In one of MYOB’s recent blogs they posed an interesting question; What is your business size? It seems a silly question to ask established businesses but its true intent is to probe the cogs and get you thinking. It is not so much about your business size but rather where your business is now and where it is heading.
As business owners and managers it is easy to get caught up in the day-to-day running of a business. What can be difficult is taking time out from the usual grind and asking the hard questions:
- What was your business growth over the past 1-5 years?
- What is your business’s projected growth?
- Are you starting to struggle with processes and business systems?
Now that you’re thinking about where your business is heading and if you have the tools to keep growing, perhaps think about the roadblocks you have. These could be processes that are taking up precious time and effort or gaps in reporting and analysis that could give you further insight into your business. These are two of the most common problems we find across growing businesses in Australia, especially when they have moved on from being a micro or small business but continue to use small business accounting software. Consider these questions:
- Are your processes and business systems prepared for growth?
- What are your business risks that could stunt future growth and how do you mitigate them?
- Do you have the resources required to take your business to the next level?
- What is the potential impact on your business of continual growth without changes to prepare for growth?
- What are your current roadblocks already costing your business and is that cost likely to increase?
You can also read MYOB’s recent blog about the five warning signs of your systems leading you to disaster and see if any of the signs are applicable to your business.
If you were cringing thinking about these questions and reading MYOB’s blog then it may be time to start reviewing your processes and researching systems that will grow with your business.
At EXOBIZ, we often see businesses transition through this kind of change where they have recognised that their business systems are letting them down or will fail to provide what they need in the future. That’s where our expertise in MYOB’s ERP platforms, understanding business requirements and implementing a robust solution can be a game changer for your business. We are constantly busy helping businesses of all shapes and sizes reach new potential and we are always excited to meet new clients and see how we can help them too! Seeing our clients improve and excel is our drive and passion!
If you are struggling with your business systems and processes then MYOB Exo Business and MYOB Advanced could be the perfect step up for your business. This is often most evident for businesses still using small business accounting packages such as Quickbooks, MYOB AccountRight and Xero. Manage your business better with a bigger business solution that integrates your data and provides greater insight and analytics.