We live in rapidly changing times, especially for businesses. Consider that, in a single generation, businesses have had to adapt to entirely new marketing channels (web and social), decide how to invest in and utilize new technologies, and compete on a global stage. The current economic climate is something current business owners have not experienced before so many are unsure as to how to push their business forward without the guarantee of a stable future. Business growth and continuity stems from business owners being able to plan long-term and develop these plans over a period of time, but this is harder to do because of the lack of guarantee as to the state of the economy over the next couple of years.<\/p>\n
As noted in the Economist Intelligence Unit’s report, "Scaling SMEs: Building a flexible platform for growth<\/a>", investors care about what you’re doing \u2013 and are planning to do \u2013 to ensure that your business actually has the capacity<\/em> to grow. Because failing to invest in the right areas can structurally limit growth in the future.<\/p>\n A growth strategy should define how and when you are putting in place new IT systems, processes, and organizational structures to support sustainable operations. It should cover everything from management structures, reporting lines, policies and disciplines, and communications channels to the establishment of repeatable processes and procedures \u2013 which is where IT can help the most. <\/p>\n Investing in the right IT solution can simplify much of the complexity that naturally develops as companies expand nationally and globally, go digital, hire new people, acquire new businesses, develop complex supply chains, and more. Along the way, they need to comply with more regulations, perform financial consolidations faster, and understand what’s happening across the business to make better, faster decisions. <\/p>\n You can standardize and automate everyday processes in areas like these. Think purchasing, invoicing, new employee enrollment, financial reporting, bank reconciliation, and expense approvals. By automating key steps in processes in these types of areas, you can multiply the productivity of your employees. Many tasks simply take care of themselves, as process and decision automation built into ERP and other systems can trigger next steps, such as reviews and approvals \u2013 automatically. <\/p>\n This means you can run your business more efficiently and transparently, as well as scale your business without having to hire more people. In other words, you can run simple. <\/p>\n All this is music to an investor’s ears \u2013 and your bottom line. <\/p>\n Of course, this assumes that you make wise choices when it comes to technology.<\/p>\n