Pinpoint the precise time to grow your business through the use of real-time data from your ERP software system.
Your ERP software can provide you with all the information you need to find out the right time to expand. Just use the following three types of information from your ERP system:
1. Employee Efficiency
How well are your employees utilized? Preferably, your workforce’s time should be planned out to ensure that you can bill for as many hours as possible.
Use reports from your ERP software to see where you can improve billable hours and see where staff are not as efficient as they should be. You can move employees to different tasks if you need to. You can also find out whether or not you need to hire more employees to complete tasks, and whether you have the resources in place to do so.
With this information, you can also see what skills you might want to add to the team to ensure maximum business growth.
2. Project Efficiency
Increase your profitability by completing projects on time and on (or under) budget. If you’re having trouble doing this, it will be harder to complete projects on time and within a budget, which means that you’ll need to expand.
3. Financial Efficiency
Don’t try to grow your business unless you can prove that you have strong sales, healthy repeat business, and that you have consistent cash flow. Using reports in your ERP system, you should be able to determine all three factors. Don’t attempt to grow your business unless those three things are certifiably true.