What does a “medium” business look like? Sometimes it may be easier to ask how long a piece of string is.
However, as a business how do you know when you’re ready to go to the next level?
Businesses, just like people are all different shapes and sizes. So… we have a few ideas on how you can tell whether you’re close to being “medium” sized.
One of the easiest ways to classify a business is by annual turnover and headcount (staff numbers).
If your business is in the latter category, you may start to find a few headaches starting to creep into your operations.
We call this complexity; it’s when things that used work don’t work so well anymore.
Understanding your size (and growth trajectory) will enable you to plan accordingly and avoid pitfalls.
Micro, small and medium businesses often use accounting solutions to manage their business.
For instance, activities like tracking debtors and creditors, generating invoices, reporting BAS, or running reports.
As businesses grow, get bigger and more complex accounting software no longer has the tools your business needs.
While accounting software can be expanded through add-ons in the short term, they often create new issues.
It’s usually at this point businesses start thinking there must be a better way and wondering whether a single business management solution could better meet their needs.
Luckily, Enterprise Resource Planning (ERP) software can help bring your business to the next level.
An ERP solution is a business management solution designed for bigger businesses which pull in information from different silos into the one dashboard.
For example, information from HR, inventory, sales, and other areas of the business can be unified so you can look at your whole business from the one place.
Luckily, MYOB offers a range of ERP solutions.
It might surprise you to know that MYOB has been a leader in the ANZ bigger business sector for more than 10 years.
We have on-premise and cloud ERP, Payroll and HRM products specifically designed for medium, larger and even enterprise sized businesses.
MYOB offers a range of solutions perfect for medium sized businesses like yours. Contact us to learn more about how we can help.