Small businesses have been described as the backbone of the US economy--and for good reason: small-to-medium businesses (SMBs) account for over half of the US private workforce.
From 1993-2011 SMBs created 64% of the net new jobs. They led the way out of the recession, and often lead the way in innovation.
So in honor of all that SMBs do for the economy, we offer 5 of the major barriers to growth such businesses may encounter...and what you can do about it.
Barrier: Cumbersome Procedures
Early in the growth of any new endeavor, it can be common to piece together disparate systems and do many tasks by hand.
At various points of growth, though, it is also worth re-examining this single factor: how many labor-intensive, manual procedures are being done in your organization?
Solution: a fully-integrated software solution, like NetSuite, can prevent many repetitive tasks.
Barrier: Inability to Scale
Cumbersome procedures can also contribute to lack of scalability, but scalability problems impact SMB growth in other ways.
Other factors include:
- Training - Rapid onboarding is crucial to scalability. If “no one” can do a procedure except a certain person (such as the owner/founder), you’ll be unlikely to find their clone.
- Expanding too rapidly - When a business expands more rapidly than they can keep up, they will likely shrink again.
- Timing - Expansion at the wrong time, or missing an opportunity for market expansion, can prevent businesses from key opportunities to scale.
Solution: With technology that rapidly scales with you, you have the ability to add additional computing power, additional people, or additional access exactly when you need it--for truly flexible scaling.
As for the onboarding process, NetSuite’s pre-configurable user roles make setting up new users much more straightforward. Hire the right people, and NetSuite is ready to go!
Barrier: Limited Marketing Budget
Thanks to social media platforms and free access to analytics, SMBs are better equipped to compete with large businesses in digital media platforms.
But the largest businesses often have huge marketing departments as well as outside branding, marketing and advertising agencies in their corner.
Solution: NetSuite offers cutting-edge, coordinated tools for successful marketing for SMBs. From designer-created website templates (which offer configurable upsell and cross-sell recommendations), mailmerge tools, and key performance indicators (KPIs) over and above the analytics tools of many other platforms, NetSuite empowers your business with cutting-edge marketing tools.
Barrier: Insufficient Technology Resources
While the largest businesses in the world frequently maintain their own IT departments, many businesses of every size have come to see the sensibility of outsourcing some or most technology needs.
Cloud computing makes it possible to manage both internal and remote computing needs from any device, with bank-level security.
SMBs need to keep up in protection against cyber attack, technology training, and custom development of computing needs.
Solution: An Oracle + NetSuite certified solution provider generally will have levels of support to suit your business needs, from basic implementation to training, custom development or dedicated service.
Barrier: Lack of Employee Engagement
Considering the high cost of recruiting and training new employees, retaining valuable employees is a high priority at most successful businesses. Yet, a reported 70% of all employees do not feel engaged in the workplace.
Employee engagement pays off: “highly engaged employees were 87% less likely to leave their companies than their disengaged counterparts.”
Solution: Visibility and feedback are two key factors in employee engagement. With NetSuite’s KPI’s each team member has greater performance visibility, which also provides managers with increased opportunity for feedback.
At SCS Cloud we specialize in the NetSuite business solutions which empower businesses of every size for maximum growth.
Contact us to find out how.