You don't have to have a massive corporation to experience the benefits of unifying all your business functions under a single software platform. Spreadsheets and entry-level solutions often can't keep up with a business's ever-evolving needs and changing industry landscapes. Is NetSuite good for small business needs? Yes! Organizations of all sizes can benefit from shifting away from outdated methods for controlling and overseeing vital business information.
Small businesses need reliable, future-proof enterprise software solutions. Netsuite can help you scale quickly and understand your operations on a deeper and more comprehensive level.
3 Key Challenges Facing Small Businesses
Small companies often face challenges that can interfere with their ability to grow and succeed. If you run a small company, you've likely come across at least one of the following challenges.
1. Managing Reporting
Too often, small businesses rely on standalone software solutions that involve multiple manual processes. These solutions are typically ineffective in creating accurate bookkeeping records. Using outdated software can lead to financial reporting errors, such as audit problems, inaccurate revenue records, incorrect deductions and cash flow crunches.
As a business grows, keeping an accurate record of finances and processes becomes even more complicated. The following areas are prone to errors without proper software solutions for streamlining their management:
- Cash flows
While a dedicated bookkeeper can help things run smoothly, many small businesses lack the budget for such a role. With bookkeeping employment facing a projected 5% decline from 2021 to 2031, investing in the right software is becoming a necessity.
2. Budgeting and Forecasting
Managing a precise budget and forecasting future needs is another common challenge for small companies. Tracking budgets across spreadsheets can involve human error and lead to an inaccurate picture of your business's financials. This inaccuracy can impact nearly every aspect of your operation, from paying staff members to ordering the right inventory quantities.
Without a dependable enterprise resource planning (ERP) solution, small businesses lack insight into the following critical functions:
- Inventory management
- Supply chain management
- Customer relationship management
Investing in an ERP allows small businesses to gain a greater understanding of their operations. It also makes it possible to accurately forecast future needs, an essential part of scaling your small business.
3. Data-Driven Marketing
Access to marketing data is essential for making small business growth ideas and marketing endeavors a reality. Small businesses may find it difficult to make informed and successful marketing decisions without a way to keep their data organized and readily available.
Data plays a transformative role in customer acquisition efforts. It can offer valuable insights that a company can utilize for the following:
- Choosing the right channel: Data can help you identify channels where prospective customers are active and engaged.
- Picking lead generation tools: Past efforts can offer insights into the effectiveness of various lead generation tools. Reviewing that data can help businesses choose the tool that best suits their needs and works well with their customer base.
- Decision-making: Analyzing the results of past marketing efforts lets a business gauge their impact and plan future campaigns.
How to Take Your Business to the Next Level With NetSuite
Companies that help grow your business provide the tools you need to revolutionize your success and reach the next level. Investing in NetSuite for your small business can help your small business combat the challenges above. Consider the following tips on how to improve business performance with NetSuite's cloud-based ERP for small businesses:
- Reporting: This solution allows your small business to create a comprehensive picture of your operations for compliance and management needs. NetSuite small business accounting software makes keeping up with your financial reporting easier and more accurate than ever.
- Scalability: As a native cloud solution, NetSuite supports and enhances your business's growth. You can add new users or even subsidiaries to your ERP without having to integrate multiple tools.
- Productivity tools: NetSuite allows businesses to take control of their productivity. Its executive dashboard incorporates tools for managing everything from importing and exporting records to customizing individual reports. Since it's on the cloud, you can access these tools and gain valuable real-time insights.
- Hassle-free integration: One of NetSuite's greatest advantages is its ability to easily and efficiently integrate with other cloud-based products and third-party applications.
- Forecasting and future-proofing: ERP solutions from NetSuite allow for greater bookkeeping and data insights, allowing your small business to forecast more accurately. These tools can help you future-proof your operation and make smarter decisions on everything from marketing to inventory.
- Access to complete business insights: Making the right moves and finding new ways to expand your operation requires understanding every facet of your business. NetSuite can help you gain instant visibility into everything from financial data to supply chain management to customer relationship insights.
- Built-in business intelligence: This ERP solution also offers built-in business intelligence that lets small companies like yours access insights and key performance indicators in real time. It can create a complete view of your operation and help your business stay ahead of its needs.
Making NetSuite Implementation Easy
If you're looking for a reliable and helpful partner for your small business's NetSuite journey, turn to the experienced team at The Vested Group. We can be your small business NetSuite implementation partner and support you every step of the way.
Phase Zero is The Vested Group's project roadmap to give you greater insight into the implementation process and ensure its success. This unique service involves a few different steps:
- Identify: We'll begin by identifying and analyzing your current processes. This step is essential for bridging the gap between where you are and where you want to be.
- Define and prioritize: Next, we'll define your business's system requirements and prioritize them according to their importance to your operation.
- Create: After defining your requirements, we'll craft a process flow model to use when it's time to implement your new system.
- Review: The Vested Group team will review your business's legacy data carefully and establish your conversion needs to ensure a successful implementation process.
Our consultants often spend two to three days on-site at your business during the Phase Zero stage to get to know you and your operations better. The entire implementation process typically takes four days to complete.
The Vested Group makes NetSuite implementation simple and easy for small businesses. We provide full-scale implementation services through a collaborative approach. We care about your team and work to keep operational interruptions at a minimum.
Contact The Vested Group to Learn More About NetSuite Implementation
At The Vested Group, we understand the need for enterprise business management software. That's why we offer NetSuite implementation services for small businesses looking to transform their operations and reach their greatest potential.
Are you interested in learning more about the implementation process from a trusted NetSuite ERP provider? Contact The Vested Group today!