3 Ways Entrepreneurs Can Scale Their Business For Growth
Published on 31 Oct 2022
The initial few years of a firm are often regarded as the most difficult. What happens, though, after the two-year mark? For many entrepreneurs, the next expansion stage presents a new set of challenges.
Disruptions in 2020 demonstrated that organizations must quickly react to new difficulties.
Agility and resiliency became immediate concerns due to the need for several firms to swiftly modify their operating models to maintain remote connections with employees and clients. Entrepreneurs must consider all of this when planning for the future, scrutinizing their operations, from finance to the supply chain, and their customer interactions.
Frost & Sullivan surveyed more than 500 entrepreneurs in Japan and Asia-Pacific to gauge the entrepreneurial climate. This article will examine the findings of Frost & Sullivan's study on entrepreneurs to assist other business executives in planning for company expansion.
Here are three areas on which entrepreneurs should concentrate to advance their businesses.
Unify Systems for Process Automation
Adding new product lines, opening new subsidiaries, and expanding into new markets are typical expansion strategies, but they all increase operational complexity. With unified systems, it may be easier to manage this additional complexity once your organization reaches a certain size.
Complexity is the enemy of development for entrepreneurs since it wastes workers' time and increases the number of mistakes when they are forced to spend their days doing low-value manual operations such as data gathering and input. Typically, it is best to add new systems and applications as required, spending as little as possible to save money and time. But this strategy, which disregards future requirements, might result in incompatible applications, increasing running and customer acquisition expenses.
Typically, the outcome is a collection of fragmented systems with fragile integrations that need care with every update or change. Establishing systems that give a centralized information perspective is crucial to combat this. This eliminates the need for manual workarounds.
Frost & Sullivan found that 67% of organizations deemed their core software crucial to their success.
DocDoc uses ERP for financial automation
An enterprise resource planning, or ERP, system is a centralized database that covers all the major corporate processes, including finance, supply chain, inventory, sales, and marketing.
Singapore-based entrepreneur DocDoc is the first startup in the world to link people with physicians, clinics, and hospitals. As the company entered its next phase of growth and expanded into eight Asian-Pacific countries, its founder, Cole Sirucek, needed to improve operations to reduce financial complexity and manage risk, thereby reducing the time and stress associated with audits. To accomplish this, he utilizes a cloud-based ERP system with the capability to meet specific regional requirements, which aids in audit preparation and encourages external investment.
The company largely selected NetSuite to simplify its annual audit, freeing management's time to focus on expanding the business rather than being distracted by manual reporting.
"It is a brilliant concept to implement a system early on, especially in the financial sector. Our audit costs decreased from over $30,000 to around $2,000. Everything is so well-organized that the auditor could not possibly spend any more time if they tried." Cole\sSirucek.
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