Contrary to common belief, Enterprise resource planning (ERP) solutions are not just exclusive to larger firms. Small and medium-sized enterprises (SMEs) can also use them to facilitate expansion and development, especially during times of economic uncertainty.
Enterprise resource planning tools, such as systems for corporate financial management, will be important for British companies’ growth agenda this year.
According to the Flexspace Business Sentiment Survey, a majority of SMEs in the U.K. have a positive outlook for their business this year. The survey of more than 150 companies showed that 80 per cent of them anticipate modest or significant business growth, while 78 per cent were more confident in the country’s economy.
Positive business confidence is a major factor for economic growth, since SMEs play an essential role. The Federation of Small Businesses said that SMEs comprised more than 99 per cent of privately owned firms as of January 2017. Hence, their outlook serves as an important indicator of business sentiment.
When shopping around for ERP software, consider if it aligns with your existing system ‒ some software providers offer customised solutions which enable their products to fit your requirements.
Since your company’s software needs change over time, it is also beneficial to choose a scalable ERP product. Be careful how you manage your expenses, as it can be easy to overlook the cost of software maintenance. One option is for SMEs to consider delegating this to third-party IT providers, which can be cost-efficient, compared to hiring a dedicated in-house IT team. Another way to save money is identifying a most basic system for your business.
Modern ERP software has become an important aspect for large or small companies, as this allows them to keep up with competition and expedite their own business growth. With the current economic climate, tools to help navigate 2018 are a good investment.