There are numerous reasons for business failure, and the three most common are:
• Running out of money due to lack of good financial control
• Inexperienced management and insufficient business process
• Lack of good quality marketing and brand awareness campaigns
Generally speaking, for most business, the milestone of startup success is between three to five years. If you can make it to this point, the chances of continued progress and growth are significantly increased.
There are many components to a startup or a young business that require dedicated attention and focus, and it's precisely for this reason the failure rates for new businesses are so high.
In the “heat of battle”, entrepreneurs often prioritize business components based upon perceived levels of importance, elevating some at the expense of others when in actual fact, all are equally important and all require the same amount of attention.
In this day and age, with all the readily available technology, one would think that business failure would be less of an issue, but this is not the case. The stats are still as high as ever!
If you want to give your business a better chance of survival beyond the five year milestone, then you will do well to consider the following points:
1. Acknowledge that your endeavor simply cannot work without the use of technology.
Neither you or your team can manage all components of the business effectively without the use of a good quality, highly relevant
business management system.
2. Acknowledge that you will need to spend good money on this technology. Accordingly, you need to budget for it well.
Never see your technology budget as a source of cash flow and thereby divert technology spend on other more pressing components.
A good management system is your companies life blood and you should never underestimate its importance.
3. Choose you technology investments wisely.
Don’t just invest in something because of popular social media perceptions, or off the back of someone else’s success.
What works well for them may not work well for you, so make sure your technology investment is going to cover your requirements
4. Keep it simple.
There is a reason why cellular companies are so successful. They offer an array of products with all kinds of gadgetry and bells and
whistles. Bells and whistles are not an indication of product quality nor are they an indication of great success. They are simply great
sales hooks, designed to appeal to one or more of your senses and thereby getting you to spend your money.
Be sensible about your technology needs and choices and try to find as much bang for you buck in one good product that also caters
for a flexible growth path.
5. Less is more.
What you don’t need are ten different apps all doing ten different things. This will complicate you operations and end up costing you
more money. You need one good app at one price with integrated components providing the ability for you to do ten different
things......you get the point!
OraxSDI is a fantastic choice as it covers all of the above really well.
OraxSDI is a high quality business management platform, designed and developed with all of the above in mind. It provides precise capability for most business types and scales perfectly as your business expands and grows. It’s a true business enabler.
The affordability or cost of investment in the OraxSDI management platform is negligible when compared to the returns it offers your business. In addition, it is extremely well positioned against high end internationally branded product, offering your business the same capability and performance but at a fraction of the cost.
OraxSDI contains the following fully integrated capability for one affordable price:
- Financial and accounting with HR and Payroll.
- Delegation and oversight controls, tasking, calendars, schedules, reminders and notifications, all automatically managed in tailored work flow controls.
- Customer, suppliers and inventory management with mail campaigns marketing communications, quoting, purchase ordering and so much more.
- Project management, production, job cards and maintenance scheduling.
- Sales management with sales pipeline, ecommerce and automated billing.
These are just some of the few components the OraxSDI system has to offer your business.
To find out more about the system or, if you would like to book a short demo, please click here: https://orax.oraxsdi.com/?public_call_to_action&1
Alternatively, you can visit our web page at: https://orax.co.za