You’ve set up your business and you’re beginning to see success.  Now what?

For entrepreneurs, the next logical step is beginning to scale up the business.  Whether that is to make more money to scale up the business or to put the business or to put the business in a healthy position to sell on or get investors on board.  To do this, you first must ensure that your business is efficient.

There are software tools available for entrepreneurs that help improve efficiency and put the company in the position to scale-up.

An ERP system, like NetSuite, is engineered to scale with your business as it grows.  The system is also designed to streamline crucial business processes.  Ultimately, this allows you to focus more on your strengths and take new opportunities.

Some may see NetSuite as a software that is only reserved for large scale corporations, but that’s not necessarily true.  NetSuite is also aimed at small and scalable businesses and the use of the software will enable you to make better business decisions.

We will explore how NetSuite is a solution that will grow with your business.

 

Increase Profitability

As mentioned, efficiency is about increasing profit.  An investment in NetSuite may seem unlikely to save you money.  However, the use of an ERP system will combine all of your current systems into one single platform.

This includes your product development, IT support and many others.  As a result, your business processes will improve meaning that you will save money in other areas of the business due to the insights that the platform provides.

On top of this, the need for hiring and training users on different systems will become a thing of the past.  Employees will all be trained on one system therefore your time and money will be saved.

 

Better Collaboration

NetSuite ERP allows you and your team to amend and share information and documents easily.  As well as this it can significantly improve the security of your data.

Various departments will have access to the same information which eradicates the issues of individual departments using different systems.  All of your company’s data is stored, accessed and shared in one system.

 

Better Analytics

NetSuite is a cloud-based system and provides you with real-time visibility into the financial performance of your business.  This eliminates the need for manual data entry and spreadsheets.

Your employees don’t have to use separate spreadsheets and databases that have to be merged together manually to generate reports.

With NetSuite, reporting and automation is integrated.  This allows employees to read reports all in the one place.  For example, because the sales orders are instantly placed in the financial system, the order management division will be able to process orders quickly and more accurately.  This would therefore speed up order processing and would reduce the chance of any bottlenecks as you scale-up.

 

Happy Customers

Although an ERP system is internal, it can still affect customer satisfaction.  NetSuite can be used in various marketing processes such as lead generation, customer acquisition and customer retention.  Using such systems will provide a better service to your customers.  It can also improve your communication with customers by reducing the response time.  Overall this will give your customers a better customer experience.

NetSuite itself helps with order management by removing manual processes that often cause errors.  As the finance and sales teams can collaborate from a single platform, employees will experience improved accuracy and eliminate billing errors.

In terms or growth, this is a huge bonus as customers are the foundation of your business.  The greater the customer experience, the more likely they are to return which will of course help your growth.

Overall, there are may advantages to using software to aid the growth of your company.  This includes the automation of business processes and greater access to your data.  These advantages, however, aren’t purely internal.  They are also external.  As the processes become more streamlined, your customers can also reap the benefits as it allows you to engage better with them.

 

NetSuite is an all in one ERP system.  The system will help you grow your business as it provides features and has capabilities of improving your processes allowing you to focus on what you know.

Cofficient can tailor your NetSuite package to your specific needs and provide you with a level of support that will help you make accounting processes easier and more efficient.  Book a free demo to see how we can help.