Growth is exciting for most businesses – especially small businesses. The challenge, of course, is that measuring growth – identifying its source and catalysts as well as its impact on your company’s bottom line – can be challenging.
This is especially true if your business does not have tools available that allow you to analyze your company’s financials, track production, reach out effectively to prospects and existing customers, and manage supplier relationships. Since your larger competitors will have access to all of this information, it is critical to have a plan in place that will prepare you to compete. SAP Business One is a cost effective, integrated solution to consider when you have outgrown your existing business software.
Even if you don’t consider major corporations to be your competitors, having the right tools in place within your business matters. Just like you, as they outgrow software tools and begin to see growth opportunities, their first thought will be to look for a replacement – something that will help to take them to the next level. For example, if it’s a CRM platform that’s been outgrown, the first consideration may be one that is more extensive; meeting those needs becomes a top priority.
However, just addressing one need that your business has may not be the ideal solution. If your CRM platform does not integrate with your financial reporting, if your sales data cannot be related with production and inventory management, you may not be able to fully prepare for continued business growth.
An integrated solution like SAP Business One prevents this conflict. With SAP Business One, you will be able to integrate all of your data and reporting. With access to everything from financial management, production lines and warehousing, CRM functionality, and purchasing information as well as the ability to create clear reports based on comprehensive and current data, you will find that a single application allows you to build on your company’s current growth – and ensure that it continues over time.
While running a business it is easy to fall into the routine of dealing with everyday operational details, and we forget to look outside our windows for inspiration, advice, tools and wisdom.
Today I was lucky to find this video where Keith McFarland, the author of the best-selling business book, The Breakthrough Companydiscusses the importance of getting outside feedback to grow your company. I enjoyed watching it, and I hope you do too.
If you want to go a bit further, you can also visit McFarland’s website and take the test to find out if your company is a Tribal Clan or a Sovereign Organization.
When you look for data in your business, is it easy to find? If your sales and inventory numbers are in different places, if financial data and operations records are in no way connected, and if purchasing options can be difficult to distinguish, it can be challenging to know whether or not the decisions you’re making are the most appropriate.
Similarly, if the tools that you have in place at your business don’t lead to efficiency, they aren’t going to help you reach the financial goals that you’ve set for your business. Redundant data entry can make it difficult to track inventory or it can lead to sending multiple mailings to customers. Errors in data entry can lead to orders that are not properly filled or even production issues. All of these can increase the costs associated with doing business.
By simplifying data entry, it’s possible to cut the number of administrative hours that go into your business. By ensuring that you can quickly and easily run reports, you can quickly and easily verify that your company’s processes and the decisions that you are making are aligned with – and bringing you close to achieving – the goals that you’ve set. Similarly, an effective CRM tool allows you to focus marketing messages, to follow up on past purchases, and to connect to your customers and prospects with messages that will be meaningful to them.
Efficiency matters. Cutting out waste may seem like a small effort, but it contributes to something bigger. When your systems are efficient, when your data is accessible, and when your goals are in focus, you will be able to cut out waste and see a positive impact on your bottom line.
Why, Why, Why is the real question! Why do we wake up every morning, why do we sell this product or provide this service, why am I passionate about something, why do I want to inspire others?
In this thought-provoking TED talk, Simon Sinek invites us to reverse the order of information so that we can find the reason WHY we do things. We all know WHAT we do, and HOW we do it, but few of us really know the reason WHY we do what we do, and WHY we do it the way we do it.
We found this video very inspirational, and that is why we want to share it with you. Enjoy!
There are a number of requirements for growing a business. In addition to needing a great product or service, it is essential to be sure that you are on top of purchasing decisions, production and current product supply, and the satisfaction of your customers so that they continue to come back for more.
Many small businesses struggle with inefficiency. They make decisions slowly because they don’t have all of the information they need readily at hand. They have trouble evaluating their needs or answering questions that come from business partners. Having the right tools in place can help you avoid these challenges.
With SAP Business One, you can put a system in place that lets you keep all of your important business information in one place. Whether you need to verify the number of units produced on a particular line or to determine how many parts to order, know that the data is accessible. Rather than allowing small challenges to escalate, you can monitor processes, identify corrective courses, and prevent issues from developing. Similarly, you can easily manage leads, ensure that you are following up with your prospects, and engaging your current customers so that you can encourage them to come back time and time again – and spread the word to others about all that you have to offer.
To grow your business, it’s vital to get answers when you need them. Having tools at your disposal that let you perform a simple search and quickly act on that information. If your system slows you down, it won’t help you to reach your goals – particularly those goals related to the growth of your business.
The easiest way to win new business is to maintain strong relationships with your existing customers. This provides revenue that is less expensive to acquire than net-new customers, leading to shorter sales cycles and higher margins. The information you have about your customers, therefore, is growth waiting to be implemented; you just need to access, interpret, and manage this data. With the CRM capabilities in SAP Business One, you get the tools you need to deepen customer relationships and increase sales.
