Growth is a positive phase for any business
Particularly during the first year of starting. However, it also comes with its own set of challenges and headaches that can have varying consequences, from irritating to catastrophic. So, what are the key growing pains for most new businesses and how can you overcome them?
Outdated internal systems
Fragmented or outdated internal systems and processes can cause serious issues for a growing business. They are not only impossible to scale but are also unlikely to deliver at the standard that newer and more agile systems are pitched at. From fulfilment to accounts, reliance on purely manual processes – or a chaotic mix of manual and digital – can leave a growing business seriously exposed. The solution is to look at using faster moving, more flexible and up to date options – our accounting software, for example, enables new and existing businesses to adapt swiftly to grow, with the software meeting their ever evolving needs.
Poor data handling
The demands of data grow with a business and the size of its customer base. Data has so much to offer in terms of producing a better customer experience and making smarter business decisions but only if it is properly handled. New and growing businesses need to be able to consolidate data and to easily analyse and access it to optimise the impact that it can have. Internal systems for handling data are also coming under increased pressure with the new GDPR EU regulation, which gives the ICO serious powers of financial enforcement against companies accused of poor data handling. So, from data analysis through to data protection, for a growing business being on top of data management is a key objective.
Effective business strategy requires full visibility across entire operations, from the smallest details to the broadest perspectives. For a new business it can be difficult to create a strategy that is well informed and has strong foundations. Key to this will be the ability to forecast accurately and to adjust these forecasts on a rolling basis. Elements such as market insight, brand values and business offering will also have a key part to play, and getting these set up as early on as possible can save time and mean greater working efficiency.
Balancing growth and visibility can be a major growing pain for many new businesses. Market visibility is essential to ensure ongoing growth but can drop off quickly and without explanation. Keeping up with the demands of customers, with new developments in digital marketing or software design, for example, is a challenge that every business faces but for those currently experiencing fairly fluid growth it’s especially important.
Too much technology
There are more technology solutions for growing businesses than ever before and often just a fragment of difference between each one. It’s very easy to become overwhelmed by the options or to end up with an internal structure that is bogged down by inconsistent technology that puts up walls instead of breaking them down. It’s important to take a long term view of the software you invest in – keep it simple, focused on the results that you’re looking for and consistent and compatible with what you’re trying to do.
FinanSys accounting software opens the door to more agile business and better transparency and control – as far as the financial element of a new or growing business is concerned it’s the perfect solution. Find out about the positive changes that our accounting software could make by speaking with one of our team on 020 7456 9830.