Recently, we've seen a multitude of innovative companies skyrocket overnight from creative ideas into common household names. Today, we live in an exciting world where truly anything is possible if you have the right idea and the right way to make that idea happen.
I know that perhaps you are not working for one of these well-known brands that seemingly leapt into an overnight sensation. (If you are – very cool!) But you may be working for a smaller organization that has wildly exceeded sales goals, and you have customers knocking on your door, wanting more. Such quick growth, while obviously wonderful news, can present new complications and hurdles that are crucial to overcome in order to continue driving the business forward.
Here are five top tips that I always share with fast-growing businesses:
1.Remain strategic rather than tactical:
When you are running at lightning pace with a lean team, it is inevitable that you often get pulled into being tactical rather than strategic. This is an early pitfall facing most organizations and one to be avoided at all costs.
2. Focus on core competencies and differentiators:
Stay focused on what your organization does best and what sets you apart from the competition. This principal lends itself to the idea of removing non-core competencies from your plate entirely, often by outsourcing.
3. Manage cash flow, debt and CapEx/OpEx in order to increase profitability:
This could make or break a business regardless of the quality of your product or service. Managing cash flow and making CapEx and OpEx decisions help set the stage for continued growth. Having an accurate and real-time financial picture of your business is core to overcoming this obstacle and operating with financial efficiency.
4. Enable your business to scale by future-proofing:
Often times, organizations are quick to address an immediate concern without making the decision in context of the bigger picture. This "quick fix" can ultimately come at a very high cost to the business.
5. Invest in the right infrastructure at the right time:
How and when to invest in your business directly impacts short- and long-term growth. This refers to people, fixed assets and/or technology.
Moving to the cloud helps organizations better execute on all of the above challenges. And moving mission-critical business applications, such as ERP, to the cloud provides near seamless scalability throughout different stages of your business lifecycle. It also helps free up resources so you can focus on your core competencies and continue to grow your business.
With a cloud ERP and business management solution, you'll be able to access critical business applications from anywhere with an internet connection. Add in the fact that cloud is an OpEx cost and typically has a lower TCO, and you quickly become hard-pressed to argue against this deployment method.
In August 2015, Tribridge announced a partnership with NetSuite in order to expand on our cloud solutions. NetSuite offers one unified business management suite in the cloud, encompassing ERP/financials, CRM and ecommerce. Tribridge cloud experts will work with you to manage the entire lifecycle - from engagement and implementation to support and services - so you can worry about other things, like how to best serve all of those new customers pounding on your door.
Check out our new on-demand webinar, Tomorrow's Successful Businesses are Moving to the Cloud Today, to learn more and see some of the biggest benefits of NetSuite first hand.