We know that opening a company is a challenge, and carrying out an expansion process is an even greater challenge.

However, there are a thousand barriers to a company's growth, from access to insufficient customer data, manual and disconnected processes, minimal visibility into operations for decision making, building a winning team or even keeping up to date with all changes in regulations.

All these barriers not only affect sales, but also generate costs and risks for all companies.

Since the beginning of Oracle NetSuite's operation, we noticed that entrepreneurs spent sleepless nights trying to deal with all the minutiae of the business.

We realized that instead of entrepreneurs focusing on the most critical elements for growing their business, many of them were mired in financial and accounting details or issues involving shipping, inventory, and other demands.

Many dreams were being put aside because it was necessary to attend to more mundane tasks.

Have you ever felt that way as an entrepreneur or executive of a large company?

Yes, we know that you are not alone in this situation and that there is a better way to ensure your company gains competitiveness.

We will explain in this text how Oracle NetSuite can help you on this journey.

How can Oracle NetSuite help the growth process?

Oracle NetSuite has been working with growing companies around the world for years.

We at Oracle NetSuite help companies from the most diverse market segments, guiding them to success from foundation to going public.

Thousands of organizations trust Oracle NetSuite to help them best prepare for growth and success.

For nearly 20 years, Oracle NetSuite has been studying companies with high growth rates in all industries, in all countries.

In our study, we identified the most common barriers that hinder companies in their growth process.

We share not only the challenges below, but also some tips for your company to overcome these barriers and prosper.

5 Tips on How to Overcome Barriers and Thrive with Oracle NetSuite

How to find your next customer?

In today's environment, finding your next customer isn't as easy as it used to be.

Today it is no longer enough to use modern marketing tactics. What makes this task even more difficult is the fact that its current installed base does not offer customer visibility because it is out of date and contains contaminated data.

However, the result of unsatisfactory customer data is dissatisfied customers. Not only is your company unable to effectively communicate current data to new prospects, the installed base is at serious risk.

We know that when data is spread across sales spreadsheets, standalone financial systems, and other applications, it's impossible to know which data is the most current, accurate, and reliable.

However, abandonment rates increase as customers find other vendors that don't waste their time.

Acquiring new customers is critical for businesses that want to grow, and retaining customers is critical to ensuring continued revenue growth.

Companies' sales teams need all data readily available – at their fingertips – so they have an instant view of the most important information from current and potential customers.

Oracle NetSuite has drastically changed the nature of communication within the organization and with our customers, providing reports of all your corporate data from a single data repository.

The company now has a 360-degree view of its customer, including sales, service, orders, etc., which is impossible when customer data is scattered.

How to increase your company's earnings?

Standalone financial systems are designed to automate a limited set of accounting functions. These systems, as a result, limit the way companies can carry out their accounting operations.

However, as companies grow, they need to adapt their processes to applications, rather than scaling the entire system to support growth.

We know that the key to business growth and success is achieving greater speed and transaction volume, but many financial systems struggle to deal with this kind of pressure.

Full audit trails, sophisticated planning and reporting, or automated processes require the addition of systems and constant re-engineering for short-term fixes.

However, independent financial systems are often simply unable to handle tighter financial controls, better SKU management, or support for more complex financial processes such as recurring invoices and charges.

In many cases, it is not possible to run complex business processes in different areas, such as financial management, revenue management, inventory management and purchasing, using separate systems.

Combining finance and accounting functions in one package with all of these complex business processes increases the efficiency of financial and accounting close and reduces back-office costs .

With a single system, with all processes in one package, finance teams save time and are able to generate more accurate reports.

We know that moving to a single, unified, cloud-based system is the only solution.

The native agility and flexibility of Oracle NetSuite wraps the entire process, without the need to maintain an underlying layer of technology.

Oracle NetSuite is designed to stay at the forefront of business automation, providing businesses with the tools they need to also stay ahead of the competition and seize new opportunities to grow.

How to have complete visibility of your company's Cash Flow?

