Companies are constantly touting their growth percentages and any new ventures, such as expanding to new facilities. From this, we would assume company growth is an exciting time for companies. A new study released by Epicor Software Corporation, a leading vendor of ERP software, shows that growth for companies is actually creating the opposite emotions for business leaders. A majority of respondents to their survey actually said that growth is a time of worry, stress and pain.
Epicor included over 1,800 business leaders from across the world in their survey. Half the respondents reported growth in 2015, and another 70 percent reported expected growth for 2016. Despite these signs that the companies are doing well, 48 percent said they worry about excessive pressure business growth may put on operations.
The main business operation that concerned business leaders was IT systems. Nearly half of the business respondents, 42 percent, said they were concerned their business IT systems would be unable to cope with a larger, more complex business system. Another 45 percent of respondents worried that they would lack the skill set and technology to take on large projects, damaging their brand reputation.
These worries were found across all company sizes, whether they were small business growing into mid-sized enterprises or mid-sized businesses growing into large enterprises. Growth in business should be a time of celebration, not concern. The more concerns that exist, the more the company may hold itself back from expanding.
Especially when planning growth, having the right software in place is crucial. The business leaders who worried that their technology may not be able to handle large projects had a right to worry. Technology is a staple in business today and without the infrastructure to handle distribution, supply, forecasting, accounting and other important business aspects, your business could crumble. If you ensure that the right systems are in place, however, this should not be a concern.
Speaking with a consultant on whether it is time within your company’s growth to switch to a new ERP system is the best way to calm growth nerves. Comparing different ERP systems will ensure that you’re implementing the best system to handle any new or larger projects your company may take on. Don’t spend extra time worrying about growing when you could be celebrating it.