesses in Australia shut operations in the first three years. Of those that survived the 3-year mark, only 50% remain profitable. The reasons for business failures vary, and among them is poor management. Let business platforms like ERP Camp® business software solutions help you succeed in managing your affairs and turning your new business into a profitable venture.
High Efficiency
It is normal to want to manage everything yourself when the business is new. You want to save costs and monitor every inch of progress. But micromanagement steals a big chunk of your time and becomes costly in the long run.
There are business software solutions that automate the core processes of your business, namely customer relationship management (CRM), employee compensation, project management, and lead generation. With automation, time-consuming administrative tasks become more manageable, and delegation runs smoothly. Plus, you get project and finance updates in real-time.
Cost Savings
Cash is king. New businesses incur unforeseen expenses that consume the yearly budget. Or sometimes, projected sales and other revenues are not met. In such cases, your cash flow is negatively affected. Your wisest move is to reduce costs, wherever possible.
Replace the costly manual processes in your business system with business software solutions. Their web-based platforms consist of interconnected functions that transmit data in a few clicks. Instead of hiring two staff to monitor, verify, record, collate, and compute for the employees’ payroll, you can invest in an affordable business solution suite like ERP Camp® Business Software Solutions. You save money as well as time.
Accurate Reporting
Sound strategic decisions depend on accurate data. New businesses, especially those with tight cash runways, must ensure accurate and fast reporting to support critical decisions. Data-driven business solutions like ERP Camp® Business Software Solutions allow you to look at leads forecasts, financial reports, employee reports, and project statistics conveniently. These will guide you in setting directives, formulating strategies, and revamping operations.
Accessibility
If your business is online-based, you need a platform where you and your staff can communicate effectively and access tools conveniently. For instance, a web development company may hire project employees who are based offshore, or a sports photography business may hire several freelance field photographers. In these cases, you cannot handover paper documents or send instructions personally as distance and time zones stand in-between.
Business software solutions make your digital business viable and sustainable. It is web-based, so anyone who has access to the Internet can log in to see information and use tools. It also has a user-friendly interface that does not require rigorous training. New users can adopt in no time.
Improved Customer Experience
Prioritise customers’ needs, and your brand will flourish in no time. Exceptional customer service is a source of competitive advantage. It facilitates repeat purchases and promotes your company through word of mouth.
With the CRM feature in business software, you will avoid delayed responses and delayed deadlines. You will also understand your customers’ needs better. CRM has helped many businesses identify, segment, and target customers. A well-defined target market helps in successful brand positioning.
Grow your business into a profitable venture. There exist several different reasons why businesses fail but do not allow the lack of management foresight to stand in the way when you can avoid it.