A CRM system can mean the difference between rapid growth and missed opportunities. It puts all your customer data in one place—from the initial pursuit through ongoing service and customer care—delivering a single view of the relationships that are the lifeblood of your business. Effective CRM translates to customer insights your company can use to identify business opportunities, develop sales strategies, and increase penetration.
Small and mid-sized businesses, however, need access to a CRM solution that they can manage without the resources available to larger companies. SAP Business One is designed for this space, making available the robust features that big companies enjoy without the attendant cost and complexity.
Using SAP Business One, your company’s experience with every customer becomes fully accessible for analysis. The data can then be used to identify trends, determine where the next opportunities lie, and develop pursuit plans to turn potential once hidden into tangible financial results. At a lower sales cost, your organization will be able to generate more revenue, leading to better margins and higher profits.
You have profitable revenue in your business that’s just waiting to be discovered. The missing piece is a powerful CRM solution designed for businesses like yours. Implement SAP Business One, and you’ll have an ROI case in place, with customer insights ready for your pursuit teams.
Competition is tougher than ever, due in large part to higher customer expectations. After two years of difficult economic conditions—which have left an enduring impression—every dollar you earn will require greater effort and responsiveness. Customers expect as much value as possible for every dollar they part with. Your ability to gain an edge in the market will depend on how well you can connect with your customers and maintain their loyalty.
The stakes are high. For small and mid-sized businesses, long without sufficient CRM capabilities to compete against larger companies, there are resources you can use to succeed. With SAP, you can implement the CRM features you need to protect your customer base and attain profitable growth. This starts with putting your customer first, and here are five ways you can accomplish that:
1. Identify opportunities: customer demand isn’t always obvious. Use your SAP CRM solution to identify cross-sell, up-sell, and upgrade opportunities.
2. Manage your pipeline: don’t let leads fall through the cracks. Increase responsiveness through better tracking and information management, and you’ll ensure that you have the most productive conversations with existing and potential customers.
3. Monitor service levels: look for trends and isolated incidents that could lead to bigger problems down the road and remedy them in advance. Take early action to keep your customers happy and protect your company’s brand.
4. Keep it all in one place: use centrally stored information and functionality to ensure that data is always accessible. Monitor employee performance, spot check business units, and identify opportunities for improved service or additional sales.
5. Get answers fast: use your SAP CRM solution as a knowledge resource. Your customer care team can search for solutions to customer problems, remedying problems directly and quickly. A happy customer keeps coming back.
It’s not a secret that running a small business takes a lot of hard work and dedication. During the start up phase of any business, business owners need to wear many hats; sometimes they need to act as expert marketers, accountants, sales professionals and even technicians depending on their business needs.
Although wearing many hats might be necessary when running a small business, I have noticed that business owners tend to spend too much time dealing with everyday operational details, and forget to deal with what really matters: driving their business forward.
As your business starts to grow, you might not be able to take care of all business activities that take place in your company, which is why it is important to use an automated system that allows you to manage your business efficiently and effectively.
Technology leaders like SAP provide integrated software solutions that have been developed specifically for the needs and budget of small and midsize enterprises. Solutions like SAP Business One allow you to integrate all management functions, including financials, sales, customers, inventory and operations.
SAP Business One gives you access to a single version of the truth, alerts and controls so you can monitor all activities and focus on those that really matter. Such automated solutions help you build strong business foundations to ensure that your business will remain successful in the longer term.
Everybody’s looking for an edge—probably because they’re so hard to come by. In today’s business environment, it can be challenging to find a competitive advantage. When you do, you can bet it won’t last long. You have to remain vigilant, therefore, always keeping an eye on the market and your business for the opportunities that can propel your organization to the front of the pack. To do this, you need an intimate familiarity with every corner of your company: this starts with your ERP solution.
ERP has typically been a difficult proposition for small and mid-sized companies. The cost and complexity are high—both up front and on an ongoing basis. Thus, an elevated hurdle rate makes target ROI levels tough to attain. Bring the hard- and soft-dollar costs down, though, and it becomes a powerful tool for fueling profitable growth.
With a robust ERP solution, such as SAP Business One, small and mid-sized companies can automate business processes, monitor operations, and optimize their financial supply chains—all of which contributes to wider margins, supports cost savings, and facilitates strategy execution. Further, the data collected enables carful and continual analysis based on the specifics of your company. You can learn more about what works and where your company could improve in order to gain additional advantages.
SAP Business One is designed for small and mid-sized businesses, offering important, integrated ERP functionality without the attendant cost and complexity. With implementation taking as little as six weeks, it’s possible to accelerate savings and returns while minimizing business disruption. In the end, you get a framework for maintaining a competitive advantage through continual improvement … without having to invest disproportionately or set unrealistic ROI objectives.
