Starting a business is difficult, growing it even more so. The reason, therefore, software company Oracle NetSuite has launched the ‘Crushing the four barriers to growth’ whitepaper is to break down the process and provide Agencies with clear tips on how to expand their agency.
By working with high growth companies across multiple industries over the past 20 years, Oracle NetSuite has experience at identifying the four biggest barriers to growing a business. Rather than getting bogged down in the nitty gritty aspects of running a business – like finance, inventory, balance and shipment to name a few – the whitepaper focuses on the critical elements of growth and points out key pitfalls to avoid.
The report highlights the importance of acquiring new customers, especially for businesses looking to scale up, and how data can be useful for identifying and targeting prospective consumers. According to the whitepaper, it is vital that sales team can access the right data and extract the relevant information easily.
Businesses should also look for ways to increase their profits; something they can do by remaining nimble with their financial processes to accommodate for growth. Agencies should consider aligning multiple functions and moving to a single, unified cloud-based system to create a much smoother and more manageable process.
The whitepaper suggests that businesses aim to create greater cash flow visibility, using automation to increase financial efficiency and accuracy. Rather than wait until the end of the month to access this information, teams should be able to access well-presented data in real-time so that they can make more informed decisions.
Changes to regulations occur regularly within the industry – just think back to last year’s GDPR update. Yet they can have a huge impact on the way businesses function. By embedding a single cloud-based suite, businesses can automatically incorporate any changes to regulations across departments so that monthly procedures, year-end closes and tax/audit preparation etc can be monitored and adjusted accordingly should anything arise. Implementing this system in place will also eradicate any inconsistencies and should also reduce inaccuracies across the business.
Oracle NetSuite’s guide is simple and easy to follow, addressing some of the problems business owners will face when growing their Agency.
The whitepaper’s biggest takeaway is for advertisers to invest in a modern, cloud-based business management suite, which promises to bolster the speed, flexibility and adaptability of any business. This also means that businesses can keep up with any industry changes easily and rectify broken processes automatically.
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