Does your software need updating to help your business grow? Here’s 5 ways to tell

- April 13, 2022 3 MIN READ

To capitalise on the recent eCommerce and small business boom in Australia, businesses must have adequate software in place to support their growth. Valantis Vais, MYOB Head of Product, Enterprise shares his five top software solutions you should optimise to help your business grow.

After a challenging two years, 2022 is set to be another year of change for businesses across Australia – this time, with many looking to expand their horizons and prepare for growth.

The MYOB 2022 mid-market snapshot shows 76 per cent of businesses with 20-500 employees plan to make changes to business operations following their experiences from 2021; the top investments being technology (37 per cent), followed by more full-time staff (35 per cent) and marketing and advertising (28 per cent).[1]

To capitalise on their positive projections, businesses need to be confident they have the best software systems in place. Our data shows businesses are aware of this. When asked about goals for medium sized enterprises, the top three were the increase revenue (37 per cent), expand presence in local markets (35 per cent) and secure more customers (33 per cent).[2]

Using the most suitable digital solutions will help businesses with these ambitions, while ensuring they can manage new growth and don’t miss out on benefits like improved productivity, employee and customer connectivity, and smarter decision-making – all of which contribute to competitive advantages in the market.

Owners of bar/cafe looking over business financials

5 software tips for businesses poised for growth

There’s never been a better time to look to new software solutions, with the Government’s recently announced Technology Investment Boost providing businesses with an annual turnover of less than $50 million with a $120 tax deduction for every $100 spent on digital transformation.

We know that SMEs that outgrow their business management software tend to struggle with a number of challenges before pinpointing what needs to change – their software – so we’ve rounded up a few signs for growing businesses to look out for.

1. Manual data entry and processes are not only barriers, but risks

Findings from MYOB’s ‘Seizing Advantage’ study by Forrester last year highlighted that the productivity impact due to time spent on manual or repetitive tasks – because of ineffective digital solutions – could be costing businesses $2.7 million per year.

If these issues sound familiar, it’s time to look at software that offers an intelligent solution that caters to your changing needs, like an AI-powered cloud business platform.

2. Growing customer numbers – and subsequent demand for support

More than three in five businesses (63 per cent) across Australia and New Zealand have been held back from taking on larger customers because of the capability – or lack of – of their business management systems.[3]

Having your customer and project data in one central location – like an integrated cloud platform – empowers you to take back control over the use of your time, quickly and easily keep customers updated, minimise room for errors, and improve customer service.

3. Lack of real-time insights to inform key decisions

When systems lag and data is delayed, making informed and efficient business decisions can feel nearly impossible and ultimately cost businesses time and even customers. Accessing accurate, real-time data can dramatically improve how you do business.

4. Ineffective employee collaboration

Outdated and ineffective solutions can make it tough for employees to share real-time updates or jump in to check on current work-in-progress.

In comparison, a cloud-based software platform that streamlines activity and allows for live employee collaboration across numerous projects, could be the missing link to a more effective, connected, and empowered team.

5. Working from numerous locations, with no single source of truth

If teams are struggling to access the right insights or updates from where they are and your software doesn’t allow you to keep track successfully, it’s time to upgrade to an end-to-end solution that provides accurate insights instantly and can be accessed anywhere.

Having the right digital business management solution supporting your business can have massive benefits for your employees, your customers, and your bottom line.

If current solutions aren’t cutting the mustard and teams are spending more time joining dots than doing the work as the business grows, then it’s time to find a solution that fits your business and your ambitions.

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