2013-11-14 08:23:51 - Lack of Planning and Management cited as the main reasons for SME business failures. These aspects can be managed with Technology Support and efficient processes. Beam systems offer customized ERP solutions at affordable prices in Singapore.
Manage Your Business. Or Let It Manage You
Only 45% of businesses remain in operation after 5 years from their starting. Of these, 71% wind up within 10 years (Source: www.statisticbrain.com).
46% of businesses cited the lack of planning as one of the most common causes of business failure. 30% cited the lack of management as the next most common cause (Source: www.statisticbrain.com).
In Singapore, 32.5% of business owners pointed to lack of profitability as the main reason for business failure (Source: Global Entrepreneurship Monitor Report 2011 by NTU).
Could these businesses have found a different route and survived to tell a different tale?
In most instances, better management and planning could have revived profitability for these failed businesses. If only the owners had better
visibility to clearly see the various aspects of their business to know what they needed to manage, address or improve.
ERP (Enterprise Resource Planning) systems are the solution for business owners to garner more control and relevant information in managing their businesses. ERP systems today are highly customizable and intelligent, merging technology with business processes. With effective customization, an ERP system can radically transform your business. Sadly, few companies are taking full advantage of today’s information systems and technology automation to grow their business.
One successful example of ERP system usage is Samuel Chia, owner of Seriously Addictive Mathematics (S.A.M.), a Singapore-based enrichment centre. Samuel started his business with a vision of how ERP systems could be used for expanding his business. Starting with just one centre in Holland Village, S.A.M. has today grown to 9 franchisees and 2 master franchises (in Malaysia and India). Samuel credits his success to the ERP system. Franchisees were also attracted to a business that offered an ERP solution.
A well-refined franchise system that is centrally managed using an ERP system as a platform of communication offers franchisees the confidence that while they are in business for themselves, they are not by themselves, giving them a greater chance for success. This is because their franchisors are able to monitor franchisee performance, and benchmark performers to bring more success to the brand.
“Most business owners think that investing in ERP costs a fortune, and therefore hesitate in taking the step to deploy technology automation within their companies.”
Today, with ample assistance from the government and SMR-focused technology automation systems like BeamTM, almost every business owner can afford to have access to a fully supported ERP system.
The BeamTM product suite offers CRM, franchise management, inventory management, sales tracking, training modules, and social media analysis. Business owners can manage their franchisees, business leads, sales as well as customers all in a single snapshot. SMEs can measure their business achievement milestones, monitor qualitative performance, and implement training modules using technology automation. They no longer have to rely on guesswork to ascertain how their business is performing or rely on a small limited number of parameters such as sales performance, but on a full spectrum of KPIs to grow their business.
or call us at +65 6749 9233 if you are interested to request for a demo session.