Businesses today have a 50% probability of not surviving the first 5 years. It has never been more important for companies to match their vision with market dynamics and stay ahead of the competition. Regardless of the industry, growing businesses need a system that scales by design, is engineered for rapid growth, expands internationally, and future-proofs businesses to get ahead. NetSuite ERP for small businesses can make a huge impact as this solution helps companies to adapt to market trends and scale rapidly as they grow, with proven results.
After weighing several different ERP solutions, De Silva Spices– a family-owned wholesale distributor of spices- picked NetSuite and sought AlphaBOLD’s help to implement its new ERP.
“As we moved into new types of products, we grew fast and gained a dominant position in the marketplace. NetSuite allowed us to consolidate all of those under one system and get everyone onto one platform. AlphaBOLD has been our go-to resource for everything pertaining to NetSuite.” Sajana De Silva Operations Manager – De Silva Spices.
NetSuite ERP for small businesses: moving onto new avenues
NetSuite is one of the market-leading software to run ERP, CRM, financials, and e-commerce in the cloud. NetSuite provides efficiency, visibility, and insight into the entire business. NetSuite empowers companies to streamline their operations and lower costs tailored perfectly to business requirements and details.
Running a startup or small business requires careful attention to every aspect of operations, from financial management to supply chain logistics. Choosing NetSuite ERP for small businesses can provide a comprehensive suite of tools and functionalities that seamlessly integrate all these critical areas, empowering companies to streamline their operations effectively. Let’s explore some key challenges small businesses face and how NetSuite for startups can propel their growth to new heights.
Common challenges startups face in the business landscape
Monitoring cash flow: As businesses experience growth, they can quickly become overwhelmed with managing invoices, reconciliations, missed orders, and spreadsheets, negatively impacting cash flows. Small businesses have problems balancing accounts payable and accounts receivable to optimize cash flow and maintain liquidity.
Reporting on business operations: Many businesses rely on standalone software that involves manual processes, leading to inaccurate and inadequate bookkeeping of transactional data. This inaccurate record-keeping can result in reporting issues such as cash flow problems, incorrect revenue figures for tax purposes, erroneous deductions, and audit complications. Neglecting this aspect can also harm the organization’s reputation.
Budgeting and forecasting: Financial forecasts and budgeting are crucial in achieving business objectives. However, new businesses often struggle in this area due to the limited trading history to base their projections on. The absence of a centralized data source further compounds the challenge of generating accurate estimations.
Governance, Risk, and Compliance (GRC): Small businesses face significant challenges in tax compliance costs when they lack an effective GRC solution. Without a streamlined compliance system, companies are exposed to various risks.
Capital Raising and management: small businesses can improve their chances of securing loans, attracting investors, and engaging venture capitalists for further growth and expansion by ensuring that their GRC processes, profit and loss statements, cash flow statements, and balance sheets are up to date, accessible in real-time, and audit ready. Insufficient capital restricts small businesses from expanding, hiring new employees, and reinvesting in their operations.
Data-driven marketing initiatives: small businesses face challenges in customer acquisition, such as selecting the appropriate channels for acquisition and determining which lead generation tools to utilize. Making data-driven decisions in these areas is crucial. Additionally, ensuring customer satisfaction with limited resources and support is a significant concern that needs to be addressed.
NetSuite for startups: how companies can set themselves up for success
NetSuite offers a wide range of features that cater to various industry verticals and sub-verticals. It is a comprehensive solution that streamlines both front-end and back-end operations. Small businesses benefit from its unique combination of accounting, sales, marketing, and eCommerce capabilities. NetSuite’s revenue tools empower small businesses to plan effectively and be well-prepared for their financial future. The planning, budgeting, and forecasting tools allow management teams to explore different scenarios and analyze various possibilities.
Here highlighted are some of the core benefits of NetSuite ERP for small businesses:
Compliance and reporting: Gain a holistic view of the business with NetSuite. Real-time insights across different business lines help eliminate data silos, manage compliance requirements, and ensure smooth financials.
NetSuite SuiteSuccess starter edition: As part of its value additions, NetSuite ERP for small businesses offers SuiteSuccess Starter Edition specifically designed for small businesses. This pre-configured version of the software caters to specific industries, providing a clear understanding of how the software can be deployed. It accelerates technological implementation, ensuring a faster time-to-value.
NetSuite has achieved this without compromising the functionality of key modules and applications. Furthermore, the SuiteSuccess Starter Edition provides over 95 pre-built reports, pre-configured roles with dashboards, and intelligent metrics for faster and more informed decision-making.
Cloud solution: NetSuite was one of the pioneers in delivering a native cloud solution. Its maturity surpasses that of other solutions still transitioning their applications to the cloud. NetSuite ERP for small businesses offers standard workflows based on industry best practices, enabling organizations to scale efficiently. NetSuite is a reliable and fail-safe choice for companies venturing into cloud ERP for the first time, especially for those transitioning from software used during their early growth cycles.
Scalability: NetSuite, a fully integrated ERP solution, can scale alongside the business. By enabling the addition of new users, locations, and subsidiaries to NetSuite’s cloud ERP, companies can easily enter new markets, expand product lines, incorporate new sales channels, and strategically plan customer engagement across these channels.
Productivity tools: NetSuite empowers businesses with a range of productivity tools, including an executive dashboard, KPI tracking, file management and sharing, import/export capabilities, customizable reporting, and web access from anywhere, at any time. The customizable dashboard allows businesses to track performance and progress in real-time using their preferred key performance indicators (KPIs).
The lower total cost of ownership: as a web-based, hosted solution, NetSuite eliminates the need for hardware investments, dedicated IT staff, software maintenance, and security costs. Compared to other cloud solutions, NetSuite ERP for small businesses offers affordability with its out-of-the-box solution that includes core software functionality with the option to add additional modules as the business grows. With NetSuite, there is no need for infrastructure investments. The user license cost is a flat rate per license.
Furthermore, NetSuite ERP for small businesses can save on costly and time-consuming upgrades. NetSuite provides timely notifications about software updates, releasing two new updates yearly, including security enhancements and new functionalities. This reduces software maintenance costs for small businesses.
Integration: NetSuite’s cloud ERP system integrates with other cloud-based third-party products, additional modules, and applications. This integration can be achieved without downtime or the need for additional hardware.
Why do small businesses partner with AlphaBOLD for smooth NetSuite implementations?
One of the key advantages of working with a NetSuite ERP provider like AlphaBOLD is their extensive range of resources and expertise. As NetSuite is a highly customizable and scalable platform, NetSuite consultants at AlphaBOLD use their expertise to tailor the platform according to the requirements of businesses in various industries. Our professionals develop customized solutions that address client’s unique challenges and accelerate their growth.
In conclusion, NetSuite ERP for small businesses is a game-changer, providing companies with the tools, resources, and capabilities to effectively manage their operations, drive growth, and achieve long-term success. By harnessing the power of NetSuite ERP, small businesses can overcome challenges, seize opportunities, and take their operations to new heights.