This post is also available in: Singapore
Is your business not growing?
In this article, we discuss the factors and reasons of why your small business or SME is not growing.
For any SME, growth is a key factor without which it cannot compete in the market. Unfortunately, the most widespread problem that they face is increasing the intensity in how they operate. Many businesses have yet to optimise their processes, thus affecting the growth of their business. COVID-19 has made this even more relevant than ever; SMEs either are having to adapt quickly to new opportunities or cutting back and getting more from less.
3 Factors Why Your Business is Not Growing
1. Struggle to access data
There is no easy or reliable way to look at relevant data or reports. This causes operations to be inconsistent and often reliant on an employee’s ‘gut feeling’. This is the biggest frustration; when you are unable to access data to make good decisions. However, this turns into the biggest benefit for everyone when all the data arrives in the right format for everyone to have access to.
When all required reports and statement are available for proper analysis, this also eliminates the chances of slow decision making. In fact, an intelligent system will tell each user based on their role, what they need to do through data feeds triggered by set parameters. We call this Management by Exception where the System becomes the slave rather than the other way around.
2. Poor communication across the business
There is a lack of coordination among individuals as there is no shared platform to access the same data. Additionally, there are inaccurate paperwork and data conflicting between different spreadsheets. When reports or information are inconsistent, employees make decisions based on different data. And when employees are not aligned, it would be difficult to achieve a business goal.
With an integrated system that pulls all the data together, it allows only one version of the truth. In this way, it is easy to validate the process and data for any issue. It also helps the process of investigating and addressing which allows for quick and accurate responses back to the customer or supplier.
It is all about better collaboration and if everyone is using the same system, it is just easier to work better together!
3. Conventional working style
There are two main areas here. The first one is access to real-time data where users struggle to get the right info as they are not in the office. This was made especially difficult during the COVID-19 lockdown. The second one is the paper-based processes. This includes paper exchange from the physical stores and warehouses or drivers to a salesperson. These transactions are all riddled with points of error and are time-consuming, thus essentially delaying work.
This can be solved with a mobile-first integrated system. A mobile-first system can automate all these processes either by allowing employees on the road to feed-back straight into the system as a job is completed. It is simple to see how a business operates better when it is managed in this way!
So with the right integrated system and some discipline in making sure everyone uses it well, it is easy to add more people into the business, expand and co-ordinate more work and ultimately thrive and grow, derive better profits and be a better business!