5 Strategies to Cure the Pains of Rapid Growth
By Paul Johnson
CPA, CGMA, MBA
Rapid growth is a both a blessing and a curse for services companies. Company growth is exciting, but as a result, your teams are knee-deep in new tasks, a fair amount of chaos, and one too many headaches.
Here’s 5 powerful strategies your company can take to ease the pains of growth, and scale success.
#1: Automation Strategy – For Increasing Workloads
During rapid growth, teams often experience lots more work, and to quickly get from point A to point B, finance teams often turn to spreadsheets, data entry, and manual re-keying data into disconnected in-house systems.
Companies with heavy manual entry situations benefit the most from automation, to ensure accuracy and keep team workload capacities within reasonable volumes.
#2: Real-Time Visibility Strategy – For Project Profitability Insights
Companies that face growing complexities in their offerings, often face complexities in their metrics too.
Change happens fast, and finance teams that bring real-time visibility into their dashboards and metrics reporting can rest easy that they’re not missing a beat when it comes to fast-changing revenues and profits.
#3: Streamlining and Integration Strategy – For Disconnected or Isolated Internal Systems
Sometimes as companies scramble during fast growth, finance has a hard time syncing up with the company’s other isolated in-house software solutions.
As a result, teams re-key data manually in multiple systems, and departments remain disconnected. As companies grow their client base, it’s just as important to find solutions that streamline and integrate systems to keep data flowing seamlessly and accurately between teams.
#4: Automated Global Consolidation Strategy – For Globally Growing Companies
With multiple entities, currencies or locations, global consolidations add a significant burden of time, effort and resources to financial teams.
Companies going global, can initiate an automated global consolidation strategy with software that can run global consolidations with one click, to boost accuracy and save time.
#5: Open and Integrated Software Strategy – For Companies Seeking Scalability
None of us has a crystal ball, so how do you know which software will be the best for your company down the road?
Think open and integrative. Consider software that plays well with other software solutions, and has flexibility in an open, cloud-based design.
A best-in-class cloud financial management solution like Sage Intacct offers a high degree of customization and automation, real-time visibility with customizable dashboards, one-click global consolidations.
If your finance team is looking to boost their success strategies as the company moves through rapid growth, we can help!