As we slowly start coming out of the other side of the pandemic, entrepreneurs and business owners are identifying new opportunities to drive revenue.
While the pandemic has brought industries such as hospitality, travel, entertainment, and retail to their knees1, it is no secret that others have been thriving, delivery services, manufacturing and technology to name a few.
This evolving economic landscape, coupled with the range of government subsidies available for new and small businesses2, creates a real opportunity for budding entrepreneurs and existing business owners.
However the founder of the Odoo business management software, Fabien Pinckaers, reminds business owners that companies only survive if there’s a keen focus on sales.
“With over one third of small businesses failing within their first three years3, it is essential to incorporate technology and the right tools to manage and build your sales pipeline from the outset.
Companies cannot run their business without sales, so the ability to manage and close deals in your pipeline effectively and efficiently is absolutely essential for every business, particularly post pandemic.
“While sales pipeline management can be achieved through simple finance applications like MYOB or Xero, these fall short on what can be delivered through ERP (Enterprise Resource Planning) software,” says Pinckaers.
Traditionally, ERP software was reserved for Fortune 500 companies, but in recent years this has changed dramatically. A start-up now does not require the same level of capital funding, with cloud-based software providing the necessary infrastructure for small businesses that is both affordable and more accessible than ever before.
“Cloud-based solutions like Odoo level the playing field amongst competitors, regardless of their size, providing abilities that were once reserved for those with deep pockets. However, business owners often mistakenly believe they need Salesforce to drive sales, but the reality is this software is too expensive for the majority of start-ups and small businesses,” says Pinckaers.
ERP offerings like Odoo 14 which was released this month, provide a modular software foundation that is scalable, fully integrates and can grow at the same rate as the business.
Installing systems that do not interconnect inevitably results in duplicates in contacts and multiple variations on accurate data, resulting in errors that could result in a loss of revenue.
“With a modular system, business owners can focus on sales and strategy without having to work across multiple systems and pay more than necessary,” says Pinckaers.
As the pandemic provides new business opportunities and the government invests in the survival of small businesses, business owners are encouraged to make strategic software decisions in the early days of their start-up journey.