Most systems were designed for an era in which companies could wait until the end of the month to obtain and evaluate the data they needed. Without visibility, it is only possible to guess in a generalized way, not supported by real metrics.

Today that doesn't happen anymore – consolidated views and up-to-the-minute reports can mean the difference between success and the fight for survival.

A company without the ability to drill down into data and potential variances cannot assess whether its performance is good or bad. You can't compare actual performance to strategic plans and change course quickly, slam on the brakes, or rev the engines.

The dashboard presented by outdated systems does not reveal anything – or, worse – presents incorrect information, which can lead to very serious errors.

A good example of a situation like this is:

Investors in a publicly traded company want visibility into activities and quarterly performance against expectations, as well as a view of how short-term performance aligns with long-term strategy.

Real-time access to transparent performance data for analysis and comparison gives leaders the information they need to assess their strategies.

They need to analyze key performance indicators (KPIs) and other metrics to accurately and reliably describe what revenue the company is generating (or losing) today and how much it is expected to generate tomorrow. These descriptions must be comprehensive and specific.

How can the Oracle NetSuite business management system help a company in a situation like this?

Oracle NetSuite's complete, unified solution transforms critical reports into dynamic assets that provide businesses with the flexibility and visibility they need under ever-changing conditions.

We know that increasing financial accuracy and efficiency through visibility and automation is critical to cash flow. Real-time access to financial data allows you to drill down into information to quickly generate reports and analysis, saving time and money.

How to comply with the various regulations in the current market?

As companies grow, business processes and regulations tend to take a back seat – which can be very harmful and risky.

Tax and compliance laws, year-end audits, and other government regulations put a strain on finance staff, creating frustration.

Teams need to juggle day-to-day operations and compliance requirements; finance executives often look for additional systems to help them handle it all.

While this seems like an adequate strategy, these additional applications often don't integrate with other systems, creating an even bigger mess.

We know that without the continuous flow of data, misinterpretation of the latest changes can remain isolated in a system and unavailable to the entire enterprise.

Year-end audits can be done with incorrect tax information if there is no system of record to automate and take into account the most diverse rules and regulations.

However, access to a single cloud-based platform that automates and incorporates regulations for all departments is the solution to address this challenge.

Today's No. 1 priority for growing companies remains a system with excellent internal controls that properly review monthly procedures, year-end closures, and preparation for tax payments and audits. This minimizes the risk of fraud, errors and incorrect financial statements.

Oracle NetSuite ERP provides the necessary annual reports as well as standard audit trails for a wide range of important financial records for accurate reporting.

With Oracle NetSuite ERP implementation capturing all data in one place, the solution provides a single source of truth. And this significantly increases the quality of decision making and the company's value.

How to build a winning team?

You are only as strong as the weakest link – and that goes for internal systems as well.

Currently, keeping teams motivated with excessive manual work, repetitive work and a high rate of errors is one of the most impacting challenges in a company.

Current employees are digital natives and seek the same experience they have with the most modern tools available on the market, in management systems.

Access to quality information in real time, integration between departments and automation of processes become motivating factors for teams.

With Oracle NetSuite, teams can complete tasks and gain access to the most important information, removing departmental barriers and eliminating manual and repetitive processes. Leadership can clearly see where the gaps are and present the company with the strategies, skills, and talent it needs.

Conclusion

Running a growing business means facing a series of specific challenges. But it also means taking advantage of some big competitive advantages.

Speed, flexibility and agility to change are hallmarks of the best managed companies. Harnessing these capabilities is critical to overcoming any barrier to growth.

A business system must be an enabler, not a constraint, of your business goals and strategies.

If your business is growing rapidly and facing issues such as: unreliable customer data, manual or disconnected processes, minimal visibility into operations for decision making, need to build a winning team or keep up with regulatory changes – now is the time moving to a modern, cloud-based platform for business management.

Moving your business to Oracle NetSuite will make your operations more efficient and effective – which is essential for a growing organization.

Want to learn more about how Oracle NetSuite can help your business meet today's market challenges?

Consult one of our NetSuite Consultants and ask your questions. We are available to help you make the best choice for your business growth.