Before selecting ERP software for small business, it’s critical to understand what the needs (and pain points) of your business are and if ERP software will help you address them.
For example, do you sometimes struggle with inconsistent data from different business areas? Or do you find it difficult to find up-to-date financial information when you need it? These are often key signs that your business is outgrowing its accounting software. However, recognizing that your small business is ready for software like ERP is only the first step.
You need to consider your budget for migrating to ERP software and how long this process will take. You'll also need to consider if your company wants a cloud, on-premise, or best-of-breed solution. There are no easy answers because it depends on the size and scope of your business.
The challenges of old ERP software
Any small business owner who wants an ERP solution to succeed must first gather requirements from all stakeholders and carefully plan the project in advance if they want to see an ROI.
ERP software's reputation for being painful, expensive, and difficult to use puts off many small businesses who are ready to take the next step. What's more, many ERP projects fail because managers don’t consider:
- how ERP will impact on day-to-day business processes
- how people within a company will use ERP as part of their role
- the cost of an ERP project from beginning to end
- the time it will take to implement such as a solution
Most small businesses will find that cloud ERP software is typically cheaper to adopt and implement than an on-premise solution, due to the nature of SaaS. However, these small businesses could be better served by considering a business management solution that combines the best of cloud ERP and on-premise ERP software.
The good news is the right financial management solution is affordable, flexible, and easy to implement. It'll help you and your business work differently.