Small businesses are the lifeblood of any economy. In Australia, the definition of a small business is a business that employs fewer than 19 people. These are your hole-in-a-wall establishments, mom-and-pop stores, coffee houses, and restaurants.
According to government data, there are above two million of them Down Under, and they account for about 97% of the country’s businesses.
Netsuite’s front-office and back-office operations are geared toward helping growing businesses achieve their goals. While it is an Enterprise Resource Planning (ERP) program, Wild Tech Netsuite software solutions is an organisation that also includes customer relationship management, financial accounting, and business intelligence.
Most Common Reasons Why a Business Fails to Grow
When you run a small business, you must know that the odds are not much in your favour. For example, in Australia, 6 in 10 businesses will fail in the first year. After ten years, only about 2-3 businesses will be able to sustain their operations.
Many factors lead to the failure of a small business. Some of those factors are:● Poor financial management● Lack of capital● Lack of foresight● Failure to follow through with plans● Failure to study the competition● No online presence● No analytics
Data mining is crucial to map out your strategies. Data will provide you with a layout of your business, customers, as well as competition. You can generate leads, drive traffic to your website, predict customer behaviour, and also glean lessons from the successes and failures of competitors.
Netsuite software solutions will centralise all data in one system, which means you can access them anytime you want. Machine learning capabilities also allow the technology to produce more accurate results. The more data you feed into the system, the more accurate the results would be.
How Netsuite Helps Small Businesses
The software solution is perfect for small businesses for the following reasons:1. It reduces the cost of ownership – Wild Tech Netsuite software solutions are cloud-based, which means you don’t have to make an investment in costly infrastructure. You do not need to purchase hardware or install software. You leverage all its features without the need to allocate a budget for management, upgrading, support, and maintenance. 2. The solution integrates all business applications – The centralised operation and data storage mean that your personnel will have to input data across different systems. It also has the capability to integrate crucial business functions, such as purchasing, inventory management, supply chain, clearing tickets, and management of personnel.3. Be always on top of your business – The Netsuite program allows you to make an overall assessment of the health of your business. The key performance indicators will be viewed from the dashboard, such as your daily or weekly sales, number of leads generated, marketing trends, the top customers, and many more. With that data at your disposal, you will be able to make the necessary adjustments rapidly. 4. Remote management – The solution is also optimised for mobile, which means that you can run your business from anywhere around the globe. The only requirement is that you have an internet connection. You would be more confident about going to that investor’s meeting knowing that you can still monitor your personnel virtually.
Finally, Netsuite solutions are affordable. The software solutions start at around $99 a month, which means your budget would not take the hit. It’s also easy to scale up to fit the needs of your growing business.